2025 (3) TMI 1954

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.... ARs For the Respondent : Shri Vivek Vardhan (Addl. CIT) - Ld. Sr. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by revenue for Assessment Year (AY) 2017-18 arises out of an order of learned Commissioner of Income Tax (Appeals), NFAC [CIT(A)] dated 30-08-2024 in the matter of an assessment framed by Ld. AO u/s 143(3) of the Act on 31.12.2019. The revenue is aggr....

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.... Sales in October, 2016. The cash sales in FY 2016-17 were Rs. 176.84 Lacs in comparison to sales of Rs. 28.99 Lacs in FY 2015-16. Drawing statistical inferences, Ld. AO alleged that the assessee made fake bills and generated cash to make impugned deposits. The cash-in-hand as on 01-10-2016 was Rs. 21.52 Lacs which was to be accepted. The cash sales during 01-11-2016 to 08-11-2016 were to be accep....

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....cash sales which are duly reflected in the cash book and offered to tax by way of credit to Profit & Loss Account. The sales are duly reflected in the VAT returns. The books of accounts have duly been audited and no defect has been pointed out in the same. The assessee has sufficient cash balance as on 08-11-2016 to make impugned deposits. The sales have been offered to tax and adding the same aga....