2021 (10) TMI 1139

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....0/-. The case was selected for scrutiny for the reason that there was cash deposit during demonetization period. AO noticed that assessee had made cash deposits of Rs. 2,50,000/- during the demonetization period. Assessee was asked to give the details of source of cash deposits to which she inter alia submitted that the savings were out of accumulated savings in the form of pin money and minor cash gifts received by her from her parents and in-laws on the occasion of birthdays, anniversaries etc. The submission of the assessee was not found acceptable to AO. AO considered the cash deposits of Rs. 2,50,000/- to be unexplained u/s. 69A of the Act. Aggrieved by order of AO, assessee carried the matter before the CIT(A) who vide order dated 18.....

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....the Ld. CIT(A)/NFAC erred in facts and in law in not appreciating that such announcements are made to protect small taxpayers from the burden of maintaining books of accounts and providing detailed explanations. 4. That the CIT(A)/NFAC has erred in confirming the action of Assessing Officer to not allowing the appellant benefit of maximum amount not chargeable to tax while computing the tax payable." 4. Before me, Learned AR submitted that though the assessee has raised various grounds but the solitary issue is with respect to the addition of Rs. 2,50,000/- on account of cash deposits made by the assessee in her bank account during the demonetization period. 5. Learned AR reiterated the submissions made before the lower authorities and ....