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2023 (12) TMI 1314 - ITAT BANGALOREUnexplained money u/s 69 r.w.s. 115BBE - Deposits in bank account by using demonetized currency notes - According to the ld. AO, the assessee has not explained the nature and source of above deposit to assessee’s bank account - HELD THAT:- Similar issue came for consideration before this Tribunal in the case of Bhoopalam Marketing Services Pvt. Ltd. [2022 (11) TMI 331 - ITAT BANGALORE] instruction dated 21/02/2017 that the assessing officer basic relevant information e.g. monthly sales summary, relevant stock register entries and bank statement to identify cases with preliminary suspicion of back dating of cash and is or fictitious sales. The instruction is also suggested some indicators for suspicion of back dating of cash else or fictitious sales where there is an abnormal jump in the cases during the period November to December 2016 as compared to earlier year. It also suggests that, abnormal jump in percentage of cash trails to on identifiable persons as compared to earlier histories will also give some indication for suspicion. Non-availability of stock or attempts to inflate stock by introducing fictitious purchases is also some indication for suspicion of fictitious sales. Transfer of deposit of cash to another account or entity, which is not in line with the earlier history. Therefore, it is important to examine whether the case of the assessee falls into any of the above parameters are not. Thus we inclined to remit the issue in dispute to the file of ld. AO for fresh consideration to examine in the light of above order of the Tribunal. Appeal of the assessee is partly allowed for statistical purposes.
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