9911796707
TMI Blog2022 (4) TMI 591X X X X Extracts X X X X X X X X Extracts X X X X ..... k account from 04.04.2016 to 08.04.2016 amounting to ₹ 14 lakhs and finally the Customs Duty of ₹ 25,03,813/- was made on 08.04.2016 by way of Demand Draft (DD). All these facts goes to show that the assessee has never paid Customs Duty in cash but it was paid by way of Demand Draft after obtaining loan of ₹ 13 lakhs and the balance is from out of cash sales made from 04.04.2016 to 08.04.2016. Thus no hesitation to delete the addition made by the Assessing Officer in respect of Customs Duty paid by the assessee which was treated as unexplained expenditure u/s 69C - Grounds raised by the assessee are allowed. - I.T.A No.1716/Del/2021 - - - Dated:- 8-4-2022 - Shri Challa Nagendra Prasad, Judicial Member For the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee to explain the source for payment of Customs Duty. It appears that the assessee has not responded and, therefore, the AO treated the Customs Duty paid of ₹ 25,03,813/- as unexplained expenditure u/s 69C of the Act and added the same to the income while completing the assessment. The Commissioner of Income Tax (Appeals) (NFAC) was of the view that since the cash deposits in the bank account are much more than the cash sales the payment of Customs Duty in cash remained unexplained and accordingly, the addition made by the Assessing Officer was sustained. 3. Before me, the Ld. Counsel for the assessee submits that the Ld. CIT(Appeals) (NFAC) has wrongly assumed that the assessee has paid Customs Duty in cash. Ld. Counsel submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. Heard rival submissions perused the orders of the authorities below and the documents placed before me. It is observed from the Paper Book page 79 80 furnished by the assessee that in the course of assessment proceedings the assessee made submissions before the Assessing Officer stating that he has taken loan of ₹ 13 lakhs from Smt. Ruchika Nanda Prop. of M/s Saiyansh Enterprises. Assessee also furnished copy of Income Tax Return, copy of confirmation issued by Smt. Ruchika Nanda and a copy of bank statement of Saiyansh Enterprises reflecting the entry, wherein Saiyansh Enterprises transferred an amount of ₹ 13 lakhs to Melody Enterprises. It was also submitted by the assessee that the Customs Duty paid was debited to his c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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