9911796707
TMI Blog2024 (8) TMI 919X X X X Extracts X X X X X X X X Extracts X X X X ..... ation available on record and not disputed by the revenue, it can be held that the assessee had sufficient cash balance as per the accepted books of accounts and hence, the cash deposits cannot be treated as undisclosed income. Decided in favour of assessee. - Dr. B. R. R. Kumar, Accountant Member And Sh. Sudhir Kumar, Judicial Member For the Assessee : Sh. Shailesh Gupta, Adv. For the Revenue : Sh. Anshul, Sr. DR ORDER PER DR. B. R. R. KUMAR, ACCOUNTANT MEMBER: The present appeal has been filed by the assessee against the order of ld. PCIT, Delhi-7 dated 31.03.2021. 2. Following grounds have been raised by the assessee: 1. That the learned Commissioner of Income Tax (Appeals) has grossly erred both in law and on facts in sustaining an as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lying with it in denomination of Rs. 500 and Rs. 1000 currency notes and it is also a matter of public knowledge that subsequent to demonetization cash sales dropped substantially due to lack of currency availability in market. That all the aforesaid facts were arbitrarily brushed aside by the learned AO and CIT (A) wherein, the addition so made and sustained is contrary to material available on record. 2.3 That the adverse findings recorded by the learned CIT (A) while sustaining the impugned addition have been recorded with preconceived notions and by arbitrarily brushing aside the detailed submissions/evidences/material placed on record and also relying on irrelevant case laws, which were furnished in order to support the fact that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 27630000 384 1,31,24,000/- 3 Jammu And Kashmir Bank 0464020100000014 51,80,000/- Total 2,07,04,000/- 5. The assessee submitted that the cash deposited during the F.Y. 2016-17 is less 87.92% of the cash sales as compared to earlier years, (approx. 91.2%). It means that during demonetization period, the assessee has not deposited excess cash. 6. The AO held that the assessee has not provided any details of the persons from whom the said cash has been received. The AO held that the bills of sales furnished on sample basis by the assessee mentions cash in the place where the name of purchasers are to be entered. Therefore, the source of cash deposits with respect to the cash sates cannot be accepted. 7. The AO placing reliance on the judgment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ember 44,88,600 42,04,000 2,16,59,500 December 78,28,500 1,40,28,850 1,54,000 January 41,75,000 1,09,22,900 February 5,00,000 1,40,71,000 22,50,000 March 41,05,000 1,25,65,000 5,00,000 Total 6,61,38,570 10,31,57,150 6,62,06,486 13. For the FY 2014-15, F.Y. 2015-16 and F.Y. 2016-17, the comparative, position was as under: Particulars FY 2014-15 (Rs.) FY 2015-16 (Rs.) FY 2016-17 (Rs.) Total cash deposit 6,61,38,570/- 10,31,57,150/- 6,62,06,486/- Average cash deposit 55,11,547/- 85,96,429/- 55,17,207/- Lowest deposit in a month during the year 5,00,000/in Feb, 2015 34,60,000/ in April, 2015 1,54,000/ in Dec, 2016 Highest deposit in a month 1,00,30,000/in Sept, 2014 1,40,71,000/ in Sept, 2015 2,16,59,500/ in Nov, 2016 Deposit in November 44,88, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 07.00 16,17,16,014.00 23,42,36,421.00 6,61,38,570.00 22,76,03,636,00 FY 2015-16 FY 2015-16 SALES TOTAL SALES CASH DEPOSIT MONTH WISE PURCHASES CASH SALES CREDIT SALES CASH/CREDIT Apr-15 58,15,746.00 1,89,15,625.00 2,47,31,371.00 34,60,000.00 2,41,40,167.00 May-15 80,58,562.00 2,25,41,587.00 3,06,00,149.00 67,64,400.00 2,98,77,556.00 Jun-15 98,72,585.00 2,79,78,416.00 3,78,51,001.00 1,14,51,000.00 3,70,13,415.00 Jul-15 94,15,870.00 2,14,78,956.00 3,08,94,826.00 73,05,000.00 3,02,21,578.00 Aug-15 1,05,87,416.00 3,04,08,593.00 4,09,96,009.00 95,05,500.00 4,01,69,785.00 Sep-15 76,22,158.00 2,46,28,741.00 3,22,50,899.00 46,16,000.00 3,12,38,840.00 Oct-15 71,26,856.00 2,57,89,546.00 3,29,16,402.00 42,60,500.00 3,21,58,378.00 Nov-15 80,87,415.00 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,98,628.00 TOTAL 7,54,05,900.00 37,17,39,305.00 44,71,45,205,00 6,62,06,486.00 43,46,39,230.00 16. From the above said table it is very clear that cash deposited in various banks during the three financial years is as under: Year Cash Deposit Cash Sates Total Seles % of cash deposit to cash sales % of cash deposit to total sales 2014-15 6,61,38,570.00 7,25,20,407.00 23,42,36,421.00 91.20 28.24 2015-16 10,31,57,150.00 11,24,54,735,00 43,27,45,800.00 91.73 23.84 2016-17 6,62,06,486.00 7,54,05,900.00 44,71,45,205.00 87.92 14.81 17. From the above said table it is apparent that the cash has been deposited in the above said years from 87, 92 to 91.20% of cash sales, it is 15% to 28% of the total sales. Cash is being deposited as per trends prac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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