TMI Blog2024 (1) TMI 1025X X X X Extracts X X X X X X X X Extracts X X X X ..... also an admitted fact that the assessee company has been engaged in sale of bikes or two wheelers, which are normally being sold in cash. CIT(A) give relief of Rs. 9,78,514/- out of the 19,78,514/- treated as unexplained cash by the Assessing Officer. There was no rational to accept Rs. 9.78 lakhs and treat Rs. 10 lakhs as unexplained. Revenue has already treated an amount of Rs. 29,01,486/- as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of the ld. CIT(A)is as under:- Admittedly, in impugned case, the appellant had deposited cash of Rs. 48,80,000/- in bank account during the demonetization period. It is also an admitted fact that the assessee company has been engaged in sale of bikes or two wheelers, which are normally being sold in cash. Further, whatever sales effected in cash, the cash amount is being deposited in bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is amount represents entire cash sale of 8 months excluding the part period of November 2016, however, total cash deposit was at Rs. 48,80,000/. Therefore, the entire cash deposit may be considered as explained as the total cash sale exceeded the cash amount deposited however, it is not possible that the appellant company would have kept the entire cash sale consideration in cash with itself from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the assessee company has been engaged in sale of bikes or two wheelers, which are normally being sold in cash. The ld. CIT(A) give relief of Rs. 9,78,514/- out of the 19,78,514/- treated as unexplained cash by the Assessing Officer. There was no rational to accept Rs. 9.78 lakhs and treat Rs. 10 lakhs as unexplained. The Revenue has already treated an amount of Rs. 29,01,486/- as explained whic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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