2025 (4) TMI 2023

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....KUMAR KEDIA, AM : The captioned appeal has been filed at the instance of the assessee seeking to assail the First Appellate order dated 10.01.2025 passed by Commissioner of Income Tax (A)/ADDL/JCIT(A)-2, Mumbai ["CIT(A)"] under s. 250 of the Income Tax Act, 1961 ["the Act"] arising from the assessment order dated 16.12.2019 passed under s. 143(3) of the Act relevant to assessment year 2017-18. ....

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.... Counsel next submitted that the assessee made cash deposits of INR 27,38,410/- in aggregate during demonetization period. The aforesaid cash deposits comprises of deposits of new currency notes to the extent of INR 16,50,910/- and deposits of old currency notes to the extent of INR 10,57,500/-. The AO ignored such facts and nature of business, has made an addition of INR 9,39,055/- after giving a....

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....g regard to stock tally and cash sales, the source of cash deposits stand fully explained. The Ld. Counsel also submitted in the alternative that for cash deposits in bank account, s.68 invoked by the AO has no application. The Ld. Counsel for the assessee thus urged for suitable relief. 5. Per contra, the Ld. Sr. DR for the Revenue relied upon the assessment order and the first appellate order....