9911796707
TMI Blog2024 (8) TMI 363X X X X Extracts X X X X X X X X Extracts X X X X ..... of natural justice, but at the time of hearing he conceded all the grounds. However, the assessee has raised only two issues on merits: 2. The first issue raised by the assessee is with regard to the order of the learned CIT (A) confirming the action of the Assessing Officer in making addition of Rs. 11.24 lakhs being cash deposits during the demonetization period in specified bank notes (SBNs) as the assessee was unable to prove the source of cash deposits. 3. Brief facts are that the assessment was selected for scrutiny on verification of the data relating to 'cash deposits during the demonetization period' available in AIMS module of ITBA. The Assessing Officer noticed that the assessee has deposited demonetized cash of Rs. 11.24 lakh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he debtors and in absence of the same, the learned CIT (A) confirmed the action of the Assessing Officer. 5. Aggrieved by the order of the learned CIT (A), the assessee is in appeal before the Tribunal. 6. Before me, the learned Counsel for the assessee Shri E. Phalguna Kumar, CA appeared. On the other hand, the Revenue was represented by Shri Ashish Kumar Shukla, Sr. DR. I have heard rival contentions and gone through the orders of the Assessing Officer and the learned CIT(A) and the Paper Book filed by the assessee. I noticed that the assessee was having closing cash balance available in his cash book as on 8.11.2016 at Rs. 6,97,209/-. In my view, this cash was available with the assessee as on the date of announcement of demonetization ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see is in appeal before the Tribunal. 10. I have heard the rival contentions and gone through the facts of the case. Now before me, the learned Counsel for the assessee filed historical data and submitted that the profit estimated by the Assessing Officer in A.Y 2015-16 in Supreme Court scrutiny assessment is @ 0.375 and in the line of business conducted by the assessee i.e. manufacturing of plastic bottles, the profit rate is almost 1 to 2%. On the other hand, the learned DR vehemently contested the addition and he supported the order of the Assessing Officer and that of the learned CIT (A) for the reason that the assessee is unable to produce or substantiate addition to prove the cash book or VAT returns. He has asked the Bench to confir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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