9911796707
TMI Blog2025 (5) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... s filed in time & accordingly admitted for adjudication. 3. The Appellant has raised the following grounds of appeal :- "1. The Appellant request for condonation of delay in filing the appeal. The appellate order u/s.250 - dt. 18/03/2019 passed by CIT (As)-, National Faceless Appeal Centre, Delhi was received on 18/03/2021 and as such appeal was due to be filed on or before 17/05/2021, Application for condonation of delay is being separately filed affirming the reasons for delay in filing the appeal. Thus, it is requested to please condone the delay in filing the appeal, considering the widespread pandemic situation, and admit it for adjudication on facts and merit of the case and oblige. 2. On the facts and in the circumstance of cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ected for scrutiny and accordingly notices u/s 143(2) and 142(1) were issued to the assessee. During the course of assessment proceedings, it was found by the Assessing Officer that the assessee has deposited Rs. 4,74,000/- SBN into his bank accounts. It was also found by the Assessing Officer that the assessee has accepted Rs. 4,74,000/- of Specified Bank Notes, which he was not allowed for the reason that the assessee cannot accept the demonetized currency i.e. SBN of Rs. 1000 & Rs. 500 denomination from 09.11.2016 onwards, as the same were not a legal tender. It was found by the Assessing Officer that opening cash balance on 09.11.2016 was Rs. 13,26,000/- SBN, & cash deposited in bank on 10.11.2016 and 11.11.2016 amounting in all to Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer found that the above SBN of value of Rs. 4,74,000/- were not Legal Tender & were accepted from 09.11.2016 to 10.11.2016, the same was added as unexplained money in the hands of the assessee. It was further submitted by Ld. AR that under identical situation and on similar facts other Coordinate Benches of the Tribunal has already deleted the addition. In support of above contention, Ld. AR relied on following decisions :- (a) ITO vs. Sri Tatiparti Satyanarayana, ITA No. 76/Viz/2021 order dated 16.03.2022. (b) M/s Bhagur Urban Credit Co-op Soc. Ltd. vs. ITO, ITA No. 561/PUN/2022 order dated 03.01.2023. (c) Mrs. Umamaheswari vs. ITO, ITA No. 527/Chny/2022 order dated 14.10.2022. (d) M/s. Purani Hospital Supplies Private Limit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 i.e. the appointed day and accordingly it is requested that prior to this appointed day Rs. 1000 & Rs. 500 denomination notes were legal tender and therefore the Assessing Officer was not correct in making the addition and consequently Ld. CIT(A)/NFAC was also not justified in confirming the action of the Assessing Officer. It was also the alternate contention of the counsel of the assessee that the provisions of section 115BBE were brought on statute book w.e.f. 15-12-2016, hence cannot be applied on a transaction which took place prior to 15-12-2016. In support of its main ground that the addition of Rs 4,74,000/- is not correct, Ld. AR relied on various decisions passed by the Co-ordinate Benches of this Tribunal. In one of such decisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich was made on the basis of accepting the old currency i.e. SBN between 09.11.2016 to 11.11.2016 which were deposited in the bank account. Ld. DR could not bring on record any contrary material in support of the Revenue. Respectfully following the above decision passed in the case of (1) Sri Tatiparti Satyanarayana (supra) and (2) M/s. Bhagur Urban Credit Co-op Soc. Ltd. (supra) we deem it fit to set-aside the order passed by Ld. CIT(A)/NFAC and direct the Assessing Officer to delete the addition of Rs.4,74,000/- made by him. Thus, this ground is allowed in favour of the assessee. 11. Since the main ground of appeal regarding addition of Rs.4,74,000/- has been allowed in favour of assessee, therefore, other grounds raised in this appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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