9911796707
TMI Blog2024 (6) TMI 656X X X X Extracts X X X X X X X X Extracts X X X X ..... of the cash in the form of SBNs cannot be considered as unexplained for addition u/s. 68 of the Act. We are therefore inclined to allow the grounds raised by the assessee. - Shri Duvvuru Rl Reddy, Hon ble Judicial Member And Shri S Balakrishnan, Hon ble Accountant Member For the Appellant : Sri C. Subrahmanyam, AR For the Respondent : Dr. Satyasai Rath, CIT-DR ORDER PER S. BALAKRISHNAN ACCOUNTANT MEMBER : This appeal filed by the assessee is against the order of the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [in short Ld.CIT(A)-NFAC] in DIN Order No. ITBA/NFAC/S/250/2023-24/1058150642(1), dated 22/11/2023 arising out of the order passed u/s. 143(3) of the Income Tax Act, 1961 [in short the Act ], dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing grounds of appeal: 1. That under the facts and circumstances of the case the order passed u/s. 143(3) of the Act that was confirmed by the Ld. CIT(A) vide order passed u/s. 250 of the Act dated 22/11/2023 is in violation of the provisions of the law and facts of the case. 2. The Ld. CIT(A) is in summary and casual manner disregarded the submission made by the assessee society, when it was brought to his notice that accepting cash deposits in the form of SBN, during the demonetization period, from 15/11/2016 to 30/11/2016 is acceptable and is in accordance with the Circular, dated 14/11/2016, issued by Reserve Bank of India, hence in this view of the matter the orders passed u/s. 250 and as well as order passed u/s. 143(3) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d is with respect to the additions made by the Ld. Revenue Authorities amounting to Rs. 4,68,39,000/- for the period 15/11/2016 to 30/11/2016 being the cash deposits accepted in the form of SBNs. 5. At the outset, the Ld. Authorized Representative [AR] referred to page 7 of the paper book wherein the RBI Circular No. DCM (Plg) No. 1226/10.27.00/2016-17, dated 08/11/2016 is enclosed and stated that even the Urban Cooperative Banks are authorized to accept the SBNs or depositing the SBNs to the members accounts up to the period 30/12/2016. The Ld. AR further submitted that the Circular No. DCM(Plg) No. 1273/10, 27.00/2016-17, dated 14th November, 2016 placed at page 13 of the paper book clearly states that the exchange facility against the SB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rict Cooperative Central Banks (DCCB) are not allowed to extend the exchange facility against the SBNs from 14/11/2016. For the sake of clarity, we extract below the RBI Circular No. DCM(Plg) No. 1273/10, 27.00/2016-17, dated 14/1/2016. RBI/2016-17/130 DCM (Plg) No.1273/10.27.00/2016-17 November 14, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks/ Foreign Banks/Regional RuralBanks / Urban Co-operative Banks / State Co-operative Banks/ District Central Cooperative Banks Dear Sir, Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes Applicability of the Scheme to DCCBs Please refer to our Circular No. DCM (Plg) No.1226/10.27.00/2016-17 dated Nove ..... X X X X Extracts X X X X X X X X Extracts X X X X
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