2026 (4) TMI 1301

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.... For the Revenue : Ms. Ankush Kalra, Sr. DR ORDER PER AMITABH SHUKLA, AM, This appeal filed by the assessee is against order dated 13.08.2024 of National Faceless Appeal Centre/learned Commissioner of Income Tax (Appeals), New Delhi, [hereinafter referred to as 'ld. CIT(A)] arising out of assessment order dated 29.12.2019 passed u/s 143(3) of the Income Tax Act, 1961 pertaining to Asse....

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....ed the addition amounting to Rs. 1,45,00,000/- made u/s 68 r.w.s 115BBE of the Act on the basis that the cash receipts represent the sales which has been offered for taxation but ignoring the fact that there has been exponential rise in cash sales during the period October and November, 2016 in comparison to the preceding same period and that no cash sales might have been made by the assessee befo....

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....rief facts of the case available in the order under section 143(3) dated 29.12.2019, the ld. AO had noted that the assessee company engaged in the business of trading of fabrics, ornaments and equity shares had deposited large amount of cash in its bank account during the demonetization period. The ld. AO noted that there was an increase in cash sales during the demonetization period. The AO rejec....

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....was excessive and erroneous. 5. The ld. Counsel for the assessee reiterated the arguments made before the ld. CIT(A) and submitted no infirmity can be found in the decision of granting him relief by the authority. 6. We have heard rival submission in the light of material placed on record. AT the outset, we have noted that the arguments raised by the Revenue through ground of appeal no.3 and....