9911796707
TMI Blog2024 (8) TMI 1362X X X X Extracts X X X X X X X X Extracts X X X X ..... the banking channel. Even though stock statements were also furnished by the assessee, in response to notice issued u/s 131 there is no dispute or doubt on the same by the Revenue. Such being the facts, when the sale transaction has been declared as revenue receipt by the assessee, we find no infirmity in the impugned order in deleting the addition made u/s 68. Addition on account of cash deposit - In the present case, it is undisputed that the assessee has submitted a copy of the sales register, purchase register, stock statement, cash book, bank book and bank statements. There is no material available on record to show that the AO has pointed out any mistake in the availability of stock as of 08/11/2016. Just because only on the one-day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to Mr. Dhanraj G. Parmar ? 2, Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of Rs. 70,91,351/- on account of unexplained cash credit u/s 68 whereas the AO has established that the assessee had used Gold purchaser Mr. Dhanraj G. Parmar as conduct of unaccounted money bring into Bank account as Mr. Dhanraj G. Parmar never deal with trading in gold in his life time before demonetization?. 3. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of Rs. 48,98,152/- made by the AO u/s 68 of the Act despite the fact that the assessee was unable to prove the cash deposits with corresponding documentary evidence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d M/s Jai Vaishnav Bullion, and sold the gold to the customers who wish to convert the cash available with them during the demonetisation period. Accordingly, summons under section 131 of the Act were issued to the aforesaid entities, including the assessee. In response thereto, copies of purchases and sales bills, stock statements, bank statements, ITR and audit reports were furnished by the assessee. During the assessment proceedings, upon perusal of the copies of sales bills certain defects were noted, as mentioned in ages 2-3 of the assessment order. Accordingly, the Assessing Officer ( AO ) vide order dated 26/12/2019 passed under section 143(3) of the Act held that it is clear that the assessee has utilised the services of Mr. Dhanraj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat payments of Rs. 20,93,388 were received on 22/11/2016, Rs. 29,49,980 were received on 24/11/2016, and Rs. 20,47,983 received by the assessee on 29/11/2016 through banking channel from Mr. Dhanraj G Parmar. Further, the learned CIT(A) noted that the aforesaid payments were in respect of the gold purchased by Mr. Dhanraj G Parmar on 22/11/2016, 24/11/2016 and 01/12/2016. Thus, apart from the first two payments which were made on the same date as the said transaction, the third payment was received by the assessee in advance. In the present case, the Revenue has only raised doubts about the sales bills and did not dispute the aforesaid receipt of money through the banking channel. Further, even though stock statements were also furnished b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ales. Thus, the AO held that the cash sales of Rs. 48,98,152 remain unexplained by the assessee. 8. The learned CIT(A), vide impugned order, deleted the addition made by the AO on this issue by observing as follows: - 4.3.1 As regards to cash deposited of Rs. 48,98,153/- by the appellant on 08.11.2016 and treating the same as unexplained cash credit u/s. 68 of the Act by the AO, it is claimed by the appellant that the said amount represents sales made which has duly been reflected in Trading Account submitted along with ITR. 4.3.2. Further, the appellant has submitted the copy of Sales Register, Purchase register, Stock Statement, copy of Cash Book, copy of Bank Book Bank statements. All such details were submitted before the AO at the time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eadline of several New Channels News Articles. Further, all the details called for has been produced/submitted before the AO. However, he could not pointed out any mistake in purchases made, availability of stock, sales etc. and accordingly the AO has accepted the book result by not rejecting the same u/s. 145(3) of the Act. If purchase/sales/stock details are in order, then addition u/s. 68 on account of cash deposits of Rs. 48,98,152/- is not sustainable. 9. In the present case, it is undisputed that the assessee has submitted a copy of the sales register, purchase register, stock statement, cash book, bank book and bank statements. However, there is no material available on record to show that the AO has pointed out any mistake in the av ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
