TaxTMI 
TaxTMI 
2025 (12) TMI 796
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....sment passed u/s 143(3) of the Income-tax Act, 1961 (hereinafter referred to as "the Act‟) dated 30.12.2019 by the Assessing Officer, ACIT, Central Circle-30, New Delhi (hereinafter referred to as "ld. AO‟). 2. The assessee has raised the following grounds of appeal before us:- "1. That On the facts and circumstances of the case, the order passed by the Ld. CIT(A) under section 250 of the Act is bad both in the eyes of law and on facts. 2. That on the facts and circumstances of the case, the learned Ld. CIT(A) has erred, both on facts and in law, in sustaining the addition of Rs. 39,30,000/- considering the sale proceeds in cash as undisclosed income despite the fact that the assessee has already declared th....
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....usiness of manufacture of tobacco commonly known as "Khaini" and generation of power through windmill. The Assessee company filed its return of income on 29-11-2017 for the assessment year 2017-18 declaring loss of Rs. 35,02,551/-. The Assessee company made cash sales in the business and deposited the same in its bank account. The Learned AO sought to treat the cash sales as unexplained cash credit, despite the fact that Assessee has provided all the relevant documents to rebut the allegations of the Learned AO and without considering that the said sales had already been offered by the Assessee for taxation by including the cash sales in the total sales. The Assessee has received a sum of Rs. 1,22,00,000/- from M/s Radhavallabh Exports and ....
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.... while filing the VAT return, so the return was revised later on and also clarifying that the VAT returns were not revised for any cash transactions. The Assessee also gave explanation with details as to which are the purchase bills were not entered while filing the VAT return and furnished those purchase bill copies also along with the written letter dated 9-12-2019 before the Learned AO. f) Copy of Excise returns. It is pertinent to note that the products of the Assessee are excisable. 5. The Assessee submitted the following documents in support of cash sale proceeds received from M/s Radhavallabh Exports and M/s Mangalamuy Distributors P Ltd:- a) Name and address of the parties b) PAN and TIN of the parties ....
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....th regard to the sale transactions carried out by the Assessee herein with the aforesaid parties. However, these contentions of the Assessee were not appreciated by both the lower authorities. 6. It is not in dispute that the Assessee had indeed shown cash sales and is part of the total turnover disclosed by it in the return of income and in the audited profit and loss account. The following points are undisputed and indisputable: - a. The Assessee had shown cash sales for the whole year and the same is part of total sales disclosed by the Assessee in the sum of Rs.101.81 crores in the profit and loss account. b. The purchase made by the assessee has not been doubted by the revenue. c. The total sales made by t....