2024 (5) TMI 27

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.... Rs. 2,14,26,649/- as cost of acquisition against assessment order dated 30.12.2022 of the office of the Asstt. Commissioner of Income Tax. 2. Brief facts of the case are that on 31.03.2022 assessee filed return of Income tax of Rs. 65,22,770/-. On 27.06.2022 the case was picked for scrutiny assessment vide issuance of notice under section 143(2) of the Act. 1961. On 7.12.2022 notice u/s 142(1) of the Act was issued to the assessee. On 28.12.2022 reply was filed by assessee, wherein, it was submitted that assessee has deposited Rs. 75,98,000/- in bank accounts during year under consideration out of cash in hand from withdrawal made by the assessee in the following assessment years as follows- Assessment Year Cash Withdrawals from B....

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....bmitted from the bank. The assessee further relied on various case laws including, CIT vs Kulwant Rai 291 ITR 36 (Del), S.R. Venkata Ratnam vs. CIT 127 ITR 807 (Kar) and others. 7. On 28.08.2023 Learned CIT (A) passed the order upholding the addition of Rs. 75,98,000/- u/s 69A of the Act made by the Learned Assessing officer. Hence the appeal. 8. Learned Counsel for the assessee submitted that the assessee had made submissions before the Learned CIT(A) which are as follows:- Sr. No. Assessment Year Total income declared by the assessee (Rs.) Total income declared by her husband (Rs) 1. 2020-21 78,93,620 1,78,100 2. 2019-20 2,47,81,440 1,39,25,600 3. 2018-19 4,88,05,340 3,01,35,070 4. ....

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....n to the revenue to examine as to what the assessee did with that money and it cannot chose to disbelieve the plea of the assessee merely on the surmise that it would not be probable for assessee to keep the money unutilized. 11. Learned DR submitted that assessee and her husband relied on cash withdrawals for about four years. The Learned AO as well as Commissioner of Income Tax (Appeals) rightly rejected the explanation as unacceptable because no ordinary man would withdraw the amount and keep the same in cash and later on deposit the same. The authorities have rightly doubted the explanation furnished by the assessee and doubted the source of cash deposits. Therefore appeal may be rejected. 12. From examination of record in light o....