9911796707
TMI Blog2024 (11) TMI 1249X X X X Extracts X X X X X X X X Extracts X X X X ..... : Shri Sanjay Kumar, Sr. DR ORDER PER NAVEEN CHANDRA, ACCOUNTANT MEMBER:- This appeal by the assessee is preferred against the order of the NFAC, Delhi dated 27.09.2023 pertaining to A.Y 2017-18. 2. The assessee has raised as many as 7 grounds of appeal. However, the solitary issue pertains to the addition of Rs. 35,40,660/- made by the Assessing Officer under the deeming section 68 of the Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee during the demonetization period not be added as income from undisclosed sources u/s 68 of the Act. The Assessing Officer was of the opinion that the sum was not deposited in the bank in one go, rather it was deposited in piece-meals in the months of November and December 2016. 5. In response, the assessee submitted before the Assessing Officer that there were no sales during the F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ning cash in hand as on 01.10.2016. Stock amounting to Rs. 40.7 lakhs was lying with the assessee as on 01.10.2016 and cash sales were in the normal course of business. 7. Not satisfied with the explanation offered by the assessee, the Assessing Officer assessed the income of the assessee at Rs. 49,61,390/-. 8. Aggrieved, the assessee went in appeal before the ld. CIT(A) who gave relief of Rs. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts of the case in New Gujaranwala Jewellers [supra]. The Assessing Officer was of the view that cash deposit in every transaction was below Rs. 2 lakhs which was done to avoid application of provisions of section 258BA r.w.r. 114E of the Act, which has no legs to stand as there is nothing on record to prove the same. Moreover, the Assessing Officer has not pointed out any flaw, fallacy or deficie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the conclusion that the sales are not genuine, without rejecting the books of account, which is bad in law. 13. In that view of the matter, we are of the considered opinion that the Assessing Officer disbelieved the explanation of the assessee on the basis of presumptions and assumptions and has acted arbitrarily. Therefore, we allow the grounds of appeal raised by the assessee. 14. In the re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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