TMI Blog2021 (1) TMI 837X X X X Extracts X X X X X X X X Extracts X X X X ..... arranted and it is directed to be deleted; and further, profit embedded in ₹ 8,75,500/- need to be taxed @ 8% and it is ordered accordingly. Appeal of the assessee is partly allowed. - I.T.A. No. 144/Gau/2020 - - - Dated:- 20-1-2021 - Shri A. T. Varkey, JM For the Appellant : Shri Akkal Dudhwewala, A.R For the Respondent : Shri Subrajyoti Bhattacharya, Addl. CIT ORDER This is an appeal preferred by the assessee against the order of Ld. CIT(A)- Guwahati-1, dated 29.05.2020 for A.Y. 2017-18. 2. At the outset, it is noted that there is a delay of 34 days in filing this appeal. It is noted that the impugned order is dated 29.05.2020 and due to covid-19 pandemic, the assessee could not file the appeal on time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Christian Patty, Palashani, Nagaon-782001, Assam to provide the details of Specified Bank Notes deposited in the bank account of the assessee, In response to the notice the State Bank replied and furnished the detail of Specified Bank Notes deposited during the demonetization period. The assessee had also admitted that ₹ 10,75,500/- was deposited in Specified Bank Notes out of total deposit of ₹ 17,01,000/- during the demonetization period, but the source of the cash was not explained. Thus, it is clear that the assessee is found to be the owner of such money and the same has come to the knowledge of the department because it was deposited to the bank. Since the demonetization was a special instance which required all cash to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts and documents/evidence or any verifiable information, therefore ₹ 4,05,686/- which is determined u/s 44AD of the Act @ 8% of ₹ 50,71,083/- (₹ 42,45,583/- + 6,25,500/- + 2,00,000/-) in absence of regular books of accounts and added to the Total income of the assessee. Drawing my attention to the aforesaid finding the Ld. A.R submitted that the assessee who is into the business of a tea trading has deposited in his bank accounts from 01.04.2016 to 31.03.2017 total sum of ₹ 59,46,583/-. It was pointed out by the Ld. A.R that after the demonetization on 8/9 November, 2016 the assessee had deposited only ₹ 17,01,000/- out of which ₹ 6,25,500/- was the new currency notes issued by the RBI and only an a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the regular course of business. The details of deposit of cash in various accounts of assessee are captured in the chart below: 8. From the aforesaid details, it can be seen that there has been regular bank deposits of cash from 01.04.2016 to 2.11.2016 and as well as after demonetization also. It is noted that the total turnover of assessee is around ₹ 60 Lakhs. So, the average monthly turnover come to ₹ 5,00,000/- and the amount added by the AO is to the tune of ₹ 8,75,500/-. And from a perusal of the monthly deposit of cash in his accounts it is noted that assessee has deposited an amount of ₹ 21,14,600/- (pre- November demonetization) and ₹ 29,36,400/- (post-demonetization) other than the ₹ 8 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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