2026 (4) TMI 248

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....d by the Ld. CIT(A), deserves to be set-aside being illegal and inconsistent with the facts of the case. 2. That the Ld. CIT(A) has erred in law and facts of the case by confirming the impugned addition of Rs. 2,58,00,000/-, as the same has been made without pointing out any deficiency in the audited books of the appellant and its stock registers and other documents placed on record. 3. That the appellant respectfully craves leave to add alter omit or substitute any or all of the above grounds of appeal at any time before or at the time of hearing of appeal to enable your good self to decide the appeal in accordance with law. 2. The brief facts of the case are that the assessee is a partnership firm carrying on the busi....

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....d the book results of the assessee, completed the assessment proceedings vide order dated 27.12.2019, passed u/s 143(3) of the Act, wherein addition of the total amount of cash deposited during demonetization period of Rs. 2,58,00,000/- was made u/s 68 of the Act. 5. Aggrieved by the above, the assessee filed an appeal before the Ld. CIT(A), Meerut, which was later on transferred to Ld. CIT(A), NFAC. During the course of the first appellate proceedings the submissions as made before the Ld. A.O. were reiterated. The appeal of the assessee was decided by the Ld. CIT(A) vide order dated 07.02.2024, wherein the order of the ld. AO was upheld and the appeal was dismissed. 6. The Ld. Counsel for the assessee submitted that the audited book....

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.... assessee, as stated by the Ld. A.O. in his remand report has duly explained in the rejoinder to the remand report as filed before the Ld. CIT(A) during the course of the appeal proceedings. Copies of the remand report and rejoinder are placed at page nos. 163 to 167 and page nos, 168 to 170 of the paper book respectively. 11. The Ld. Counsel for the assessee submitted that the finding of the Ld. A.O. and Ld. CIT(A) that there were no cash sales after demonetization period is factually incorrect as the assessee has made cash sales even after demonetization period. Month wise breakup of cash and credit sales as made by the assessee during the year under consideration is placed at page no. 34 of the paper book 12. The Ld. Counsel for th....

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....ITAT) 16. The Ld. Counsel for the assessee submitted that the additions so made by the Id. AO and confirmed by the Id. CIT(A), are illegal and bad in as the same has only been made on the basis of whims and surmises, and nothing has been brought on record both by the Id. AO and the Ld. CIT(A) to disprove the assessees submissions. On the basis of the above documents/ explanations, it is prayed that the impugned addition so made by the ld. AO and confirmed by the ld. CIT(A), be deleted and the order of the Ld. CIT(A) be set aside. 17. On the other hand the Ld. DR strongly placed reliance on the orders of the authorities below. 18. Heard rival contentions, perused the orders of the authorities blow. We find considerable merit in the ....