assessing officer for all those years on account of bogus purchases deserves to be deleted for concluded assessment as well as pending assessments. Accordingly Ground no 2 for Ay 2015-16, ground no 2 for Ay 2016-17 and ground no 3 for Ay 2017-18 are allowed. The two additional Grounds raised by the assessee for Ay 2-15-16 to 2017-18 are partly allowed. These additional grounds for AY 2012-13, 13-14 and 14-15 are infructous as we have deleted the addition relying on decision of Hon. Delhi High court in those years, hence dismissed. Consequently Ground no 1 for Ay 2012-13, Ground no 1 for Ay 2013-14, Ground no 1 for Ay 2014-15 , Ground no 1 for Ay 2016-17 are dismissed. 108. Now we come to the 3 rd issue pertaining to the assessment year 2017 – 18 of addition u/s 68 on account of cash deposited in banks post demonetization. The brief facts of the issue is that post demonetization, between 9/11/2016 to 30/12/2016, assessee deposited cash in the following bank accounts. Name of the bank amount in crores Bank of India 79.99 Canara Bank 4 Central bank of India 4 Central bank of India 0.08 IDBI Bank 2.99
Agson Global Pvt. Ltd Vs. ACIT, ITA No. 3741to 3746/Del/2019 (assessee) ITA No. 5264 to 5269/Del/2019 (Revenue) (Assessment Year: 2012-13 to 2017-18) Page | 82 Indian overseas Bank 14.75 Indian overseas Bank 1.65 Punjab national bank 63.56 109. The explanation of the promoter director of the assessee company with respect to the cash deposit was taken understatement u/s 132 (4) on 22/3/2017. With response to question number 29 of his statement he was asked to state the source of the case of deposited. The assessee replied that the source of most of the case of deposited is sales proceeds. He submitted that he had experienced high sales in this year during Diwali, on account of increase in demand of dry fruits. The sale proceeds, which were in cash, were accumulated during this period. The same are being gradually deposited in the bank accounts of the company, as the branches did not accept very high amounts of cash in one go. Further, after 8/11/2016, there were very huge rush at the bank branches. Thus, this cash was deposited in installments in company’s bank accounts. The above 1 was reiterated in response to question number 39 wherein the managing director stated that there is an increase in cassettes the Senior due to increase in the demand of dry fruits. That is why, the cash receipts in the cash in hand are on the higher side this year. Further explanation over this would be submitted after reconciliation. However, he submitted that INR 5 0 crores which were shown in the cash book of the company actually represents his unaccounted and undisclosed income, for which he has no explanation however by 31/03/2017, the appellant had deposited the due taxes and deposits under PMGKY an amount of INR 30 crores only. The revenue authorities found that pattern of cash deposits in the bank accounts is highly erratic and not in line with the normal trend. It was noted that monthly cash deposit is generally of 90.26 crores in these 2 months viz a viz INR 4 2.35 crore for the period prior to demonetization and INR 354,000,000 in the last financial year.
- Spring '16
- Progressive Tax, Delhi, AO, CIT Group, Agson Global Pvt