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2022 (7) TMI 428 - AT - Income TaxCash deposits during the demonetization period - assessee having two PAN - AO passed the assessment u/s 144 for failure to submit the ITR and details - CIT(A) set aside the order - HELD THAT:- Cash deposits are made out of the cash sales of the assessee and have been duly recorded in the books of account and reflected in the P & L Account of the assessee submitted before the Revenue Authorities. We also find merit in the arguments of the Ld. AR that considering the peculiar circumstances to this business cash being received by the dealer in automobiles for making payments to various authorities such as registration charges, insurance, life tax etc. - The cash is collected from the customers as reimbursements and hence it does not form part of the revenue of the assessee. We also note that from the paper book submitted by the AR that the Account Number has been typographically wrongly mentioned in the Note-9 in Schedule to Balance Sheet as on 31/3/2017 appended to financial statements, but the balances are properly disclosed in the books of accounts thus, mere a typographical error of the account number of the bank account does not mean that the assessee has not disclosed proper information about the bank account details. The assessee while filing ITR-V has disclosed the bank account ending with No. 38301 in the list of bank accounts which was demonstrated by the Ld. AR before us. We also note from the records available before us that the income appearing in Form 26AS with another PAN was also shown under the head "other income" by the assessee while filing the return of income. In view of the above facts, we find no infirmity in the order of the Ld. CIT(A) and hence no interference is required.
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