9911796707
TMI Blog2024 (10) TMI 347X X X X Extracts X X X X X X X X Extracts X X X X ..... produced by the assessee. The cash transaction before the demonetisation period was also revealed by the assessee as the period before the demonetisation was also the period of Diwali and that itself shows that why the cash transaction took place in that particular period. There was no doubt created by the AO in respect of purchase and sale of stock register as well as books of account. Since the stock register as well as the family evidences produced by the assessee are found to be genuine, the cash transaction has also been proved by the assessee being genuine transaction. These factual aspects were totally ignored by the AO and CIT(A). Therefore, the appeal of the assessee is allowed. - MS. SUCHITRA KAMBLE, JUDICIAL MEMBER For the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank statement and source of cash deposit made by the assessee etc. in her bank account. During the assessment, the assessee furnished sale register, cash book with some bills of sales. The Assessing Officer observed that the assessee made cash deposit of Rs.35,19,500/- during the period of demonetisation in her bank account with Central Bank of India. The Assessing Officer observed that in various cases, addresses given by the assessee was not proper and, therefore, the assessee could not make any external enquiry. The cash sales shown by the assessee during the period of 10 days just before the demonetisation is not genuine but fabricated and after thought being colourable device used to show unaccounted cash as accounted one. Thus, the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e jewellery in respect of cheque was accepted and, therefore, the transaction in cash should also be accepted as the same is recorded in cash book as well as in the purchase and sales stock and duly recorded in books of account. 6. The Ld. DR submitted that the assessee is not having any history of business and, therefore, the transaction in jewellery especially that of gold is not justifiable only through the mere production of few bills in gold transaction. The Ld. DR relied upon the Assessment Order and the order of the CIT(A). 7. Heard both the parties and perused all the relevant material available on record. It is pertinent to note that the Assessing Officer has accepted the transactions about purchase and sale of jewellery in gold an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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