9911796707
TMI Blog2022 (4) TMI 593X X X X Extracts X X X X X X X X Extracts X X X X ..... tnam in appeal No.10491/2019-20/CIT(A)-1/VSP/2020-21, dated 18/09/2020 passed U/s. 143(3) r.w.s 250(6) of the Act for the AY 2017-18. 2. The Revenue has raised the following grounds in its appeal: "1. The order of the Ld. CIT(A) is erroneous both on facts and in law. 2. The Ld. CIT(A) erred in holding that the AO has incorrectly invoked section 69A of the Act without verifying the genuineness of the transaction made during the months of October, 2016 to November, 2016. 3. The Ld. CIT(A) erred in deleting the addition made U/s. 69A of the IT Act, 1961 by the AO for Rs. 3,22,80,000/-. 4. The appellant craves leave to add or delete or amend or substitute any ground of appeal before and / or at the time of hearing of appeal. 5. For t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me U/s. 115BBE of the Act. Aggrieved by the order of the Ld. AO, the assssee filed an appeal before the Ld. CIT(A). 4. The Ld. CIT(A), considering the written submissions covering the grounds raised by the assessee originally and also additional grounds raised, directed that the addition made by the Ld. AO be deleted and partly allowed the assessee's appeal. Aggrieved by the order of the Ld. CIT(A), the Revenue is in appeal before us. 5. Ld DR argued that the cash deposits of Rs. 3.22 Crs were made in the bank account during the demonetization period. The Ld. DR also submitted that the deposits during the period of demonetization by the assessee has increased manifold. The Ld. DR also submitted that out of the list of depositors furnished ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ents like membership of the depositor, date of deposit, amount received, depositor PAN, AADHAR and other particulars are provided by the assessee before the Ld. AO which was not disputed by the Ld. AO. We also find no merit in the orders of the Ld.AO that section 69A can be invoked. For the sake of convenience, section 69A is reproduced herein below: "Unexplained money, etc. 69A. Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g authority is bound to provide an opportunity for examination of the witnesses and in the absence of the same except that the assessee demanded for a cross examination the witnesses cannot be used against the assessee. The Ld. AO also erred in observing that the deposits received from C. Venkata Rao and Smt. Chaganti Lakshmi are by way of cheques but has wrongly noted that the deposits have been received by cash by the assessee. This fact was also recorded in para 6.2.2 of the Ld.CIT(A)'s order. The Ld. AO is also not correct in declaring Rs. 500/- and Rs. 1000/- SBN notes as illegal from 8/11/2016 because section 2(1)(a) of The Specified Bank Notes (Cessation of Liabilities) Act, 2017 states that "appointed day" means the 31st day of Dece ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
