2022 (11) TMI 820

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....less Appeal Centre (NFAC) dated 31.03.2022 for the assessment year 2017-18. 2. The grounds of appeal read as under :- "1. That the order of learned CIT (A) is bad in law, against facts of the case and equity. 2. That on the facts and in the circumstances of the case and in law, learned CIT (A) erred in dismissing the appeal of appellant without providing adequate opportunity a....

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.... assessee has withdrawn cash on 05.11.2016. During the course of assessment proceedings, AO asked the assessee to explain the following :- "You have stated that following case was withdrawn from the bank on 05.11.2016 :- 1000 x 200 = 200000/- 500 x 2500 = 1250000/- 100 x 500 = 50000/- You have stated that same cash was redeposited in the bank account on....

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.... rental income and interest from saving bank and interest from parties. The assessee has also shown cash deposited of Rs.25,000/- during years. In view of the nature of source of income, the assessee was not having cash-in-hand after meeting out the household expenses. Thus, the unexplained cash deposit comes to Rs.75,000/- (50000+25000). The assessee has failed to furnish any explanation with sup....

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....eing satisfy that the assessee has deposited unaccounted cash as well as one money u/s 69A of the Act, to the tune of Rs.75.000/-, therefore, penalty proceedings u/s 271AAC(1) of the Income-tax Act, 1961, are being initiated separately alongwith penalty notice u/s 274 read with section 271AAC(1) of the Income-tax Act, 1961." 5. Upon assessee's appeal, ld. CIT (A) noted the AO's order and therea....