9911796707
TMI Blog2025 (1) TMI 1275X X X X Extracts X X X X X X X X Extracts X X X X ..... out of sale proceeds of the Assessee - HELD THAT:-Assessee has explained that the Assessee during the year, was a trader of artificial goods and flowers. That during the year, the Assessee decided to stop its business. Assessee, therefore, sold its opening stock at discounted rates resulting into higher sales during the year under consideration as compared to the earlier years. Assessee has furth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Assessee is aggrieved by the action of the ld. CIT(A) in confirming the addition of Rs. 32 lacs made by the Assessing Officer by treating the cash deposits in the bank account of the Assessee as income of the Assessee from undisclosed sources. 3. During the assessment proceedings, the Assessee explained that the aforesaid amount of Rs. 32 lacs were out of sale proceeds of the Assessee. Howe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... years. The ld. Counsel for the Assessee has further submitted that there is no rebuttal to the fact on the file that the Assessee was having opening stock out of which the said sales were made. That the Sales tax / VAT Return were also filed by the Assessee. 5. The ld. DR could not rebut that the Assessee was having opening stock out of which the sales were stated to have been made. 6. Consider ..... X X X X Extracts X X X X X X X X Extracts X X X X
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