2025 (2) TMI 1325

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....essee filed return of income on 31.03.2018 declaring total income of Rs. 3,24,780/-. The case of the assessee has been selected for scrutiny under CASS and statutory notices u/sec.143(2) and 142(1) were issued and duly served upon the assessee. In response to the said notices, the Authorised Representative of the Assessee appeared before the Assessing Officer from time to time and produced books of accounts, bills and vouchers for verification. During the course of assessment proceedings, the Assessing Officer noted that assessee has deposited demonetized currency [Rs. 500/- and Rs. 1000/-] of Rs. 10,26,380/- with The Amravati Merchants Co.op Bank Ltd., Amravati during the demonetization period. The Assessing Officer noted that as per the c....

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....e of hearing, Learned Counsel for the Assessee contended, inter alia, that the assessee is a milk vendor and falls under the essential commodities Act. The Government of India has allowed to accept the old ban currency vide notification of Ministry of Finance S.O.3408CE. However, the Assessing Officer without considering the contention of the assessee, made the impugned additions which have been confirmed by the learned CIT(A) too. He submitted that that the orders of the authorities below are unjustified, unwarranted and excessive and prayed that the impugned additions made in the hands of the assessee u/sec.69, 69C r.w.s.115BBE be deleted in the interest of justice. 6. The Learned DR on the other hand strongly relied on the orders of t....