TaxTMI 
TaxTMI 
2024 (6) TMI 1361
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....2018. 2. The first issue raised by the assessee is that the Ld. CIT(A) erred in rejecting the admission of the additional evidence filed before him which were not submitted during the assessment proceedings due to unavoidable reason. 3. The facts in brief are that the assessee in the present case is an individual and is engaged in the business of dealing in agricultural produce. The AO during the assessment proceedings found that there were cash deposits in the bank account during the demonetization period amounting to Rs. 41,74,900/- the source of which was not explained. Therefore, the AO made the addition on account of cash deposits of Rs. 41,74,900/- treating the same as unexplained money u/s 69A of the Act and added to the total inco....
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....ntion that additional evidence was submitted with a request to admit it. It was forwarded to the AO for his comments on 22.06.2023. The AO in his report has stated that additional evidence submitted u/r 46A be not admitted. I am inclined to agree with the contention of the AO as appellant did not have sufficient cause that prevented him from producing it before the AO. Therefore the basic condition for admitting additional evidence u/r 46A is not satisfied 5. Being aggrieved by the order of the Ld. CIT(A), the assessee is in appeal before us. 6. The Ld. AR before us filed a paper book running from pages 1 to 495 and contended that once the remand report has been called upon by the Ld. CIT(A) from the AO who in turn supplied the same, then....
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....admission of the additional documents instead of getting guided by the comment of the AO in the remand report. 8.1 We have also perused the bank statement filed by the assessee and on verification of the bank entries of the demonetization period, we note that such cash deposits were primarily used for making payment to Gujarat Agro Industries which is a State Government Organization and dealing in the agricultural produce. Thus, prima facie it appears to us that the cash deposits during demonetization period was representing business transactions and therefore we are of the view that the same cannot be made subject to tax under the provisions of section 69A of the Act. We are making this observation that the cash deposits during demonetiza....
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.... assessee should not be over assessed even there is a mistake of the assessee. As such the legitimate deduction for which the assessee is entitled should be allowed while determining the taxable income. 8.3 We also note that the Hon'ble Gujarat High Court in the case of Vareli textile industry versus CIT reported in 154 Taxman 33 has also observed as under: 10. It is equally well-settled that where a cause is consciously abandoned (as in the present case) the party seeking condonation has to show by cogent evidence sufficient cause in support of its claim of condonation. The onus is greater. One of the propositions of settled legal position is to ensure that a meritorious case is not thrown out on the ground of limitation. Therefore, it ....