2024 (11) TMI 1631

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....an (Addl.CIT) - Ld. DR. ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2017-18 arises out of the order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 28-03-2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) of the Act on 30-12-2019. 2....

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....case records, our adjudication would be as under. 4. From assessment order, it is clear that the assessee is engaged in textile business under proprietary concern namely Shri Krishna Silks. The assessee has shown turnover of Rs. 25.77 Crores and its books of accounts are duly audited u/s 44AB. The assessee deposited cash of Rs. 133.73 Lacs in 3 bank accounts during demonetization peri....