9911796707
TMI Blog2024 (6) TMI 861X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee - HELD THAT:- It is specific case of the assessee that the year under consideration was the first year in operation of the assessee s business, but the Ld. AO had committed error by comparing the fictitious sales of previous year without any basis. It is observed that the assessee was maintaining cash books and also regular books of accounts, at no point of time, the AO doubted the regular books of account of the assessee and without finding any fault in the books of account of the assessee, the Ld. AO proceeded to make addition u/s 69A of the Act. When the assessee maintained and produced the books of account and the cash books before the Ld. AO by offering the explanation and by submitting the copies of VAT returns to justi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee filed return of income for A.Y.2017-18 declaring total income of Rs.64,30,800/-, which was processed u/s 143(1) of the Act. The case was selected for scrutiny and notice was issued mentioning that during the demonetization period i.e., from 09/11/2016 to 31/12/2016, the assessee deposited an amount of Rs. 27,00,000/- by cash in the bank account which shows abnormal increase in sales with decrease in profitability compared to preceding year. An order u/s 143(3) has been passed by the A.O. making an addition of Rs.27,00,000/- u/s 69A of the Act. 3. As against the assessment order dated 12/12/2019, the assessee preferred an appeal before the Ld. CIT(A). The Ld. CIT(A) vide order dated 25/11/2021 dismissed the appeal filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the assessee s business, but the Ld. AO had committed error by comparing the fictitious sales of previous year without any basis. It is observed that the assessee was maintaining cash books and also regular books of accounts, at no point of time, the AO doubted the regular books of account of the assessee and without finding any fault in the books of account of the assessee, the Ld. AO proceeded to make addition u/s 69A of the Act. When the assessee maintained and produced the books of account and the cash books before the Ld. AO by offering the explanation and by submitting the copies of VAT returns to justify the sales and corresponding receipts of cash books deposited in bank, the Ld. AO without even disputing the books of account ..... X X X X Extracts X X X X X X X X Extracts X X X X
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