2022 (3) TMI 127

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....as discerned from the records are that the assessee is an individual business man who runs his business in the name and style of Maa Tara Agency. The assessee's case was selected for scrutiny on the issue of large cash deposit on the bank account during the year. The assessee who is a business man maintained a current account as well as a savings bank account which transaction have been accepted by the AO. The assessee has also joint account with his wife Smt. Archana Saha as well as his mother Ajoya Saha who is aged 70 years. According to AO, there was deposit of Rs. 2.40 Lacs on 13.11.2016 (in the bank account during the period of demonetization) as a single deposit in assessee's account. When confronted by the AO on this issue and asked ....

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....ears]. Based on the aforesaid assurance of the Hon'ble Prime Minister, according to Ld. A.R., the CBDT has come out the instruction no. 03/2017 dated 21.12.2017 in exercise of power u/s 119 of the Income Tax Act, 1961 (hereinafter referred to as the Act) wherein it was clearly held as under: "1. Cash out of earlier income or savings 1.1 In case of an individual (other than minors) not having any business income, no further verification is required to be made if total cash deposit is up to 2.5 Lacs. In case of taxpayers above 70 years of age, the limit is Rs. 5.0 Lacs per person. The source of such amount can be either household savings/savings from past income or amounts claimed to have been received from any of the sources mention....