2024 (6) TMI 1123

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....deposited in bank as unexplained money. Rs. 40,90,878/- 3. The Ld. CIT(A) has erred in law and on facts in invoking section 115BBE of the Act when transactions are occurred prior to insertion of provision on statute.   4. The appellant Craves liberty to add, amend, alter or modify all or any grounds of appeal before final appeal.     Total tax effect (see note below) Rs. 40,90,878/- 3. The assessee trust filed its return of income for assessment year 2017-18 on 07-11-2017 declaring total income at Rs. nil. The case was selected for complete scrutiny and notice u/s. 143(2) was issued on 24-09-2018 and the same was emailed to the assessee. Thereafter, notices u/s. 142(1) of the Income Tax Act, dated 06-05-201....

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.... event fund as well as the cash in hand was properly shown in the books of accounts including the other related cash received by the assessee. During the demonetization period, the assessee was having the cash in hand which was never denied by the Assessing Officer as well as by the CIT(A) and thus deposited all cash on hand in denomination of Rs. 500 and Rs. 100. The ld. A.R. submitted that the Assessing Officer refused to accept the assessee's contention with respect to the cash deposited during the period 09-11-2016 to 31-12- 2016 nearly on the pretext that the same was deposited during the demonetization period and hence was suspicious in nature. The transactions are duly recorded in audit books of accounts of the assessee and thus it c....