9911796707
TMI Blog2023 (2) TMI 122X X X X Extracts X X X X X X X X Extracts X X X X ..... , Addl. CIT ORDER PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal by the assessee is directed against the order passed by the National Faceless Appeal Centre, Delhi, (hereinafter the ld. CIT(A) ) dated 21/09/2022 for Assessment Year 2017-18 against the assessment order passed u/s 143(3) of the Income-tax Act, 1961 (hereinafter referred to as the Act ) passed by ACIT, Circle-3(1), Kolkata, dated 30/12/2019. 2. The assessee has raised the following grounds of appeal:- 1. That on the facts and circumstances of the case, the CIT(A)-NFAC had erred both in law and on facts by confirming the order of the Assessing Officer on making an addition of Rs.75,00,000/- being cash deposit during demonitization period which was fully explained to A.O. as well as CIT(A). 2. That the assessee craves leave to add, to amend or withdraw to all or any ground on or before the hearing of the appeal. 3. The assessee had also raised an additional ground vide its application dated 29/11/2022 filed on 20/12/2022, challenging the jurisdiction of the assessment completed u/s 143(3) in view of no notice issued u/s 143(2) of the Act, after the transfer of case from ACIT, Circ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee furnished the relevant part of its cash book to corroborate these facts. He, thus, submitted that this deposit of cash is out of the opening cash balance as on the date of demonetization and its source is fully explained from its regular books of accounts which have been subjected to audit and produced during the course of assessment. However, ld. Assessing Officer proceeded to complete the assessment, not being satisfied with the submissions made by the assessee and made the addition u/s 68 r.w.s. 115BBE of the Act. 5.1. Aggrieved, assessee went in appeal before the ld. CIT(A) who dismissed the appeal of the assessee. 6. Aggrieved, assessee is in appeal before the Tribunal. 7. Before us, Shri Sushil Kumar Pransukha, FCA, represented the assessee and Shri P.P. Barman, Addl. CIT, represented the department. Ld. Counsel for the assessee, apart from reiteration of the facts narrated above, submitted that during the year under consideration, the turnover of the assessee is of Rs. 85.26 Crores which include both cash sales and credit sales. He further stated that assessee maintained regular books of accounts which are subjected to statutory audit under the Companies Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f cash sales, it was reiterated that assessee had submitted date-wise details of cash sales including Excise duty and VAT charged on each sale which were tallied with the Excise return and VAT return. He referred to the tax invoices/excise invoices-cum-challans , forming part of the paper book, placed at page nos. 46 to 64. It was also asserted that since the sale was made in cash, party-wise details were not required to be maintained. He also submitted that, there was no revision to the Excise return and VAT return filed by the assessee. He also referred to the audited balance sheet as on 31/03/2017 placed at page 130 of the paper book to demonstrate that assessee had trade receivables of Rs.10,45,71,347/- as on 31/03/2016 and Rs.12,48,57,833/- as on 31/03/2017. Ld. Counsel for the assessee also emphasised on the fact that deposit of cash was also intimated electronically to the Department vide its transaction no. 4228483876, dated 25/07/2017. 8.1. Ld. Counsel for the assessee, thus, asserted that addition made by ld. Assessing Officer tantamounts to taxing the same income twice, since the deposit of cash is out of the realization from debtors which has already been reported i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20,000 02.07.2016 20,000 16.07.2016 18,000 08.06.2016 20,000 22.06.2016 18,000 04.07.2016 18,000 11.07.2016 20,000 11.06.2016 55,000 25.06.2016 20,000 05.07.2016 20,000 13.07.2016 12,000 14.07.2016 19,000 19.07.2016 14,031 (c) Jainex Steel In duster Date Amount Date Amount Date Amount 02.04.2016 92,000 22.05.2016 37,500 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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