9911796707
TMI Blog2024 (6) TMI 859X X X X Extracts X X X X X X X X Extracts X X X X ..... to tax - we agree with the learned DR that it is a verifiable fact. Learned AR submits that an opportunity may be granted to the assessee to appear before the learned Assessing Officer and explain the receipts during the demonetization period. Therefore, set aside the impugned order and restore the issue relating to the addition of Rs. 14.09 lakhs, to the file of the AO for verification and taking a view after affording an opportunity to the assessee. Grounds are accordingly treated as allowed for statistical purposes. - SHRI K. NARASIMHA CHARY , JUDICIAL MEMBER For the Assessee : Shri S. Phanindra , AR For the Revenue : Shri A. Suresh , DR ORDER Aggrieved by the order dated 30/10/2023 passed by the learned Commissioner of Income Tax (App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons to interfere with the assessment order and accordingly while upholding the additions, he dismissed the appeal. 4. Hence, the assessee filed this appeal before this Tribunal contending that having accepted the fact that the assessee has been deriving business income from medical shops, the authorities below should have realized that such business income flows even during the demonetization period also. Learned AR further submitted that learned Assessing Officer accepted the total receipts during the year were to the tune of Rs. 1,25,84,956/- out of which a sum of Rs. 14,09,000/- was received in bank during the demonetization period, but without assigning any reason, the learned Assessing Officer set apart this Rs. 14,09,000/- to be added ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve been deriving business income and accepting all the deposits in the bank, except such deposits made during the demonetization period, the learned Assessing Officer estimated the income of the assessee at 8% on gross receipts. There is no dispute as to this rate of estimation and I accept the same. But insofar as Rs. 14,09,000/ - is concerned, learned Assessing Officer added the same under section 69A of the Act, on the ground that such deposits are not explained, nor the money was offered to tax. I agree with the learned DR that it is a verifiable fact. Learned AR submits that an opportunity may be granted to the assessee to appear before the learned Assessing Officer and explain the receipts during the demonetization period. 8. I, there ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
