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TMI Blog2024 (11) TMI 1249X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 lakhs which was done to avoid application of provisions of section 258BA r.w.r. 114E of the Act, which has no legs to stand as there is nothing on record to prove the same. AO has not pointed out any flaw, fallacy or deficiency in the regular books of account maintained during the normal course of his business. It is a settled principle of law that once the Assessing Officer accepts the books of account and the entries in the books of account are matched, there is no case for making the addition as unexplained. Submission of assessee that income of the assessee has to be computed by the AO on the basis of available material on record and it is very important to have direct evidence to make an addition rather than circumstantial evidence. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g an income of Rs. 27,20,900/-. Return was selected for scrutiny assessment through CASS and accordingly, statutory notices were is to examine the issue Cash deposited during demonetization period . 4. Notices were issued u/s 142(1) of the Act asking the assessee to show cause as to why the sum of Rs. 65,00,000/- deposited in the bank account of the assessee during the demonetization period not be added as income from undisclosed sources u/s 68 of the Act. The Assessing Officer was of the opinion that the sum was not deposited in the bank in one go, rather it was deposited in piece-meals in the months of November and December 2016. 5. In response, the assessee submitted before the Assessing Officer that there were no sales during the F.Y. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his written submissions wherein he has distinguished the case of the present assessee with the decision of the co-ordinate bench in the matter of New Gujranwala Jewellers ITA No. 140/DEL/2022 order dated 27.03.2023 and vehemently contended that the present appeal is squarely covered in favour of the assessee and against the revenue. 11. A careful perusal of the chart furnished by the ld. counsel for the assessee clearly shows that the facts of the case in hand are identical to the facts of the case in New Gujaranwala Jewellers [supra]. The Assessing Officer was of the view that cash deposit in every transaction was below Rs. 2 lakhs which was done to avoid application of provisions of section 258BA r.w.r. 114E of the Act, which has no legs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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