2025 (11) TMI 1596

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....enkumar M. Vasavda, Sr. DR ORDER Per Sanjay Garg, Judicial Member: The present appeal has been preferred by the assessee against the order of the Learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as 'CIT(A)'] dated 07/03/2024 passed u/s. 250 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') for the Assessm....

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.... He, in this respect, has submitted that the aforesaid observation of the lower authorities was factually incorrect. He has further submitted that the assessee is engaged in the business of running a Petrol Pump and that as per the Central Government Notification No. S.O. 3544(E) dated 24/11/2016, the Petrol Pumps were allowed to accept cash in demonetization currency for the period upto 15/12/201....

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....ed VAT returns also in respect of the aforesaid sales. He, therefore, has submitted that the impugned addition made by doubting the sales of the assessee was not justified. 4. The Ld. DR, on the other hand, has submitted that as mentioned in the assessment order as well as in the impugned order of the Ld. CIT(A), the assessee had not furnished the necessary details. He has also submitted that t....

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....at the cash sales have been slightly increased during demonetization period is concerned, the fact that the petrol pumps were allowed to accept demonetization currency during the relevant period, is a determining factor in this respect. When certain types of currency was barred from circulation, in that event, it was a normal tendency of the people to circulate/make purchases in demonetization cur....