9911796707
TMI Blog2022 (12) TMI 581X X X X Extracts X X X X X X X X Extracts X X X X ..... [in brevity the Act] for A.Y. 2017-18.The impugned order was emanated from the order of the ld. Income Tax Officer Ward-1,TTN, (in brevity the AO) order passed u/s 144 of the Act date of order 31.12.2019. The assessee took the following grounds which are extracted as below: "1. That Learned Commissioner of Income Tax (Appeals) has erred in law while confirming the addition of Rs, 3,84,706/- as unexplained income. 2. That Learned Commissioner of Income Tax (Appeals), as well as, Ld. A.O. has erred in law, if the agriculture produce sold before demonetization and part of sale proceeds thereof Rs. 3,84,706/- received after demonetization date is a unexplained income, then it is a bad debt too for the appellant and be allowed/ as well and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the ld. AO before the ld. CIT(A). The ld. CIT(A) upheld the order of the ld. AO. Being aggrieved assessee filed an appeal before us. 3. During hearing, the counsel for the assessee placed paper book which is kept in the record. The assessee submitted the confirmation of AD Traders, bank account as proof of deposited amount during demonetization which are in APB page 3 to 4. The ld. Counsel further explained through his written submission that the provision of section 5 of Specified Bank Notes (Cessation of Liability Act, 2017), specified that "On and from the appointed dayno person shall knowingly or voluntarily hold, transfer or receive any specified bank note. He submitted that the appointed day was fixed as 31.12.2016" The assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court in 30 ITR 181 and 37 ITR 288 through which he wishes to state that since a part of the transaction with AD Traders has been accepted the AO is now legally bound to accept the entire transaction without question. The appellant has obviously not applied the ratio of the decisions correctly. The fact that some transactions were accepted with AD Traders does not preclude the fact that some other transactions could be bogus. The transaction has to be proved with material evidence, which the appellant has not even tried to do. His contention is therefore rejected." 5. We heard the rival submission and relied on the documents available on the record. Considering the order of the revenue authorities the assessee was not able to submit the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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