that the assessee had deposited Rs. 2,90,20,000/-
during post demonetization in its CC Account and that during the course of
4
search ... books of accounts and sale bills books relating to demonetization period
and pre demonetization period were verified which revealed that the assessee
was maintaining
deleting the addition made on account of unexplained cash deposits during
demonetization period u/s 69A of the Income Tax Act, 1961 amounting ... made by the AO on account of cash deposited during the
demonetization period by invoking the provisions of Section 69 A of the Income
selected for complete scrutiny to examine large cash
deposits during the demonetization period and notice under section 143(2) was
issued. Subsequently, the notice under ... raised general queries relating to cash deposits during the
demonetization period.
4.1 The Ld. Pr. CIT referred to the assessee reply dt. 06/12/2019
asked to
provide complete details of source of cash deposits post demonetization in its
various bank accounts alongwith complete documentary evidence thereof ... response, the assessee submitted that the source of cash deposit post
demonetization is from day to day sales undertaken by the assessee. It was
further
Assessee u/s
69A of the Act during the period of
demonetization.
1(b) That the ld. CIT(A), Ludhiana erred in law, by
relying ... Cash deposited during demonetization period treated as
unexplained u/s 69A at Rs. 68967208.
Aggrieved by the additions, the Assessee filed an appeal before
Assessee u/s
69A of the Act during the period of
demonetization.
1(b) That the ld. CIT(A), Ludhiana erred in law, by
relying ... Cash deposited during demonetization period treated as
unexplained u/s 69A at Rs. 68967208.
Aggrieved by the additions, the Assessee filed an appeal before
assessee has deposited amount of Rs.1,18,88,500/- during the
demonetization period (i.e. 09.11.2016 to 30.12.2016). Various details
regarding the cash deposited ... show cause as to why not
the money deposited during the demonetization period be considered as
unexplained cash credits in the books of the assessee
following assessment which are detailed as
under:-
2.6 Unexplained money post demonetization:
That during the post demonetization period i.e. from 9.11.2016 to
30.12.2016 from ... made huge cash deposits
amounting to Rs. 56,00,000/- in the demonetized Rs. 500 and Rs.
1000 notes in his bank account No.65194808148
limited scrutiny through CASS for the
reasons " cash deposit during demonetization period" found out that a bank
account No. 0375008700057910 maintained ... which cash
amounting to Rs. 44,50,000/- was deposited during the demonetization
period. Therefore statement of Shri Sher Singh was also recorded under
section
computerized aided system of selection
(cass) to verify cash deposit during the demonetization period."
2.3 That a statutory notice ... Income Tax Department that the
assessee had made following cash deposits during demonetization
period i.e; from 08/11/2016 to 30/12/2016 relevant
