9911796707
TMI Blog2024 (8) TMI 363X X X X Extracts X X X X X X X X Extracts X X X X ..... e claim made by the assessee was that out of the cash sale or realization from debtors. But the assessee could not produce any evidence before me during the course of hearing or there is no evidence in the Paper Book which can co-relate the balance cash that it has come from the realization of debtors or from the cash sales. In the absence of any evidence, confirm this balance cash and to that extent, addition is sustained. Accordingly, this ground is partly allowed. Estimation of net profit @5% on the total turnover - A reasonable profit fate should be estimated as historical data shows that the assessee s profit rate at a lower rate but as admitted by assessee, the profit rate in the line of business is 1 to 2%. Hence we estimate the prof ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... total cash deposits made during the financial year 2016-17 relevant to the A.Y 2017-18 amounting to Rs. 32,43,899/-but here only the disputed amount is demonetized cash deposits in SBNs after 8.11.2016 i.e. amounting to Rs. 11.24 lakhs. The assessee before the Assessing Officer filed copy of return of income for the A.Y 2017-18, copies of VAT returns, cash book etc., but could not file any bills/vouchers or supporting evidence supporting the cash book. The Assessing Officer noticed that in the cash book, the closing balance as on 8.11.2016 was at Rs. 6,97,209/- but despite that the Assessing Officer has not given credit for the same and entire cash deposits deposited during the demonetization period in SBNs added to the returned income of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the cash available with the assessee at Rs. 6,97,209/-during the demonetization period has explained. However, for the balance cash deposits, the claim made by the assessee was that out of the cash sale or realization from debtors. But the assessee could not produce any evidence before me during the course of hearing or there is no evidence in the Paper Book which can co-relate the balance cash that it has come from the realization of debtors or from the cash sales. In the absence of any evidence, I confirm this balance cash and to that extent, addition is sustained. Accordingly, this ground is partly allowed. 7. The next issue in this appeal of the assessee is with regard to the estimation of net profit @5% on the total turnover of Rs. 44 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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