9911796707
TMI Blog2025 (1) TMI 375X X X X Extracts X X X X X X X X Extracts X X X X ..... comparative analysis of above tables reveal that cash sales during Financial Year 2016-17 are less than in Financial Year 2015-16 and there has been no cash sales in Financial year 2016-17 after December 2016. Details furnished by the assessee reveals that there has been consistent cash deposits in the bank. It is not a case where cash deposits were only during the period of demonetization. The cash deposits in the bank were evenly spread out during whole year. The assessee has also given details of cash deposits during preceding assessment year. The assessee in the normal course of business has been depositing cash every month in the bank account. Thus the explanation furnished by the assessee cannot be rejected out rightly. The assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed the assessment order dated 26.12.2019. The ld. Authorized Representative (AR) placing on record copy of the screenshots from the official e-portal of the Income Tax Department pointed that the assessee had furnished reply on 27.11.2019 in response to the notice issued u/s. 142(1) of the Act. Therefore, on 10.12.2019, in response to the notice u/s. 142(1) of the Act issued on 09.09.2019 21.10.2019 the assessee furnished the pending details. Further, in response to the notice issued u/s. 142(1) of the Act dated 06.12.2019, the assessee furnished reply on 12.12.2019 which included the details of cash deposits, total income, cash sales, month wise cash sales, VAT returns, Bank statements, stock register, etc. The assessee furnished furt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9A is not attracted as cash deposits are dully recorded in the books of account. The accounts of assessee are duly audited in accordance with the provision of section 44AB of the Act. The cash deposits are duly recorded in books of account of the assessee, on the basis of said books the assessee has filed its return of income. In support of her argument she placed reliance on the decision in the case of ITO vs. Zee Bangels Pvt. Ltd. in ITA No. 815/Mum/2022. The entire assessment has been framed on surmises and conjectures without considering submissions and explanation furnished by the assessee. She asserted that the AO cannot reject the explanation furnished by the assessee without their being any contrary evidences. She further submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in proving source of cash deposits during demonetization, the possibility of assessee s unaccounted money being deposited in cash during demonetization period cannot be ruled out. The amounts have been written off in the same year, the assessee should have awaited for some time before writing off to the amounts. 5. Rebutting the contentions made on behalf of the Department, the ld. AR submits that the details of advances received from customers were furnished to the AO. The details are at page 7 of the paper book and are part of books of the assessee. Further, the assessee had furnished details/source of cash deposits in the bank (details at page 197 of the paper book) and had also furnished month wise cash sales and cash deposits during F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act are not attracted. 7. After examining books of the assessee, I find that in Schedule 5 to the Balance Sheet as on 31.03.2017, the assessee has given details of advances from customers aggregating to Rs. 92,57,114/-. The assessee has furnished details of cash deposits in the bank on various dates between 1st April 2016 to 02nd December 2016 at page no. 197 of the paper book. A perusal of the table shows that the cash deposits in the bank are from either cash sales or advances from the customers. The assessee has also given comparative analysis of cash sales during Financial Year 2015-16 2016-17 at page no. 226 of the paper book. The comparative details of the cash sales during Financial Year 2015-16 2016-17 are as under:- A Total cash ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 SEPTEMBER 1462286 37271 802000 0 2458463 OCTOBFR 2458463 338 22985500 0 672129 NOVEMBER TILL 08/11/16 672129 43652 0 0 1147661 Monthwise cash sales vis a vis cash deposits from 01.04.2016 to 08.11.2016 MONTH OPENING CASH IN HAND TOTAL CASH SALES (Including Cash) TOTAL CASH DEPOSITED IN BANK TOTAL CASH WITHDREW FROM BANK CLOSING CASH IN HAND APRIL 799755.36 258543 206840 0 2081951.36 MAY 2081951.36 69369 1056500 900000 28/2667.36 JUNE 2872667.36 35363 1015000 0 2780290.36 JULY 2780290.36 0 2648000 0 1591935.36 AUGUST 1591935.36 11250 820500 0 1830273.36 SEPTEMBFR 1830273.36 0 1049000 0 2463773.36 OCTOBER 2463773.36 54460 1102300 0 3494368.36 NOVEMBER TILL 08/11/16 3494 368.36 5475 0 0 4405593.36 9. A perusal of above details furnished by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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