2023 (10) TMI 444

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....nly issue in this appeal of assessee is as regards to the order of CIT(A) upholding the addition by restricting the same to Rs. 7.54 lakhs being demonetized cash deposit as against added by the AO at Rs. 15.08 lakhs. For this, assessee has raised various factual grounds which need not be reproduced. 3. The brief facts are that the assessee is a non-resident and filed his return of income for the relevant assessment year 2017-18 on 27.07.2017 admitting total income at Rs. 2,10,880/-. The assessee's case was selected for scrutiny assessment for verification of cash deposit made by him i.e., demonetization cash to the tune of Rs. 15.08 lakhs in the savings bank account maintained with ICICI Bank, R.A. Puram, Chennai. The AO during scrutiny ....

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.... said claim of the appellant, 360 degree profiling of the appellant was obtained and it is seen, that the appellant has purchased a property from Mr. Simon John Philip and NS, Renuka Philip on 03.03.2015, situated at Semmenjeri village, Plot No: 8A, S. No. 84/1 Part, Thruvidanthai Rev, Village, 603, 112, Tamilnadu. And he has withdrawn an amount of Rs. 15,00,000/- on 02.03.2015. The property purchase falls immediate to the next day of cash withdrawal. Thus, human probability and the economic circumstances in the Real Estate market in India act as a corroborative evidence that the cash withdrawal was for the purpose of purchase of property. Hence, the appellants argument that Rs. 15,00,000/- was available for cash deposit cannot be given Cre....

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....r:- S.No. F.Y Name of the Bank Amount in INR (Rs.) 1. 2016-17 ICICI Bank 7,23,000/- 2. 2016-17 SBI Bank 1,00,000/- 3. 2015-16 ICICI Bank 6,04,000/- 4. 2015-16 SBI 3,65,100/- 5. 2014-15   (March, 2015) ICICI Bank 2,75,000/- The assessee has made withdrawals of Rs. 20,67,100/- from his bank account on several dates ranging from Rs. 5,000/- to Rs. 2,00,000/- and further an amount of Rs. 15,00,000/- was withdrawn in March, 2015 i.e., total available fund with the assessee in cash is Rs. 42,38,100 before demonetization i.e., 08.11.2016. Taking into consideration the entire withdrawal of the family and also giving weightage to family expenses, in my view the demone....