9911796707
TMI Blog2023 (5) TMI 1110X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs.45,88,710/- for the assessment year under consideration. The assessment was completed u/s 143(3) on 19.04.2021 determining the income of the assessee at Rs.2,58,02,871/-. In the course of assessment proceedings, the assessee was required to furnish the details of sales made by the assessee for the financial year relevant to the assessment year under consideration as the assessee has shown sales only for April to June 2017 only for three months. Assessee has submitted part-wise details in respect of 18 parties to whom the assessee made sales. The assessee was required to furnish confirmation of accounts, PAN numbers, addresses, ITR in respect of Bajrang Enterprises, Om International, Puja Traders, Tirupati trading, Vardhaman Traders. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the payments received from the five parties were received by a banking channel and in support of this the assessee filed bank statement which is also placed at paper book pages 43 to 48. Ld. Counsel further submits that as a matter of fact the AO accepted in the assessment order that after the introduction of GST from July 2017 the assessee did not carry out any business. Therefore, the Ld. Counsel submits that since the assessee has not carried out any business from the month of July 2017 assessee is not in contact with the parties to whom sales were made thereafter. Ld. Counsel submits that assessee pointed out that assessee has paid VAT on these sales which was 20% of the sales and has submitted the VAT returns and hence the action ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder section 68 thereby taxing him twice firstly as a sales declared by the appellant secondly by adding the same sales under section 68 as cash credit. 9.1 The applicant had further stated that the sales made by him are genuine sales, the payments in respect of the sales had been received via banking channels and has been duly recorded in the books of the appellant. He has also stated that the appellant has paid VAT on the sales which was 20% of the sales and submitted VAT returns reconciling the same with the sales. The appellant has also submitted various case laws in his support stating that the sales cannot be treated as bogus unless the purchases or stocks shown by him are found to be un-explained. The Assessing Officer did not poin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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