2025 (2) TMI 1850

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....ellant : Shri Murugappa Boopathy (Advocate) - Ld. AR For the Respondent : Shri Ashwin D Gowda (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 the order of learned Commissioner of Income Tax, National Faceless Appeal Centre, Delhi [CIT(A)] dated 11-09-2024 in the matter of an assessmen....

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....69 Crores as made by the assessee in its bank account during demonetization period. The assessee claimed that the deposits were source out of debtors' collection and cash sales. However, Ld. AO noted that the sales were more than 3 times in this year in comparison to earlier year. The assessee explained that this was due to the fact that it took distributorship of ITC products during September, 20....

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....er documents to contend that these receipts were business receipts and duly accounted for in the books of accounts. However, Ld. AO still rejected the claim of the assessee and Ld. CIT(A) upheld the addition against which the assessee is in further appeal before us. Our findings and Adjudication 4. From the case records, it emerges that the assessee is engaged in selling pharmaceutical produ....

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....year. The details of cash sales and collection from debtors were also filed. The summary of sales was has furnished for this year as well as for subsequent years. The confirmation from few debtors was also furnished. The copies of all these documents have been placed before us in the paper-book. The perusal of the financial statements would show that the assessee has reflected turnover of Rs. 69.4....