9911796707
TMI Blog2024 (5) TMI 782X X X X Extracts X X X X X X X X Extracts X X X X ..... bringing any discrepancy therein. Complete set of audited books of account and auditor s report were also accepted without pointing out any shortcoming. Therefore, we are of the view that once the complete set of books of account have been produced before the AO and no question has been raised regarding genuineness of the entries therein by the AO there is no point in making disallowance of cash deposit based on the same set of books of account. CIT(A) has also not brought anything on record to question the correctness or genuineness of vouchers, ledgers, sales book, purchase book, stock register etc. of the Assessee, therefore, his action of giving partial relief to the Assessee is purely on estimate basis. We have also considered various ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ash sales as unexplained income u/s 69A r.w. section 115BBE of the Act. 2. That the learned CIT(A) has erred in law and on facts in confirming the actions of AO of treating cash sales of Rs. 60,08,625/- as unexplained income without rejecting the audited books of accounts. 3. That the learned CIT(A) has erred in law and on facts in confirming the actions of AO of treating cash sales of Rs. 60,08,625/- as unexplained income ignoring that no discrepancy in the books of accounts and other accounting records were found. 4. That the learned CIT(A) has erred in law and on facts in confirming the actions of AO of treating cash sales of Rs. 60,08,625/- as higher simply on his whims and fancies. 5. That the appellant craves leave to add, alter, amen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax Act, 1961 (in short 'the Act ) out of the total cash deposited of Rs. 91,00,000/-. Aggrieved by the order of the Assessing Officer, the Assessee filed an appeal before the ld. CIT(A). The ld. CIT(A) also considered the chart prepared by the Assessing Officer and finally gave his finding as under:- 4.3. Considering the all facts of the case and the fact that inauguration, Dhanteras and Deepawali was in the last week of October, 2016. I am of the view that sales may have been some higher in that period and therefore, in place of benefit of Rs. 17,17,592/- for the period 28.10.2016 to 08.11.2016 is taken as Rs. 30,00,000/-. Thus the appellant gets a relief of Rs. 12,82,408/-. 3. Aggrieved with the order of the ld. CIT(A), the appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by Sales booked as revenue in trading account cannot be considered as Unexplained Investment u/s 69A. 4. The ld. Counsel of the Assessee in his submissions has also brought on record some case laws in support of his arguments, which are as under: NO ESTIMATION OF INCOME WITHOUT REJECTION OF BOOKS 6. The basic principle in the law relating to income-tax is that if there is no challenge to the transaction represented by the entries in books, then it is not open to the other side to contend that what is shown by the entries is not the real state of affairs. Kind attention is invited to : A. Supreme Court in the case of Mehta Parikh and Company vs. CIT (1956) 30 ITR 181 (SC) To put the matter in a nut-shell, the accounts of the appellant have b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 13-6-2022. 5. The ld. DR, relied on the orders of the Assessing Officer as well as that of the ld. CIT(A). 6. We have considered the arguments put forward by both the parties and perused the material available on record. We find that during the assessment proceedings, all the vouchers of cash sales were produced before the Assessing Officer. The Assessing Officer has not pointed out any lacuna or shortcoming in those vouchers nor any doubt has been raised regarding genuineness of any cash sales on such vouchers. The Assessing Officer has also accepted the corresponding entries in sale book and cash book. The stock register, sales and purchase registers etc. have also been accepted by the Assessing Officer without bringing any discrepancy ..... X X X X Extracts X X X X X X X X Extracts X X X X
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