Each other Assessing Officer and you can DDIT (Inv

A survey under part 133A is actually held from the providers premise regarding Assessee because of the Deputy Director (Investigation) and he unearthed that Assessee transferred grand share for the high denominations out-of specified financial cards post demonetization. Although not, AO stored that said matter is actually unexplained, cash loans representing unaccounted money are introduced on organization into the disguise of jewellery transformation, and you may, consequently, made introduction significantly less than area 68 because of said cash put.

New Tribunal noted you to Assessee got explained source of told you number involved due to the fact conversion process, delivered marketing expense and you can admitted same as funds bill as well as the given they in order to taxation. Discover no defect inside sales and you may sales and you will same were coordinating having inflow and outflow out of inventory. Next audit report around [...]