9911796707
TMI Blog2024 (6) TMI 1339X X X X Extracts X X X X X X X X Extracts X X X X ..... in the light of the instructions issued by the CBDT in regard to the cash deposited during the demonetization period. As relying on M/S. BHOOPALAM MARKETING SERVICES PVT. LTD. [ 2022 (11) TMI 331 - ITAT BANGALORE] we deem it fit to remit the issue to the file of AO to decide the issue afresh in the same terms. AO will consider the explanation furnished by the assessee in respect of the cash deposited during the demonetization period and in light of the CBDT instructions, if applicable to the assessee being an agriculturist. AO is directed to give reasonable opportunity of being heard to the assessee and decide the issue as per law. The assessee is also directed to produce evidence/documents in substantiating his case. The assessee is direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4A. Accordingly the AO issued show cause notice and intimated the assessee that if the assessee did not comply, assessment shall be completed as per best judgment assessment u/s. 144. Accordingly. The AO completed the assessment and applied 69A of the Act and made addition of entire cash deposit as income of assessee and taxed u/s. 115BBE of the Act. 3. The assessee filed appeal before the CIT(Appeals). However, the assessee did not comply with the notices issued and accordingly the CIT(Appeals) dismissed the appeal of the assessee on the basis of material available before him. Aggrieved, the assessee is in appeal before the Tribunal. 4. The ld. AR submitted that the assessee is an agriculturist and he had no taxable income, therefore the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period the issue has to be examined in the light of the instructions issued by the CBDT in regard to the cash deposited during the demonetization period. The co-ordinate bench of the Tribunal in the case of M/s. Bhoopalam Marketing Services Pvt. Ltd., vs. ACIT in ITA No. 375 564/Bang/2022 vide order dated 15.09.2022 has held as under:- 7.1 We have carefully gone through the various standard operating procedures laid down by the central board of direct taxes issued from time to time in case of operation clean. The 1st of such instruction was issued on 21/02/2017 by instruction number 03/2017. The 2nd instruction was issued on 03/03/2017 instruction number 4/2017. The 3rd instruction was in the form of a circular dated 15/11/2017 in F.No. 225 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons as compared to earlier histories will also give some indication for suspicion. Nonavailability of stock or attempts to inflate stock by introducing fictitious purchases is also some indication for suspicion of fictitious sales. Transfer of deposit of cash to another account or entity, which is not in line with the earlier history. Therefore, it is important to examine whether the case of the assessee falls into any of the above parameters or not. 8.2 The assessee is directed to establish all relevant details to substantiate its claim in line with the above applicable instructions. We are aware of the fact that not every deposit during the demonetisation period would fall under category of unaccounted cash. However the burden is on the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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