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2022 (11) TMI 10 - AT - Income TaxAddition being the cash deposits made during the demonetization period - AR failed to produce the books of accounts before the Ld. Revenue Authorities or before us with respect to sales made during the demonetization period - HELD THAT:- From the trading account submitted by the assessee we find that there is no opening stock to the assessee for effecting the sales during November-2016. The assessee claimed to have purchased Gold Bullion from various parties as detailed to effect the sales made during the demonetization period. However, the assessee failed to produce the sales invoice copies supporting the sales effected by the assessee. It is imperative to note here the assessee is not a retail trader to claim that the sales have been made through cash. As observed from the way that the sales have taken place from November-2016 onwards that the assessee has attempted to record his unaccounted cash in the form sale of bullion. It is seen from the bank book submitted in the paper book page 20 that the assessee does not have a sufficient bank balance to make the purchase of bullion. The assessee deposited cash and then made purchase of bullion which is contradicting the claim of the assessee that the cash deposits are made out of cash sales. In view of the above findings, we are of the considered view that there is no error in the order of the Ld. Revenue Authorities and therefore no interference is required in the order of the Ld. CIT(A). - Decided against assessee.
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