2022 (12) TMI 1519

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.... in law as well as on facts while upholding the following additions to the returned income. Fin Year Totar Cash withdrawals from Bank A/c Cash used for Household/ personal purposes Cash Saved and kept in house used for redeposit in Bank A/c as per the Appellant Savings out of cash drawn estimated by the AO Addition made by the AO and confirmed by the CIT (A) - 2015-16 9,75,000 5,75,000 4,00,000 2,50,000 3,96,000   (646000-250000) 2016-17 3,97,500 1,51,500 2,46,000 Total 13,72,500 7,26,500 6,46,000 2,50,000 3,96,000 2) Because the following observations of the learned CIT (A) NFAC, Delhi in the order U/s 250 of the IT Act, are arbitrary, baseless and mis....

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....dings, the Assessing Officer (hereinafter referred to as A.O.) found that an amount of Rs. 11,46,000/- had been deposited in cash by the assessee in his bank account during the demonetization period. During the course of assessment proceedings, the assessee explained these cash deposits as follows (i) Return of cash loan by his brother-in-law Rs. 5,00,000/- (ii) Cash deposited out of his personal savings arising from the salary income during the F.Y. 2015-16 and 2016-17 Rs. 6,46,000/-   Total Rs. 11,46,000/- 2.1 The A.O. accepted the assessee's contention regarding the cash loan returned by his brother-in-law amounting to Rs. 5,00,000/-. However, regarding the balance amount of Rs. 6.46.....

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.... out of total cash withdrawal of Rs. 13,72.500/- amount of Rs. 6,46,000/- was the cash in hand appears to be not correct. This is in view of the fact the assessee has drawn the amount frequently which means the amounts are utilised for the purpose for which it was drawn. On the other hand, possibility of cash in hand out of the withdrawals cannot be ruled out. Therefore, looking at the profile of the assessee in terms of salary drawn, cash drawn from Bank account, online payments made for drawing and other expenses, it can be concluded that the assessee might have been left with a cash of Rs. 2.50,000/- out of the withdrawals from the Bank accounts. Thus, it is clear that the assessee has failed to explain the source and natu....

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....f filing the appeal before the Tribunal only when the assessee received the call from I.T. Department to pay the outstanding demand immediately. Therefore, after taking the remedial measures, assessee taking the steps to file the present appeal before the Tribunal. 5. The ld. DR strongly objected the admission of appeal by the Tribunal since there was inordinate delay of 282 days. 6. I heard the rival submissions and perused the materials available on record. This past-Covid period delay need not be explained in view of the judgement of Hon'ble Supreme Court in MA No. 29 of 2022 in MA 665 of 2021 in suo moto WP(C) No. 3 of 2020 dated 10.1.2022, wherein held that "in computing the period of limitation for any suit, appeal, ap....