TMI Blog2022 (10) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... cordingly, set aside the order passed by CIT(A) on this issue and direct the Assessing Officer to delete the addition - Decided in favour of assessee. - I.T.A. No. 2017/Mum/2021 - - - Dated:- 26-7-2022 - Shri B.R. Baskaran (AM) For the Assessee : Shri Rahul Sarda For the Department : Ms. Naina Krishnakumar ORDER The assessee has filed this appeal challenging the order dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer asked the assessee to provide details of customer who had given advances. It was explained that each sale made to the customer was less than Rs. 2 lakhs per transaction and hence it has not collected complete details of the customers. Hence, the Assessing Officer took the view that the assessee has failed to prove cash deposits made by it during demonetization period. Accordingly, he tre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... He also submitted that the assessee has raised sale bills against the said advances in the name of respective customers. Since the transaction was less than Rs.2.00 lakhs, it was stated that the assessee did not collect complete details of the customers. Thus, it is seen that the advance amount collected from customers, the sales bill raised against them etc., have been duly recorded in the books ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve source of receipt of said high denomination notes which were legal tender at that time. In the case of M/s. Hirapanna Jewellers (ITA No. 253/Viz/2020 dated 12.5.2021), it was held that when the cash receipts represented the sales which has been duly offered for taxation, there is no scope for making any addition under section 68 of the Act in respect of deposits made into the bank account. 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
