2025 (4) TMI 1876

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....hereinafter referred to as 'the Act') dated 30.12.2019 by the Assessing Officer, ITO, Ward-4(2)(24), Mainpuri (hereinafter referred to as 'ld. AO'). 2. The Ground No.1 raised by the assessee was stated to be not pressed by the Learned AR at the time of hearing. The same is reckoned as a statement made from the Bar and accordingly Ground No.1 raised by the assessee is hereby dismissed as not pressed. 3. The Ground Nos. 2 to 5 raised by the assessee are challenging the confirmation of addition in the sum of Rs 38,05,000/- on account of cash deposits made during the demonetization period. 4. We have heard the rival submissions and perused the materials available on record. The assessee is an individual carrying on the business of Indi....

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.... parties and in support of his claim submitted affidavits from 37 parties who had paid cash to the assessee which were ultimately deposited in specified bank notes in the bank account of the assessee. The learned AO did not doubt the veracity of the fact of advance received from customers in cash to the tune of Rs 58,00,600/-. This is evident from the fact that the learned AO did not make any addition as unexplained cash credit on account of advance received from customers even though the said sum was found credited in the books of accounts of the assessee. Hence, this goes to prove the veracity of the credit together with its genuineness and the same could not be doubted by the learned AO at all to the tune of Rs 58,00,600/-. Hence, when t....

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.... section 69A read with section 115BBE of the Act and added the same to the total income of the assessee. Further, the Learned AO also added a sum of Rs 4,95,746/- towards the recovery of cash made by the assessee from its existing debtors which were treated as unexplained money under section 69A read with section 115BBE of the Act and added the same to the total income of the assessee. This action of the Learned AO was upheld by the Learned NFAC. 6. We find that the Learned AO admittedly had not made any addition on account of advance received from customers in cash in the sum of Rs 58,00,600/- which were stated to be received by the assessee as advance in cash from the customers for which diesel were supplied to them in the subsequent y....