2026 (4) TMI 92

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....: Shri Sanjib Banerjee, Sr.DR ORDER PER: BENCH 1. This is an appeal filed by the assessee against the order of the ld. Addl./JCIT(A)-1, Visakhapatnam in Appeal No. CIT(A), Bhubaneswar- 1/14771/2019-20 dated 02/12/2025 for the A.Y. 2017-18. 2. Shri Krishna Prasad Padhy, ld. A.R. appeared on behalf of the assessee and Shri Sanjib Banerjee, Sr.DR represented on behalf of the revenue. 3....

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....hatever currency the purchasers paid in so far as he cannot take back the perishable goods. It was the submission that the bank account of the assessee clearly shows that there are substantial transactions in cash only by the assessee. It is only in regard to the demonetization period that the Assessing Officer holds that there is unaccounted income of the assessee. It was the submission that the ....

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....ces to collect the money. The Assessing Officer then proceeds further to hold that Rs. 10,00,000/- is proper and normal business account but has treated Rs. 15,39,000/- as income from undisclosed sources. The assessee when filing his return, has disclosed income of Rs. 3,30,590/- in respect of the entire transaction during the year. Once the assessee has considered the entire transactions in the b....