SHIV SHAKTI ENTERPRISES,NANGAL, ROPAR vs. INCOME TAX OFFICER, WARD-1, NANGAL, NANGAL

Aforesaid appeal by assessee for Assessment Year (AY) 2020-21 arises out of an order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 29-02-2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) r.w.s. 144B of the Act on 26-09- 2022. The sole grievance of the assessee is confirmation of addition of cash deposit for Rs.179.72 Lacs. Having heard rival submissions and upon perusal of case records, the appeal is disposed-off as under.

During the course of assessment proceedings, it transpired that the assessee deposited cash during demonetization period in its bank accounts. In the absence of any reply as forthcoming from the assessee, Ld. AO analyzed the bank deposits and added total credit of Rs.179.72 Lacs u/s 69A r.w.s. 115BBE. The Ld. CIT(A) confirmed the assessment for want of sufficiency of documents. Aggrieved, the assessee is in further appeal before us. 3. Upon perusal of paper-book as kept on record, it could be seen that the assessee has furnished various documents viz. financial statements, copies of bank statements, copies of response as submitted to Ld. CIT(A) on 17-12-2022 along with various ledger extracts. Apparently, the Ld. CIT(A) failed to consider the same and confirmed the impugned addition for want of sufficiency of documents. On these facts, we set aside the orders of lower authorities and restore the assessment back to the file of Ld. AO for de noo assessment with a direction to the assessee to plead and prove its case. 4. The appeal stand allowed for statistical purposes. Order pronounced on 04-04-2025. (RAJPAL YADAV) (MANOJ KUMAR AGGARWAL) VICE PRESIDENT लेखा सद˟ /ACCOUNTANT MEMBER