M/S TAMILNADU STATE MARKETING CORPORATION LIMITED,CHENNAI vs. ACIT, CORPORATE CIRCLE-3(1), CHENNAI

PER MAHAVIR SINGH, VICE PRESIDENT:

This appeal by the assessee is arising out of the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi in Order No.ITBA/NFAC/S/250/2022- 23/1050159763 (1) dated 27.02.2023. The assessment was framed by the Deputy Commissioner of Income Tax, Corporate Circle 3(1), Chennai for the assessment year 2017-18 u/s.143(3) of the Income Tax Act, 1961 (hereinafter the `Act') vide order dated 30.12.2019. 2. The sole issue in this appeal of assessee is as regards to the order of CIT(A)-NFAC confirming the addition made by AO of Rs.57.29 crores as unexplained investment u/s.69 of the Act in respect of cash deposits made in Specified Bank Notes(SBNs) during demonetization period i.e., 09.11.2016 to 31.12.2016. For this, assessee has raised various grounds and the same read as under:-