2026 (6) TMI 1391

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....Revenue : Shri Amar Pal Singh, Sr. DR (VC) ORDER PER SANJAY AWASTHI, ACCOUNTANT MEMBER: 1. This appeal arises from order dated 05.03.2026, passed by Ld. CIT(A)-NFAC, u/s 250 of the Income Tax Act, 1961 (hereafter as "the Ac"). In this matter, the assessee's case was reopened by issuing a notice u/s 148 of the Act. In response to this notice, the assessee filed his return of income for AY ....

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....at the assessee claimed that out of this Rs. 95,000/- only Rs. 5,000/- was accepted in cash on 22.05.2017 and remaining Rs. 40,000/- (on 25.07.2017) and Rs. 50,000/- (on 26.07.2017) were actually received through bank transfers. 1.2 Further aggrieved, the assessee has approached the ITAT with grounds challenging the action of Ld. CIT(A) and it is seen that the assessee has also filed additional....

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....f Rs. 95,000/- on 22.05.2017 was shown as a cash deposit but that was part of the receipts from sale of cattle feed. It was explained by the Ld. AR that in the assessee's line of business cash sales were routinely made. Thereafter, the Ld. AR took us through the PNB account of the assessee where Rs. 5,000/- was shown on 22.05.2017 Rs. 40,000/- on 25.07.2017 and Rs. 50,000/- was shown on 26.07.2017....

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.... the authorities below and stated that the penalty was justifiably levied. 3. We have carefully considered the rival submissions and have gone through the records before us. While the facts are not in doubt that indeed there was a cash deposit of Rs. 95,000/- on 22.05.2017 but it is also a fact that on 25.07.2017 and 26.07.2017 there are two bank transfers of Rs. 40,000/- and Rs. 50,000/- respe....