9911796707
TMI Blog2025 (1) TMI 1167X X X X Extracts X X X X X X X X Extracts X X X X ..... cover the deposit of SBNs. All these facts would have to be examined. Thus, if in this case, the assessee establishes that the amount of cash deposit is generated out of its business, no addition deserves to be made, because the AO has accepted the book results of Bar & Restaurant business. Therefore, it is for the assessee to establish that the cash deposit by the assessee is business income, profit of which is already offered for taxation. If the assessee is able to establish that there is sales recorded in the books of accounts in cash and source of deposit is available with the assessee out of such sales, naturally no addition can be made in the hands in the Assessee. Assessee is directed to show the above details before ld AO, whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee furnished necessary explanation stating that on 08.11.2016 assessee had cash in hand of Rs. 14,93,698 and further as assessee is running business of Bar & Restaurant, cash was deposited out of the sale. Assessee also shown the sales recorded for that period received in cash. The ld. AO noted that as assessee is carrying on business of Bar & Restaurant, he was not authorised to collected SBNs from 08.11.2016 and therefore Rs. 9,50,302 being the excess of SBNs deposited in the bank account of assessee was added u/s. 68 of the Act and charged to tax u/s. 115BBE by passing an assessment order u/s. 143(3) of the Act on 09.12.2019. 5. Aggrieved with the assessment order, the assessee preferred appeal before the ld. CIT(A). The contention of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e margin of profit is shown therein, it would result into double taxation. 8. The ld. DR submitted that when assessee has deposited the money in bank account, he is duty bound to show the nexus of cash deposit from his business. Therefore, onus lies on the assessee to show that amount deposited in the bank account in the SBNs is the business receipt of the assessee. The ld. DR has vehemently relied upon the decision of the Hon'ble Supreme Court in 1963 2 ITJ 78 of Sreelekha Bannerjee. 9. We have carefully considered the rival contention and perused the orders of the ld Lower Authorities. We have also perused the decision of the Hon'ble Supreme Court in case of Sreelekha Bannerjee {supra} and find that in fact the Supreme Court has categor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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