9911796707
TMI Blog2024 (2) TMI 1478X X X X Extracts X X X X X X X X Extracts X X X X ..... O] u/s. 143(3) of the Act on 26-12-2019. The grounds taken by the assessee are as under: 1. The order of the learned First Appellate Authority is bad and erroneous in law. 2. The learned First Appellate Authority erred in not considering the submissions filed by the appellant in proper perspective. 3. The learned First Appellate Authority erred in not considering the material fact that the book results have not been rejected. 4. The learned First Appellate Authority erred in not considering the fact that the appellant's omission to file the VAT returns, etc. were not intentional, since the same were never called for during the assessment proceedings nor during the appellate proceedings. 5. The learned First Appellate Authority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he deposit of cash was reasonable and genuine. 3.3 The monthly sales data and cash deposited by the assessee was tabulated by Ld. AO as under:- Month Sales Cash deposit % of cash deposits to sales Apr-16 408,64,218 337,26,050 82.53% May -16 392,50,017 389,34,850 99.20% Jun-16 482,63,130 496,53,397 102.88% Jul-16 395,19,226 409,65,800 103.66% Aug-16 368,92,788 291,85,900 79.11% Sep-16 289,28,945 304,58,090 105.29% Oct-16 933,78,390 401,89,534 43.04% Nov-16 151,75,407 299,05,750 197.07% Dec-16 95,62,529 125,48,333 131.22% Jan-17 264,32,573 240,57,100 91.02% Feb-17 344,09,337 278,61,750 80.97% Mar-17 319,70,406 304.29,022 95.18% 3.4 On the basis of above data, Ld. AO observed that sale for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e total cash deposited in the bank account. 4.3 However, Ld. CIT(A) observed that the assessee could not establish that the source of such deposit was the sales receipts. This amount was received in cash and there was no third-party evidence to justify his claim. The basic relevant information e.g. monthly sales summary, relevant stock register entries, cash book, purchase ledger, purchase bills and sales invoices could not be co-related with the cash receipts from the sales affected by the assessee. Since, there was abnormal jump in percentage of cash sales declared by the assessee in the month of October, 2016, there remain doubts of fictitious sales. The assessee failed to discharge his burden to establish the genuineness of the deposit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ks of accounts are duly audited u/s 44AB. No defect has been pointed out by Ld. AO in the books of accounts and financial results have been accepted. The books of accounts are duly supported by financial statements and monthly sales register as filed by the assessee during the course of assessment proceedings. 6. The observations of Ld. AO are that sale during the month of October, 2016 was abnormally high which was nothing but to accommodate deposit of unaccounted cash during the time of demonetization. However, there is no fact base finding as to how the sales were not genuine. Merely because the sales were high in this month could not lead to formation of such a conclusion especially when the sales turnover was found duly reflected in a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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