SANJEEV AGARWAL,SILIGURI vs. ITO, WARD 1(3),, SILIGURI

It was submitted by the ld. AR that the assessee is a trader of grocery. It was the submission that the total turnover of the assessee was about Rs.34,71,990/-. It was the submission that the Assessing Officer recognised that the assessee had cash balance in cash book of Rs.6,50,573.05/- . He drew my attention at para 8 of the assessment order. It was the submission that from this cash balance as on 08.11.2016 during the period of demonetization, the assessee has deposited Rs.3,14,000/- which was in SBN notes. The Assessing Officer treated the said deposits in SBN notes in bank account as unexplained income of the assessee. It was the submission that this amount was deposited out of the cash balance available with the assessee. It was the submission that the Assessing Officer has taken the stand that the assessee did not have trade licence. 4. In reply, the ld. Sr. DR submitted that the assessee has not explained the source of Rs.3,14,000/-. He vehemently supported the orders of Assessing Officer and ld. CIT(A). 5. I have considered the rival submissions. A perusal of the facts in the present case clearly shows that in para 8 of the assessment order, the Assessing Officer recognises that after meeting personal expenses and drawings the cash balance of Rs.6,50,573.05/- is available as on 08.11.2016. The cash has been deposited out of the