TaxTMI 
TaxTMI 
2025 (4) TMI 2213
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....ddition of Rs. 53, 63,756/- u/s. 68 of the Act by treating the cash deposit in the bank account during demonetization period received against sale of petrol & diesel as unexplained income of the assessee. 2. The Ld. CIT(A), NFAC has erred on facts and in law in confirming the addition of Rs. 16,02,875/- u/s. 68 of the Act by treating the advance received from various persons as unexplained income of the assessee by not admitting the additional evidence filed by the assessee. 3. The Ld. CIT(A), NFAC has erred on facts and in law in taxing the alleged unexplained cash deposit in the bank account and alleged unexplained advances u/s. 115BBE @ 60% instead of taxing the same @ 30% by ignoring that section 115BBE substituted by ....
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....ration other than the issue mentioned (supra), the assessee's other proprietary concern M/s. Dhariwal Motors dealing in two wheelers also accepted Rs. 16,02,875/- from 95 persons and the same was also treated same way and added back u/s. 68 r.w.s. 115BBE of the Act. The assessee being aggrieved with the same additions as discussed (supra) preferred an appeal before the Ld. CIT(A), who in turn confirmed the order of the AO and dismissed the appeal of the assessee. The assessee being further aggrieved preferred the present appeal before us. 3. We have gone through the order of the AO, order of the Ld. CIT(A) and submissions of the assessee alongwith grounds taken before us. The first addition of Rs. 53,63,756/- was made on account of accep....
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....istry of Finance, Govt. of India, dated: 08.11.2016 is concerned, it is no where concerned with the Income Tax affairs and the max the AO may report the same to the regional office of the Reserve Bank of India (R.B.I.) for appropriate action, if any. 5. The assessee being governed by the strict rules and regulation for dealing with highly inflammable items and duly registered with the State Govt.'s District Supply Officer, Jhalawar (Copy of Registration Attached), it can be reasonable assumed that other than the State VAT Deptt. And Income Tax Deptt., the assessee is subject to verification of stock, purchase, sales etc. by the office of the District Supply Officer also. In addition to this, usually in any district the filing stations ar....
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.... remarks made by the AO on documents produced by the assessee, rather his only objection on this issue was that no sales bill has been produced by the assessee against receipt of this amount by the assessee from 95 people amounting to Rs. 16,02,875/-. It is beyond anyone's understanding that when the full amount has not been received and only partial amount has been received by the assessee, how he can issue sales bill to the customers. Secondly, it is also observed that the amounts received from these 95 persons was ranging between 5,000/- to 19,000/- and no motor bike is available in this price range, so it is certainly an advance only. No delivery of vehicle has been made alongwith partial payment of goods, how it can be fall in the cate....