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1 - 10 of 22 (0.24 seconds)Zia Ur Rehman, Meerut vs Ito, Ward-2(4), Meerut on 26 June, 2018
2. Brief facts of the case are that assessee is sole proprietor of M/s Veezee
Traders engaged in the business of trading of PVC Coated Imported Fabric. The
2 ITA No.1881/Del/2024
Zia Rathi vs. ITO
main supplier of the goods is M/s Trinity Overseas who imports from outside India
and sold to the assessee. The return of income was filed on30.10.2017 declaring total
income at Rs.4,53,100/-. The case of the assessee was selected for scrutiny for the
reason "large cash deposits during demonetization". The notice u/s 143(2) was
issued on 09.08.2018 followed by notices u/s 142(1) along with questionnaires
issued from time to time. In response, assessee filed submissions and necessary
evidence. The AO after considering the submissions and also examining the
proprietor of M/s Trinity Overseas, Shri Inder Mohan Kukreja concluded that the
cash deposited in the bank account in SBN during demonetization period of Rs.
2,23,46,000/- is unexplained cash credit and made the addition for the same on
protective basis in the hands of assessee by observing that this cash was actually
hold by assessee for Shri. Inder Mohan Kukreja. The AO further invoked the
provisions of section 115BBE for charging tax at a higher rate.