2024 (5) TMI 1705

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....AR V Sreenivasan (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 (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 03-10-2023 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) of the Act on ....

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....no unusual increase in sales during November and December, 2016 as compared to previous assessment year. The monthly sales were also furnished and it was submitted that AO did not find any bogus sales or back-dated sales. Further, the assessee maintained regular books of accounts for sales receipts and therefore the provision of Sec.68 could not be applied to the case of the assessee. The Ld. AO v....

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....sum should be found credited in the books of an assessee and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory. In such a case, the sum so credited may be charged to income-tax as the income of the assessee of that previous year. In the present case, the assessee has received cash o....