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2024 (2) TMI 525 - ITAT CHENNAIDeposits of demonetized currencies - substantial increase in cash sales - preponderance of probability in favour of the assessee or not? - HELD THAT:- CIT(A) came to a conclusion that there is adequate stock available with the assessee. Assessee has not filed the details of stock before the AO and it was only submission made before the CIT(A). As further submission that when the assessee was not able to establish that sufficient stocks available with them, how the assessee could have been made sales as shown by it. Under these facts, CIT(A) has applied the preponderance of probability in favour of the assessee and deleted the addition, which appears to be not correct. Before us, the assessee filed certain details, such as, stock item register of Gold Jewels – 22 kt, ledger account of purchase gold coins, etc. However, with those details, we are unable to find out sufficient stock is available with the assessee or not. It is the duty of the assessee to establish that there is sufficient stock available with the assessee and subsequently, sale was made. Thus, the preponderance of probability in favour of the assessee cannot be applied in this case - we set aside the order of the CIT(A) and remit the matter back to the file of the AO to examine the details filed by the assessee and decide the issue - Appeal filed by the Revenue is allowed for statistical purposes.
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