2023 (1) TMI 520

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.... assessment year 2017-18. 2. In this appeal, the assessee has raised the following grounds: "On the facts and in law, 1. The Hon. CIT(A) erred in confirming the addition of Rs.6,00,000/-, made u/s 69A r.w.s. 115BBE of the IT Act 1961, as unexplained money on account of cash deposited in the bank account with Kotak Mahindra Bank, Mumbai when the source of such cash deposit was from opening cash in hand and withdrawals from bank accounts of the appellant, all of which stood well explained with supporting evidences and therefore the addition as unexplained money was not justified and bears to be deleted. 2. The appellant craves leave to add, alter, amend and/or vary the grounds of appeal at any time before the dec....

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....icer did not agree with the submissions of the assessee and vide order dated 25/12/2019, passed under section 143(3) of the Act made the addition of Rs.6 lakh under section 69A of the Act. The relevant findings of the Assessing Officer are as under: "5. The details and submission of the assessee was perused but found not satisfactory or the following reasons: a) The assessee has not provided the source and documentary evidence in respect of actual opening cash in hand as on 31.03.2016 at Rs.4,96,031/-. b) The Income offered by the assessee during the this year and last year is mainly professional Income, Salary Income and interest income. All these incomes are credited in Bank and even TDS is deducted. The same ca....

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.... tally with the cash deposited by the assessee on 01/12/2016. The learned CIT(A) further held that the assessee has not been able to prove the nature and source of cash deposited during the demonetization period. Being aggrieved, the assessee is in appeal before us. 7. During the hearing, the learned Authorised Representative ('learned AR') submitted that the cash of Rs.6 lakh was deposited out of Rs.1 lakh withdrawn on 18/10/2016, from the Kotak Mahindra Bank, Rs.40,000, withdrawn on various dates from the HDFC Bank and Rs.4,96,031, opening cash in hand for the year under consideration. The learned AR further submitted that the opening cash in hand of Rs.4,96,031, which is carried forward from the preceding year, was declared by the ass....

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....It is pertinent to note that there is no material available on record contrary to the aforesaid submission of the assessee. Further, the submission of the assessee that Rs.1 lakh was withdrawn in cash by the assessee from its bank account maintained with Kotak Mahindra Bank on 18/10/2016 and Rs. 40,000, has been withdrawn in cash on various dates from its bank account maintained with HDFC Bank is duly corroborated from the copy of bank statements of Kotak Mahindra Bank and HDFC Bank, forming part of the paper book from pages 9-20. 10. From the copy of the bank statement of Kotak Mahindra Bank, we find that assessee had deposited Rs.6 lakh in cash in 600 old currency notes of Rs. 1000 denomination on 01/12/2016. At a glance, it may appear....