PARAGON AGENCY,ALAPPUZHA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, ALAPPUZHA

The assessee’s sole substantive ground challenges sec.69 r.w.s. 115BBE addition of Rs.12,82,500 made in lower proceedings. We note during the course of hearing that the assessment year before us is A.Y. 2017-2018 and the tax payer / appellant had indeed deposited the said cash and . M/s.Paragon Agency. attributed source thereof to the cash in hand as well as regular business sales. We emphasize here that there is not much issue between the parties since the Assessing Officer himself had not disputed that the assessee having deposited specific bank notes than disputed business sales in particular. This of course would not mean that the assessee has been able to reconcile each and every cash entry with its corresponding sales entries. Be that as it may, faced with the situation, we deem it appropriate to restrict the impugned addition of Rs.12,82,500 to sum of Rs.1 lakh only subject to a rider that the same should not be taken as a precedent for the subsequent assessment years or in any other appeal. The assessee gets relief of Rs.11,82,500 in other words.

This assessee’s appeal ITA.No.26/Coch/2024 is partly allowed in above terms. Ordered accordingly.