9911796707
TMI Blog2025 (2) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... ating from the record are that the assessee is an individual and declared income of Rs. 5,55,110/- in the return of income for A.Y. 2017-18 furnished on 10.01.2018. The case selected for scrutiny through CASS for examining the cash deposit during demonetization period followed by validly serving of statutory notices u/s. 143(2)/142(1) of the Act. The assessee apart from being engaged in Construction business is also a partner in M/s. Sai Samarth Plaza. Ld. Assessing Officer observed that the assessee has deposited Rs. 1,01,000/- and Rs. 10,50,000/- on 10.11.2016 and 15.11.2016 respectively with The Palus Sahakari Bank Ltd. in Specified Bank Notes (SBNs) during the demonetization period. The assessee stated that the source of the alleged dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reflected. It does not mean that there was no cash in hand at all as at 31.03.2016." Here we must understand that the information furnished in ITR has to be sacrosanct speaking true details of the business, in the instant case the appellant has stated to have admitted that none of the required figures were reflected in the return filed that puts the appellant in gray area. Under these circumstances, the AO is right in rejecting the cash book of the appellant. Further, the appellant has furnished the affidavits in respect of the refund of advances form 17 odd persons with their name and Adhaar details without the PAN and ITR which is not sufficient prove the veracity of transactions and creditworthiness of the payer. 5.3.3 In view of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtnership is concerned, the same is not in dispute as the copy of capital account of Sai Samarth Plaza is placed on page 10 of the paper book which provides detail of the withdrawals. 9. So far as the remaining two items are concerned regarding refund of advances, the assessee has furnished list of 17 persons who have sworn on the affidavits stating that they have given the amount in cash to the assessee prior to the demonetization period scheme. Their proof of identity is also furnished. The Revenue authorities before declining the claim of the assessee ought to have carried out the verification by way of calling the persons to record the statements u/s. 131 of the Act. No such exercise has been carried out. Therefore, even if the cash re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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