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TMI Blog2022 (4) TMI 622X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing Officer, the money and the value of the bullion, jewellery or other valuable article will be deemed to be the income of the assessee of such financial year. There is no dispute that the assessee is maintaining books of account and such sales has been recorded in the books of account and from the books of account itself the CIT(A) has observed that the sales recorded by the assessee during the demonetization period was with the illegal currency therefore, section 69A could not have been invoked as section 69A clearly states that such income will be deemed to be income of the assessee where the assessee is found to be owner for a valuable not recorded in the books of account. In view of the above, the additional ground of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... posited in bank is neither undisclosed nor unexplained, the tax levied as per the said provisions be deleted. 3. I find that the above additional ground is a legal ground and is coming out of the material placed on record therefore, the same was admitted and lcf was asked to proceed with his arguments. 4. Learned counsel for the assessee submitted that the Assessing Officer had made addition on the basis of deposit in the bank account and had invoked the provisions of section 69A and section 115BBE which are not applicable as the provisions of 69A are applicable in the case of unexplained investments outside the books of account whereas the deposits made in the bank account cannot be said to be unexplained and which was also rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e submitted that the assessee was not able to explain the deposits and therefore, section 69A was rightly invoked by the Assessing Officer. As regards the cash sales with old currency notes, Learned D. R. submitted that the learned CIT(A) has rightly sustained the addition by holding that after the demonetization, such currency did not constitute legal tender and therefore, appeal filed by the assessee be dismissed. 6. I have heard the rival parties and have gone through the material placed on record. First of all, I would take the additional ground of appeal where Learned counsel for the assessee has taken a ground that section 69A was not applicable as the assessee had duly recorded the transaction in the books of account and section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer, the money and the value of the bullion, jewellery or other valuable article will be deemed to be the income of the assessee of such financial year. There is no dispute that the assessee is maintaining books of account and such sales has been recorded in the books of account and from the books of account itself the CIT(A) has observed that the sales recorded by the assessee during the demonetization period was with the illegal currency therefore, section 69A could not have been invoked as section 69A clearly states that such income will be deemed to be income of the assessee where the assessee is found to be owner for a valuable not recorded in the books of account. In view of the above, the additional ground of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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