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TMI Blog2025 (5) TMI 816X X X X Extracts X X X X X X X X Extracts X X X X ..... lates to challenging the order of Ld. CIT(A) in deleting the additions made u/s 68 of the Act. 3. In this regard Ld. DR while relying upon the orders of AO, submitted that assessee had made substantial cash deposits in 'SBN' during the demonetization period and nature of these credits falls under 'unexplained cash credit' within the meaning of Sec. 68 of the Act and without appreciating the said fact Ld. CIT(A) has wrongly deleted the additions made by the Ld.AO. It was further submitted that assessee could not establish the genuineness and creditworthiness of cash deposits made during the year under consideration and even the source of these credits remained unexplained. It was further submitted by Ld. DR that Ld. CIT(A) has not appreciat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utritional products for plants and animals. Assessee has 6 factories, 28 sale depots and more than 357 dealers across the country. The assessee had filed its return of income for the year under consideration on 30.11.2017 disclosing total income of Rs. 18,98,37,210/- and in support of this, assessee had placed on record Computation of Income at page No. 2 to 8 of the paper book, audited accounts at page No. 9 to 46 of the paper book and tax audit report at page No. 47 to 61 of the paper book. Apart, assessee had also complied with notices issued by AO and submitted following relevant records: i. Month wise details of sales and expenses of current year and preceding year bifurcated into cash and credit transactions. ii. Month wise cash s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cessfully rebutted the concern / doubts raised by the AO by placing and proving on record all the relevant documentary evidences thereby discharging its onus. Therefore in such a scenario, onus shifted upon the AO to rebut the same. 9. The assessee has duly explained that these are not cash sales. However, the assessee has received the cash in payment of credit sales from the identified parties. The details of month wise cash sale and cash deposit for the F.Y. 2016-17 were also submitted. The assessee has also submitted the explanation of cash deposits and confirmations of each and every party on 06/12/2019 and in this regard documents are placed at page No. 76 to 79 of the paper book. 10. The assessee had also submitted the name, address ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016 is higher than the cash deposited in the Bank. The A.O. has not pointed out any discrepancy in purchases or stock-in-trade Purchases and sales have been accepted by GST Authorities. Order of CIT(A) deleting the addition is affirmed. Followed, Lalchand Bhagat Ambica Ram v. CIT (1959) 37 ITR 288 (SC), Lakshmi Rice Mills v. CIT (1974) 97 ITR 258 (Pat)(HC), CIT v. Agson Global (P) Ltd (2022) 325 CTR 1 (Delhi)( HC), distinguished, Sumati Dayal v CIT (1995) 214 ITR 801 (SC), CIT v.Dugra Prasad More (1971) 82 ITR 540 (SC), Khale Khan Mohammad Hanif v. CIT (1963) 50 ITR 1 (SC) Shree Bhagwati farms v DCIT ITA No 452/JP/2024 dtd 2/9/2024 (Jaipur) (Trib.) (Pg. No. 205-215 Paper Book No. II) (Pg. 212 to 213) Addition of cash deposit deposi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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