2024 (6) TMI 1123

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....U/S 69A of the Act of Rs. 49,80,000/- of cash 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....

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.... 5. The ld. A.R. submitted that the study tour fund, Buildthon 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 r....

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....nt appeal is condoned. It is pertinent to note that the books of accounts of the assessee trust were never rejected at any point of time by the Assessing Officer. Besides this, the evidences produced by the assessee before the Assessing Officer as well as before the CIT(A) clearly shows that the assessee has received fees from students related to the event as well as study tour including the buildthon event fund. The assessee has given the cash bills from bank from 01-04-2016 to 08-11-2016. Hence, the assessee has given the expenses for the said period. Thus, the assessee has given all the details as to how the assessee has that much cash in hand during the demonetization period. This was never doubted by the Revenue. In fact, the bank stat....