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TMI Blog2024 (11) TMI 1114X X X X Extracts X X X X X X X X Extracts X X X X ..... n short 'the Act') for the A.Y. 2017-18 by the Ld.ACIT,Circle-25(1),Mumbai. The Assessee has raised following ground of appeal : "1. On the facts and in the circumstances of the case, and also in law, the Ld. CIT(A) erred in confirming the additions of Rs. 29,15,468/- made by the Ld. AO u/s. 68 of the Act. Your appellant, therefore, prays that the aforesaid addition of Rs. 29,15,468/- be deleted." 2. Facts of the case are that the AO found that the assessee had deposited cash of Rs. 92,24,000/- between 09.11.2016 to 30.12.2016 in her bank account with Vijaya Bank during the demonetization period. A survey u/s. 133A of the Act was conducted in this case on 29.03.2017 and during the survey, it was found that the appellant had deposited an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 04.12.2019 tried to justify the source of deposit for Rs. 29.15 lacs, whereas the actual cash deposited was Rs. 44.05 lacs. The argument of the assessee was that she always kept significant cash in hand to meet expenses, and for other contingencies, but the cash in hand on 1st April, 2016 didn't support her arguments. She failed to provide the entire cash book during survey or during survey proceedings. Therefore, the cash book being produced during scrutiny proceedings has been fabricated to match the figures being claimed by the assessee to justify the cash deposited during demonetization period. The cash trail being produced now could not be accepted, as they have been manipulated to match the figures of the cask book being presented. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the lower authorities. He has also referred to the detailed submissions made before the Ld.CIT(A).It is submitted that while the cash book could not be produced at the time of the Survey, it was presented during the assessment proceedings. According to the assessee, the cash was deposited out of the cash balance as on 08.11.2016 i.e. the eve of demonetization. Since the survey was conducted in the month of March 2017, the books of accounts had not been finalised at that time. He argued that the cash deposits had been duly accounted for in the books of accounts and hence the addition made be deleted. It is submitted that the assessee merely admitted that approximately Rs 35 lakh was deposited in old notes and had accordingly disclosed Rs 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evinces submitted by it before them. The assessee had also opted partly under PMGK which was also not appreciated correctly. Nature of the business being a dealer in liquor, its major part of receipts are in cash and there was appreciable change in the ratio of cash sales vis-à-vis gross sale in comparison to past years also. In para (i), it was submitted that cash had accumulated with her and subsequent to demonetization order was deposited in bank. In para (j) it was stated that as per one seized document during survey, there was one cash summary which showed closing cash balance of Rs 29,15,468/- on 8.11.2016.Since no adverse view was taken of it, veracity was never doubted. Evidently, the survey party had prima facie accepted thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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