TaxTMI 
TaxTMI 
2026 (9) TMI 1256
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....dividual, carries on a rice mill business under the name and style of M/s.Ambal Modern Rice Mill in Puduvayal. The assessee filed his return of income for the assessment year 2017-18 on 29.10.2017, admitting total income of Rs. 18,21,510/-. 2.2. Noting that a cash deposit to the tune of Rs. 3,24,37,580/- had been made by the assessee during the period of demonetisation, the Assessing Officer conducted a survey at the premises of the assessee on 02.03.2017 under Section 133A of the Act. In the course of the survey, the statement of the assessee explaining the source of the cash deposits was recorded. 2.3. Not satisfied with the materials produced, the Assessing Officer treated a sum of Rs. 3,14,15,030/- as unexplained money and made an....
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....normal, the Assessing Officer, on being dissatisfied with the explanation, rightly made the additions under Section 69A of the Act, which has been erroneously interfered with by the Tribunal. 3.2. Learned counsel further submitted that the Tribunal failed to take into account the express bar in transacting the business with effect from 09.11.2016 in Specified Bank Notes (SBNs), except for a few notified business transactions. It is contended that the Tribunal was not right in relying on the decision in TASMAC (supra) in allowing the appeal. 5. We heard the learned counsel for the appellant and considered the materials available on record. 6. The assessee, an individual carrying on business in the name of M/s.Ambal Modern Rice Mill,....
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.... available agents except for one. When the Assessing Officer did not choose to examine the other available agents, the Tribunal noted that the Assessing Officer failed to bring any evidence on record to contradict the practice and return of money. 10. The statement recorded by the Assessing Officer from one of the agents reveals that the agent provided a detailed statement regarding the business practice involved in paddy procurement and that the money was advanced to him for this purpose, but was returned to the assessee's husband due to the announcement of demonetisation. 11. The Tribunal further noted that the cash deposits were both from sales and old bank deposits in the bank every month and the cash book furnished before the....