2022 (6) TMI 800

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....rcle 19(1), Chennai for the assessment year 2017-18 u/s.143(3) of the Income Tax Act, 1961 (hereinafter the 'Act') vide order dated 26.12.2019 2. The only issue in this appeal of assessee is against the order of CIT(A) confirming the addition made by the AO on cash deposit of Rs.36.73 lakhs representing Specified Bank Notes (SBNs) deposited into assessee's savings bank account with Andhra Bank during the demonetization period as unexplained money u/s.69A of the Act. For this, assessee has raised various grounds numbering into 11, which are statement of facts and argumentative in nature. Hence, we need not to reproduce the same. 3. Brief facts are that the AO during the course of assessment proceedings noticed that the assessee has dep....

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....venue was represented by ld. Senior DR, Ms. Sheila Parthasarathy, Addl.CIT. 5. The ld.counsel for the assessee before us filed paper-book and the relevant documents to prove the cash deposits that cash generated out of rental income of property as under:- (i) Statement of Income for A.Y. 2017-18 (ii) Rental Income Property Wise for AY 2017-18 (iii) Month wise and Tenant Wise details of rent received (iv) Balance Sheet and Profit & Loss A/c for the period 01.04.2014 to 31.03.2015 (v) Cash Book for the period 1-Apr-2015 to 31 Mar 2016 (vi) Balance Sheet and Profit & Loss A/c for the period 01.04.2015 to 31.03.2016 (vii) e-Proceedings Response Acknowledgement enclosing Cash Book....

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....cash balance is Rs.60,83,257/- and out of this cash, these cash was deposited on various dates and he correlated these entries with the deposits i.e., 36.73 lakhs. The ld.counsel for the assessee also clarified that in assessee's case deposits was to the tune of Rs.35.53 lakhs and Rs.1.20 lakhs was in the name of assessee's son. But, however he explained the entire cash is out of cash generated out of rental income and other incomes. 6. When a specific query was raised by the Bench, as regards to noting made by AO as well as CIT(A) that the closing cash as on 31.03.2006 is 'nil' as per ITR, the ld.counsel explained that in ITR the assessee is declaring business cash in hand and not the cash in hand kept in individual capacity and earned ....