9911796707
TMI Blog2025 (1) TMI 159X X X X Extracts X X X X X X X X Extracts X X X X ..... sh book has been sourced to make impugned deposits in the banks. Assessee has maintained purchase ledger, sales ledgers, stock ledger etc. The sales proceeds have duly been reflected in the VAT returns as filed by the assessee which is duly supported by the copies of VAT returns as placed on record. The sales turnover has been offered to tax and making impugned addition again would amount to double taxation. The cash sales summary for all the years as placed on record would show that that assessee regularly conduct sales in cash and there is no abnormal cash inflow in this year. No defect has been pointed in the books of accounts. Thus as the deposits were sourced out of business receipts, the impugned addition could not be sustained. See M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ney Assessments 3. The Ld CIT-(A) erred in reproducing the assessment order and following the same without any basis, exhibiting non-application of mind on the strong grounds and supportive explanations on facts submitted which surrounds the circumstances of the case. 4. The Learned CIT-(A) erred in making the addition on account of cash deposited in the bank account alleging the same to be income chargeable to tax u/s 69A without appreciating the facts of the case and the scope of provisions of above section especially when it is beyond doubt that the deposits were trade receipts dully accounted for in the regular books. 4.1 The Learned CIT (A) erred in making the addition in respect of cash deposited in the bank account u/s 69A which were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct could not be invoked. As is evident, the sole issue that arises for our consideration is addition made by Ld. AO u/s 69A for cash deposited by the assessee during demonetization period. 2. The Ld. AR, drawing attention to the documents, advanced arguments and submitted that the cash proceeds were sourced out of sales proceeds and therefore, no addition could be made. Reference has been made to various judicial decisions, the copies of which have been placed on record. The Ld. Sr. DR also advanced arguments and supported the impugned addition. Having heard rival submissions and upon perusal of case records, our adjudication would be as under. Proceedings before lower authorities 3.1 The assessee being resident firm is stated to be engaged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nted for in the books of accounts and the cash balance as available in the cash book has been sourced to make impugned deposits in the banks. The assessee has maintained purchase ledger, sales ledgers, stock ledger etc. The sales proceeds have duly been reflected in the VAT returns as filed by the assessee which is duly supported by the copies of VAT returns as placed on record. The sales turnover has been offered to tax and making impugned addition again would amount to double taxation. During the course of assessment proceedings, the assessee furnished summary of cash sales for the period from 01-04-2015 to 31-03-2018. The cash sales summary for these years as placed on record would show that that assessee regularly conduct sales in cash ..... X X X X Extracts X X X X X X X X Extracts X X X X
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