9911796707
TMI Blog2023 (3) TMI 1575X X X X Extracts X X X X X X X X Extracts X X X X ..... out of the order dated 19-09-2022 passed by the CIT(A) in National Faceless Appeal Centre, Delhi u/s.250 of the Income-tax Act, 1961 (hereinafter also called 'the Act') in relation to the assessment year 2017-18. 2. The only issue raised in this appeal is against the confirmation of addition of Rs.29,10,000/- towards cash deposited in the bank account during demonetization period. 3. Briefly sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ugned order. The assessee submitted that the cash deposited in the bank was out of cash sales made during the year, which was to the tune of Rs.31,15,114/- out of total sales of Rs.43,06,145/-. Not convinced, the ld. CIT(A) sustained the addition, against which the assessee has come up in appeal before the Tribunal. 4. Having heard the rival submissions and gone through the relevant material on r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Since the business was closed down on 31-10-2016, the assessee, after realising all the debtors, had cash of Rs.30,60,000/- that was deposited in the bank account, against which the AO made the addition of Rs.29,10,000/-. In my considered opinion, source of cash deposits in the bank is fully substantiated by the cash sales and realization from debtors. In such circumstances, there can be no warr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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