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2022 (6) TMI 736 - AT - Income TaxUnexplained cash deposited into the bank account the demonetization period - HELD THAT:- As assessee has claimed that he has sold coffee seeds to a concern named M/s. Raj Coffee Curing Works. The purchase invoices given by the above said concern are placed - AO issued a notice under section 133(6) of the Act to the above said concern, but did not receive reply from it before the completion of the assessment. A.R has furnished proof to show that the above said concern has sent a reply to the AO, but it has been sent after the completion of the assessment. CIT(A) also failed to take cognizance of the confirmation given by the above said concern. It was submitted by Ld. AR that the assessee is a non-resident and he did not visit India during the year under consideration. Since he has sold coffee seeds prior to the date of demonetization, he was constrained to deposit the cash into the bank account after announcement of demonetization. Hence the Ld. A.R contended that there is no reason to reject the explanations given by the assessee. Also merit in the submission made by Ld. AR. Since the evidence furnished by the assessee with regard to sale of coffee seeds has been confirmed by the purchaser, there is no reason to suspect the explanation given by the assessee - AO has not brought on record any other material to disbelieve the explanation so given by the assessee. Accordingly, the assessee has explained the sources for making the deposit in bank account - Decided in favour of assessee.
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