9911796707
TMI Blog2023 (5) TMI 1371X X X X Extracts X X X X X X X X Extracts X X X X ..... runs 365 days in a year accept on dry days and having average regular sale of 9,000 per day as it is serving 32 dishes on 10 tables. However, all these facts and documents have not been examined by the AO. To decide the issues raised in this appeal once for all, all the account books and documents brought on record by the assessee are required to be examined afresh by the AO to reach the logical conclusion, instead of working on the basis of estimation and guess work. D.R. has also agreed with the proposition that when all the documents/audit account books have been brought on record the same are required to be examined. So the impugned order passed by the Ld. CIT(A) is here by set aside and file is remitted back to the AO to decide afresh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition U/s. 40A of Rs 50,000/-. Appellant therefore prays that the additions U/s 69A and estimation of Business Income needs to be deleted or any other relief may be granted as may be deemed fit and just, considering the facts and circumstances of the case. 2. Briefly stated facts necessary for consideration and adjudication of the issues at hand are : the assessee is into the business of bar and restaurant and they also undertake outdoor catering of orders of veg and non-veg food items. From the data analytics and information gathered during the phase of online verification under operation clean money the Income Tax Department prepared a list of assessee who had deposited substantial cash in bank accounts during demonetization period but ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... very inconsistent. The AO also noticed that the cash deposit made during the year under consideration is more than the cash deposit made during earlier years. The assessee also filed VAT return on 02.11.2019 after three years of demonetisation period. Declining the contentions raised by the assessee company the AO proceeded to hold that the assessee company has tried to show the bogus sales to substantiate its cash deposit made during the demonetisation period under the well thought process and thereby treated the cash deposit of Rs.25,00,000/- during demonetisation as unexplained income under section 69A of the Act and to tax the same under section 115BBA of the Act. The AO also noticed from the balance sheet and profit loss account for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is also not in dispute that the AO completed the assessment under section 144 of the Act. It is also not in dispute that during the year under consideration the assessee company has claimed total sale at Rs.23,42,000/-. It is also not in dispute that the AO as well as the Ld. CIT(A) have not considered the return of income filed by the assessee for the year under consideration subsequently on 24.03.2017 on the ground that the return of income was filed on 24.03.2017 of earlier years and as such not accepted the books of account also. 6. In the backdrop of the aforesaid facts and circumstances of the case the Ld. A.R. for the assessee contended that the entire detail has been given to the AO along with audited accounts. Instead of examining ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iting cash in the bank. 8. Furthermore, the assessee also brought on record petty cash book for the assessment year under consideration for the period 01.04.2016 to 31.03.2017 wherein again cash opening balance of Rs.24,40,212/- was shown out of which an amount of Rs.25,00,000/- was deposited on 02.12.2016, 09.12.2016 and 21.12.2016 (Rs.10,00,000/-, Rs.10,00,000/- Rs.5,00,000/- respectively). However, all these facts have not been taken into consideration while deciding the issue. It is also a matter of record as mentioned in para 4 of the assessment order that the assessee company has submitted all the documents during the assessment proceedings but not considered by the AO who has rather proceeded to estimate the profit on the basis of co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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