2025 (2) TMI 1310

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.... This appeal is filed by the assessee against the order of the Ld. CIT(Appeals)-NFAC, Delhi dated 26.10.2023 for the AY 2017-18 in sustaining the addition of Rs. 24,06,635/- being cash deposits as an unexplained money of the assessee. 2. Brief facts are that the assessee for the assessment year under consideration i.e. 2017-18 filed its return of income on 16.09.2017 declaring Nil income. The ....

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....ock and further the AO did not point out any defects in the books of accounts nor the books of accounts were rejected to treat the cash deposits as unexplained money of the assessee. 4. Ld. Counsel further submits that the Assessing Officer made addition u/s 68 and the Ld. CIT(A) changed the section to 69A of the Act. Ld. Counsel submits that the CIT(A) has no power to change the section to 69A....

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....Kumar Gupta Vs. ACIT (104 ITR 519) (Jaipur Trib.), Gopal Jaiswal Vs. ITO (156 taxmann.com 398) (Kol. Trib.). 6. On the other hand, the Ld. DR strongly supported the orders of the authorities below. 7. Heard rival submissions, perused the orders of the authorities below. On reading of the assessment order it is noticed that the Assessing Officer did not give any reasons for rejecting the expl....

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....tion period cash deposits viz-a-viz cash sale ratio is higher. If the parties during the period of demonetization has purchased huge quantity of jewellery on cash which has been duly recorded in the books of accounts of the assessee and also tally with the quantity of stock, then simply because there was a huge cash sale in a particular month cannot be a reason for treating it as an undisclosed in....