9911796707
TMI Blog2024 (7) TMI 876X X X X Extracts X X X X X X X X Extracts X X X X ..... as income of the assessee and the balance to be treated as unexplained u/s 68 - On the other hand if entire amount is found to be unexplained credits which is, not from the business income the sec.68 of the Act to be invoked on the total amount. AO shall verify all the details/evidences filed by the assessee based on the above direction and applicable instructions to the facts and circumstances of the present assessee and to consider the claim in accordance with law. Presumptive tax levied on the entire cash deposit by the AO @ 8% - As we note that the Ld.AO already invoked the provisions of sec. 68 of the Act. The said issue has already been remitted by us to the file of the Ld.AO for fresh consideration. Hence this issue has been becomes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of the Ld.CIT(A), the assessee is in appeal before this Tribunal. 5. At the outset, the Ld.DR pointed out certain factual mistake in the grounds of appeal raised before this Tribunal and accordingly, the same is not considered. However by and large, the grounds that arises out of the impugned order that has been raised in Grounds 2-4 are on 2 aspects: one is on the cash deposits made during demonetization period; and, the other is in respect of presumptive tax at 8% levied by the Ld.AO on the cash deposits treating it to be business income. 7. The Ld.AR submitted that before this Tribunal that it was a exparte order u/s 144 of the Act. And before the Ld.CIT(A), the assesee could not appear, as the notices were sent by email which coul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... abnormal jump in percentage of cash trails to on identifiable persons as compared to earlier histories will also give some indication for suspicion. Non-availability 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 are not. 10. The assessee is directed to establish all relevant details to substantiate its claim in line with the above applicable instructions as the case may be. We are aware of the fact that not every deposit during the demonetizat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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