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TMI Blog2022 (11) TMI 524X X X X Extracts X X X X X X X X Extracts X X X X ..... ing his jurisdictional power is upheld. The similar issue has been decided by the coordinate bench of the Tribunal in the case M/s Bhoopalam Marketing Services Pvt. Ltd [ 2022 (11) TMI 331 - ITAT BANGALORE] - Appeal of the assessee is treated as allowed for statistical purposes. - ITA No.385/Bang/2022 - - - Dated:- 27-9-2022 - SMT. BEENA PILLAI, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER Assessee by: Smt. Preethi Patel, Advocate Revenue by: Shri Manjunath Karkihalli, CIT (DR) ORDER Per Laxmi Prasad Sahu, Accountant Member :- This is an appeal filed by the assessee against the order passed by the ld.Pr.CIT dated 19/03/2022 on the following grounds of appeal:- 1. The order of the Hon& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account with the bank and returned income was accepted by the AO in 143(3) assessments. 3. Later on, the ld.Pr.CIT Called the record and observed that AO has specifically not examined the cash deposited during the demonetization period, it was necessary for the AO to examine the source of cash deposits and he has to carry out necessary enquiries which has not been made as per law. He has also not obtained the required details and did not carry out necessary analysis of the source of cash. Accordingly show cause notice was issued to the assessee through email and which was delivered on 08/03/2022 and separate notice was also issued via speed post, in which it was specifically stated that no further opportunity would be granted but no resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e submitted by the assessee through mail to the AO. All the notices issued by the AO during the course of assessment proceedings were complied by the assessee and the AO was fully satisfied and no defects was observed. The AO had also called information from bank by issuing show cause notice u/s 133(6) of the Act and no defects were pointed out by the AO. Therefore ld.Pr.CIT sas not justified in setting aside the order of the AO. The ld.AR filed paper book containing page nos. 1 to 51. 7. On the other hand, the ld.DR relied on the order of the ld.Pr.CIT and he further submitted that the case was selected for scrutiny for verification of cash deposited during the demonetization period under CASS, whereas the AO has not examined in details ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of INR 5,82,76,300/- as income of the assessee u/s. 68 of the income tax act, by passing assessment order u/s. 144 of the Act. The Ld.AO made such addition as the assessee could not file requisite details as the notice was issued to the email address that was not functional. In the interest of justice, we deem it proper to remand the issues back to the Ld.AO for a de novo verification. 7.1 We have carefully gone through the various standard operating procedures laid down by the central board of direct taxes issued from time to time in case of operation clean. The 1st of such instruction was issued on 21/02/2017 by instruction number 03/2017. The 2nd instruction was issued on 03/03/2017 instruction number 4/2017. The 3rd instruction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat, 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. 8.2 The assessee is directed to establish all relevant details to substantiate its claim in line with the above applicable instructions. We are aware of the fact that not every deposit during the demonetisation perio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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