9911796707
TMI Blog2024 (7) TMI 834X X X X Extracts X X X X X X X X Extracts X X X X ..... ue that cash sales are also part of the trading result offered for taxation by the assessee which is not disputed. The mere allegation that books of account are manipulated without its rejection or without bringing on record any positive evidence, the addition could not have been made on account of cash deposit. Mere cash deposit or cash sales, without pointing out any latent, patent and glaring defect in books of accounts, books of accounts cannot be rejected. AO has to show that cash sales is not coupled with delivery of goods, or on that assessee did not have stock to sale. The allegation of the AO that after deposit of the cash, part of the money has been transferred to the sisters concern i.e. M/s Satawat Textile and part of the money ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e case and in law the learned Commissioner of Income Tax (Appeals) erred in confirming the addition of Rs. 33,00,000/- being cash deposited in the bank accounts during the period specified under Specified Bank Notes (Cessation of Liabilities) Act, 2017. 4. In the facts and circumstances of the case and in law the learned Commissioner of Income Tax (Appeals) erred in ignoring the fact that the appellant has been selling goods on cash basis through the year and has deposited cash on various dates. 5. In the facts and circumstances of the case and in law the learned Commissioner of Income Tax (Appeals) erred in not appreciating the fact that the cash sales effected by the appellant is reflected in the Profit and Loss Account and thus in the ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act was passed on 27th December, 2019. By making an addition of ₹ 33 lacs under Section 69A read with section 115BBE of the Act determining the total income of ₹ 37,93,735/-. 04. Aggrieved assessee preferred the appeal before the learned CIT (A). Assessee was given four different opportunities but assessee submitted part of the details. However, the detail submitted by the assessee was with respect to the month wise details of sales and purchases in credit and cash. The assessee submitted that ₹ 33,99,332/- is cash sales of the assessee. The total sales of the assessee are more than Rs. 4.85 crores. The assessee also submitted a chart and a cash flow statement and thereby stated that sales have been reflected in the bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ak Mahindra Bank and submitted that assessee has deposited cash in his bank account as per funds available in the cash book. Therefore, it was stated that the addition made by the learned Authorized Representative confirmed by the learned CIT (A) is not correct. 06. The learned Departmental Representative vehemently supported the order of the learned lower authorities. 07. We have carefully considered the rival contentions and perused the orders of the learned lower authorities. The fact shows that the assessee is a dealer in fabrics and has recorded sales in cash and credit both. For the year the assessee has cash sales of ₹ 33,57,000/- out of which ₹ 33 lacs were deposited in his bank account with Kotak Mahindra Bank. To suppo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ejected. Ld OA has to show that cash sales is not coupled with delivery of goods, or on that assessee did not have stock to sale. The allegation of the learned Assessing Officer that after deposit of the cash, part of the money has been transferred to the sisters concern i.e. M/s Satawat Textile and part of the money to the assessee s own account does not help the case of the Revenue in proving that the cash sales recorded by the assessee is bogus. In view of the above facts, we reverse the orders of the lower authorities and allow ground no.3 of the appeal directing the learned Assessing Officer to delete the addition of ₹ 33 lacs. 08. All other grounds of appeal are not required to be adjudicated. 09. In the result, the appeal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
