2022 (9) TMI 1599

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....bsp;60,000 representing cash deposited in an account held with Punjab National Bank. 4. Briefly, the facts are, assessee is a non-resident individual deriving income from salary, being employed with Merchant Navy. For the assessment year under dispute, assessee had filed his return of income on 26.07.2017, declaring income of Rs. 18,07,019. In course of assessment proceedings, the Assessing Officer noticed that assessee had deposited cash amounting to Rs. 4,00,000 in an account with Punjab National Bank. Therefore, he called upon the assessee to furnish the source of such cash deposits. In response to the query raised, assessee submitted that an amount of Rs. 3,40,000 was received from sale of a car and the balance amount ....

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....g officer noticed that during the demonetization period, assessee had deposited cash of Rs. 2,48,000 in his account maintained with Canara Bank. Therefore, he called upon the assessee to explain the source of such cash deposit. In reply, assessee submitted that an amount of Rs. 2,00,000 was withdrawn from his account held with Canara Bank and Punjab National Bank for investment in house. However, due to demonetization, assessee could not utilize the same. Hence, redeposited in the bank account. Assessing Officer, however, was not fully convinced with the submission of assessee. Though, he accepted the source of cash deposit of Rs. 25,000, however, he didn't accept the source of the balance amount of Rs. 2,23,000. Accordi....