9911796707
TMI Blog2024 (7) TMI 498X X X X Extracts X X X X X X X X Extracts X X X X ..... zation and hence binding on the department. The title of the instruction is Standard Operating Procedure to be followed by the AOs in verification of cash transaction during demonetization period. Certain paras of this instruction are very crucial for cases like this. For instance in para 5.6, it has been mentioned that the AO should follow the sources specific verification guidelines as given in annexure. On perusal of clause 1.1 annexed to the instruction, as extracted herein above, would reveal that in case of an individual (other than minors) not having any business income, no further verification is required to be made if total cash deposit is up to Rs. 2.5 lakhs. When we apply the instruction of CBDT to the facts of present case it is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment ex-parte. During the course of assessment proceedings the AO observed that assessee has deposited an amount of Rs 1,73,935/- in her bank accounts maintained with Canra Bank and Karntaka State Cooperative Apex Bank. The AO added this amount as unexplained cash and framed the assessment. 3. Aggrieved with the order of the AO, the assessee preferred the appeal before the NFAC. 4.1 The ld. NFAC has issued 3 notices to the assessee and after that dismissed the appeal of the assessee ex-parte without dealing with the merits of the case in terms of the provisions of sec. 250(6) of the Act. 5. Aggrieved with the order of the NFAC, the assessee preferred an appeal before the Tribunal. There is a small delay of 27 days, in filing the appeal befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On perusal of the above instruction, it would be amply clearly that this instruction has been issued by Ministry of Finance immediately after demonetization and hence binding on the department. The title of the instruction is Standard Operating Procedure to be followed by the AOs in verification of cash transaction during demonetization period. Certain paras of this instruction are very crucial for cases like this. For instance in para 5.6, it has been mentioned that the AO should follow the sources specific verification guidelines as given in annexure. 8.2 On perusal of clause 1.1 annexed to the instruction, as extracted herein above, would reveal that in case of an individual (other than minors) not having any business income, no further ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
