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TMI Blog2025 (1) TMI 1167X X X X Extracts X X X X X X X X Extracts X X X X ..... passed u/s. 143(3) of the Income-tax Act, 1961 (the Act) by the ITO, Ward 2(2)(2), Bangalore was dismissed. Therefore assessee is aggrieved with the appellate order and is in appeal before us. 2. The brief facts of the case show that assessee is an individual, who filed his return of income on 25.10.2017 at a total income of Rs. 8,81,230 which is comprising of income from house property, business income and income from other sources, as assessee is carrying on business of Wine Centre Bar & Restaurant. 3. Return was picked up for scrutiny and necessary notice u/s. 143(2) and 142(1) was issued. 4. During the course of assessment proceedings, on perusal of bank statement, it was found that assessee has deposited cash of Rs. 44,83,500 durin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e above cash on account of his business of Bar & Restaurant. The assessee has also filed his return of income where necessary income arising out of cash sale was offered for taxation, may be assessee was not legally authorised or allowed to except the cash post-demonetisation. Money is deposited in the bank account which was received as sales of Bar & Restaurant business was considered by the Bank as legal tender and granted the assessee credit for the same. If the above deposit made by assessee in the bank account post- demonetisation was not a legal tender, the assessee would not get any credit of such sum in the bank account of assessee. 7. It is the case of Assessee that if the addition is sustained in the hands of assessee account of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to establish that the cash deposit by the assessee is business income, profit of which is already offered for taxation. If the assessee is able to establish that there is sales recorded in the books of accounts in cash and source of deposit is available with the assessee out of such sales, naturally no addition can be made in the hands in the Assessee. In view of this, Assessee is directed to show the above details before ld AO, which may be examined by him and then decide the issue afresh. Thus, all the grounds of appeal are restored back to the file of ld. AO.
10. In the result, the appeal filed by the assessee is allowed for statistical purposes.
Pronounced in the open court on this 19th day of December, 2024. X X X X Extracts X X X X X X X X Extracts X X X X
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