SHRI NIMAR SWETAMBER JAIN CREDIT CO-OP. SOCIETY LTD.,BARWAH vs. ITO, KHARGONE

There is a delay of 14 days in preferring the instant appeal, which is otherwise covered by the judgment passed by the Hon’ble Apex Court due to Covid-19 pandemic and Lockdown which made assessee unable to file the appeal in time. We therefore having regard to the facts and the judgment passed by the Hon'ble Apex Court, condone the delay.

Ground No.1 is not pressed by assessee. Thus, Ground No.1 is dismissed as not pressed.

Ground No.2 relates to addition of Rs.4,97,000/-.

The case of the assessee before us is this that the impugned amount has been collected by its agent one week before the demonetization and since 09.11.2016 being a holiday, the same could not be deposited. However, the same was deposited on 10.11.2016. Though, this particular fact has been brought to the notice of the Ld.AO and explained duly by the assessee with all supporting documents alongwith lists of these agents, the same was found to be not acceptable and the addition has been made under Section 69 of the Act which is not sustainable in view of the fact as narrated hereinabove. In view of the matter, he prays for deletion of addition made by the authorities below. With all his fairness, the Ld.DR has not raised any serious objection to such submissions of Ld.AR.

We have heard the Ld. Counsel appearing for the parties and we have also considered the relevant materials available on record. We find that the submission made by the assessee which is supported by the corroborative (M/s. Shree Nimar Swetamber Jain) Asst.Year.– 2017-18 - 3 - evidences seems to be genuine and therefore, the addition made under Section 69 of the Act is found to be not sustainable. The addition is, therefore, deleted,

In the result, assessee’s appeal is partly allowed for statistical purposes.