9911796707
TMI Blog2024 (8) TMI 337X X X X Extracts X X X X X X X X Extracts X X X X ..... made by the assessee in order to keep sufficient stock of goods in hand is not doubted by the revenue. The goods purchased had been duly reflected as goods inward in the stock register. The goods sold by the assessee (both cash and credit) had been duly reflected as goods outward in the stock register with quantity and value. There is no allegation leveled on the assessee that he had received cash in demonetized currency during the period 9.11.2016 to 31.12.2016. Hence the entire cash deposits made by the assessee stands clearly explained by proper sources drawn from the books of accounts itself. While this is so, there is absolutely no reason to disbelieve the cash sales reported by the assessee for the period 1.11.16 to 8.11.16 in the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the Asst Year 2017-18 was filed by the assessee on 28.9.2017 declaring total income of Rs 2,04,12,120/-. The ld. AO observed that the assessee had made total cash deposits of Rs 4,78,91,000/- during the demonetization period i.e. during 9.11.16 to 31.12.16. This includes Rs 4,71,62,000/- deposited in old currency and Rs 7,29,000/- in new currency. The ld. AO sought for the complete details of cash inflow and outflow month wise for the year under consideration and also in the immediately preceding year. On analyzing the cash trend of the assessee, the ld. AO observed that there was an abnormal increase in cash sales from 1.11.16 to 8.11.16 which was not matching with the trend of cash sales in other months as submitted by the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar under consideration). f) Summary of Sales for Financial Year 2016-17 (i.e. the year under consideration) g) Copy of VAT Returns h) Details of cash sales and cash receipts for the period of October 2016 i) Details of cash sales and cash receipts for the period 1.11.2016 to 8.11.2016 j) Copy of Cash Book for the whole year k) Copy of cash receipts l) Copy of Inventory and receivables statement as on 31.10.2016 filed to ICICI Bank Ltd m) Copy of Inventory and receivables statement as on 31.12.2016 filed to ICICI Bank Ltd n) Details of cash sales for the period October 2016 and 1.11.2016 to 8.11.2016 o) Details of cash receipts for the period October 2016 and 1.11.2016 to 8.11.2016 p) Details of branch wise customer wise receipts for the per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ash deposits made by it in the bank account. Seeing the trend of total cash deposits made by the assessee in the immediately preceding year, during the year and in succeeding years, we find that there is absolutely no abnormality involved therein. It is pertinent to note that there is absolutely no allegation leveled on the assessee that the sales made by the assessee were not reflected in the books of accounts of the assessee. The assessee had duly furnished the complete books of accounts including cash book, ledger, stock registers before the ld. AO. The sales made by the assessee are duly subjected to VAT and assessee had duly suffered sales tax and had filed VAT returns accordingly. VAT returns for all the branches of the assessee are e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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