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TMI Blog2025 (4) TMI 141X X X X Extracts X X X X X X X X Extracts X X X X ..... an affidavit dated 14th January, 2025 saying that the assessee is not aware of the order passed by the ld. CIT(Appeals) and he has not received the physical copy of the order. When the assessee came to know about the order passed by the ld. CIT(Appeals), the assessee approached the ld. A.R. to prefer an appeal, due to that there was a delay of 77 days in filing the appeal before the Tribunal. Therefore, he pleaded to condone the delay. 3. Considering the facts and circumstances of the case, I am inclined to condone the delay since the delay is not due to negligence on the part of assessee and the assessee has established sufficient cause to condone the delay. Hence the delay is condoned. 4. Brief facts of the case are that the assessee i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore the ld. CIT(Appeals). 5. After considering the written submission filed by the assessee, the ld. CIT(Appeals) dismissed the appeal filed by the assessee. 6. On being aggrieved, the assessee preferred an appeal before the Tribunal. The main grievance of the assessee is that the revenue authorities have not considered the source of cash deposits, even though the assessee filed ledger account of the sales of liquor and Bank statements. 7. I have heard both the sides. It was the submission of the assessee that the assessee is running a liquor shop and in the entire financial year 2016-17, the total turnover of the assessee is Rs. 1,80,71,107/- Even before demonetization, the assessee deposited an amount of Rs. 1,00,00,000/- showing the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions of the assessee, but the only objection of the ld. Assessing Officer as well as ld. CIT(Appeals) was that the assessee has accepted the Specified Bank Notes. Even though Reserve Bank of India has prohibited dealing with Specified Bank Notes from 08.11.2016 onwards except for certain emergency services. On this aspect, I do not find any merit in the reasons given by the ld. Assessing Officer and ld. CIT(Appeals). No doubt, from 08.11.2016 midnight onwards, demonetization currency notes of Rs. 500/- and Rs. 1,000/- were legally banned, but the RBI has issued various guidelines and SOPS for dealing with Specified Bank Notes from 08.11.2016 onwards till Cessation of Liabilities Bill, 2017 for Specified Bank Notes, was notified by the Gover ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as explained the source of its cash deposits and the revenue authorities were not disputing the same. Therefore, I am of the view that when the assessee has explained the reasons for accepting these Specified Bank Notes, even after 08.11.2016. The ld. Assessing Officer ought to have accepted the explanation furnished by the assessee, when he is not disputing the nature of business and source for cash deposits as discussed above. The assessee was engaged in the business of selling liquor therefore, sale transactions of liquor should be only by way of cash. Therefore, as per the above detailed discussion, the ld. Assessing Officer is not right in making the addition towards cash deposit. On this aspect, several Coordinate Benches of the Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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