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3. Assessee preferred an appeal before the Learned CIT(A) on 13.01.2020. Learned CIT(A) vide order dated 31.03.2023 upheld disallowance made by the AO.

4. Being aggrieved appellant assessee preferred present appeal.

5. Learned assessee's representative submitted that during assessment proceedings assessee vide letter dated 24.12.2019 explained that assessee was engaged in one of the businesses of running of a petrol pump which was the main source of cash sales that were deposited in the bank from time to time throughout the year. The AO required assessee to show cause as to why disallowance of difference between cash deposited AY 2016-17 and 2017-18 amounting to Rs. 3,10,82,894/- should not be treated as unexplained money especially as the annual turnover had decreased. The assessee responded vide submissions dated 27.12.2019 explaining that assessee's turn over also comprised of electric goods, stationery goods, cloths, farm crops, miscellaneous goods and petrol pump the breakdown of turnover in the financial statements was reproduced. The assessee had tabulated the difference in a table. During the period co-related to the demonetization period showing the volume sold as well as the unit price at which it was sold was higher in AY 2017-18 when compared to the same period in AY 2016-17. Based on the average per unit price and quantity sold, the difference between the purchase and sale from the petrol pump made in AY 2016-17 and AY 2017-18 is tabulated below:-