2025 (2) TMI 1480

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cate (Virtual) For the Respondent : Ms. R. Anita, Addl. CIT ORDER PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER: This appeal filed by the assessee is directed against the order dated 24.07.2024 passed by the Addl/JCIT(A)-3, Bengaluru for the assessment year 2017-18. 2. We find that this appeal is filed with a delay of 12 days. The assessee filed an affidavit along with hospital dischar....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... 1,33,25,331 - 11,10,000] as business income. Further, regarding the amount of Rs.. 11,10,000/-, which was deposited during demonetization period charged to tax under income from other sources under section 69A of the Income Tax Act, 1961 ["Act" in short] after giving benefit of Rs.. 3,61,335/-, thereby, the Assessing Officer determined the income of the assessee at Rs.. 17,25,891/- [8% of busine....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d. DR Ms. R. Anita, Addl. CIT vehemently opposed the same. She submits that the assessee is not entitled to accept SBN during demonetization period since the specified bank notes [SBN] are no longer legal tender. She vehemently argued to adopt net profit at 15%. 7. Taking into consideration the submissions of the ld. AR and the ld. DR, we find force in the arguments of the ld. DR and accordingl....