2026 (2) TMI 1127

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....(Advocate) - Ld. ARs For the Respondent : Sh. Dr. Ranjit Kaur (Addl.CIT) - Ld. Sr. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2017- 18 arises out of an order of learned Commissioner of Income Tax (Appeals), NFAC [CIT(A)] dated 26-08-2022 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s 143(3) of the ....

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....y turnover of Rs. 5.33 Lacs. The assessee was subjected to survey on 09-03-2017 wherein stock of Rs. 123.16 Lacs was found. On these facts, Ld. AO alleged that the assessee manipulated his books of accounts to adjust the cash sales in the month of October, 2016 and the deposits were out of unaccounted income. Finally, the cash deposits of Rs. 66 Lacs was held to be out of unexplained sources and a....

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....ooks of the assessee have duly been audited. The assessee has reflected turnover of Rs. 133.59 Lacs which is evident from Trading Account. The sales turnover has duly been accepted by Ld. AO. The sales turnover is further evidenced by VAT returns of the assessee. No discrepancy in the stock has been pointed out by Ld. AO. Simply because the turnover was high in one month, the same would not be a g....