2024 (3) TMI 1441

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..... .M. : This assessee's appeal for assessment year 2017-18, arises against the National Faceless Appeal Centre [in short the "NFAC"] Delhi's Din and Order No. ITBA/NFAC/S/250/2023-24/1058255764(1), dated 28.11.2023, involving proceedings u/s. 143(3) of the Income Tax Act, 1961 (in short "the Act"). Heard both the parties. Case file perused. 2. Coming to the assessee's sole substantive griev .....

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..... ds received inwards and goods sent outward leads to a higher GP than the GP declared by the appellant. The appellant in this regard has given clarification to the AO vide reply dated 26.11.2016. On perusal of the said reply (as reproduced in the assessment order) it is noted that the appellant has provided due explanation reconciling the discrepancies pointed out by the AO. Denial of the cash bala .....

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..... e brought this to the notice of the department in his reply furnished on the window opened in e-filling portal 'Cash Transaction 2016' after the demonetization period. In the said window the appellant replied that the entire amount deposited relates to the regular business activity of the appellant. This very fact indicates that the explanation offered by the appellant with regard to the cash belo .....

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..... closely related to the appellant. Thus, the cash deposited in SBN during the demonetization period of Rs. 11,19,000/- claimed to be pertaining to family members is held to be the unexplained money of the appellant himself. Accordingly, the addition of Rs. 11,19,000/- is upheld. The Ground of appeal raised is partly allowed." 3. Learned counsel representing the assessee has invited thi .....

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..... d as well. Faced with the situation, I deem it appropriate in larger interest of justice that a lumpsum addition of Rs. 8 lakhs out of that in issue of Rs. 11.19 lakhs deserves to be upheld. The assessee gets relief of Rs. 3.90 lakhs in very terms. Necessary computation shall follow as per law. Ordered accordingly. 5. This assessee's appeal is partly allowed in above terms.
Cas .....

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