Case Law Details
Pankaj Gupta Vs ITO (ITAT Cuttack)
ITAT Cuttack held that addition towards the unexplained investment for SBN deposits during demonetization period sustained in absence to establish source of the same without documentary evidences.
Facts- The assessee is an individual carrying on business of FMCG goods on wholesale and retail trading in the name and style of M/s Santoshi Agencies at Sohella, District Bargarh. The assessee maintains computerized cash book, journal, Ledger, purchase register and sales register in the regular course of his business. The assessee in the course of his business caters to shopkeepers Located in nearby small villages, small hawkers etc. on credit as well as in cash and collects outstanding debts in cash.
Unfortunately, most of these small shopkeepers, vendors and weekly market hawkers were not maintaining any bank accounts as they were residing in remote village areas and the banking facilities were not available to them.
They were very poor and needy people who made their livelihood by selling items of daily use and they were aloof to the modern world. The cash book revealed the balance as on 08.11.2016 was Rs. 253.40 only.
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