2024 (8) TMI 738

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....n his death. The inherited income from relative is exempt u/s. 56. The Learned AO has consider it has unexplained income u/s. 69A. 1942553   Total Tax Effect Rs. 19,42,553 2. Brief facts of the case are as follows: 2.1 The assessee e-filed her return of income for the A.Y. 2017-18 on 01.08.2017 declaring the total income at Rs. 3,25,930/-. The case of the assessee was selected for scrutiny through CASS. After the issue of statutory notices, the AO began scrutiny proceedings. The AO issued a notice u/s 143(2) by fixing the case for hearing on 24.09.2018. The Notices u/s 142(1) was issued by the AO from time to time. On perusal of the information obtained from Bank by issue of notice u/s 133(6), it was noticed by the AO that the a....

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....tificate with denomination in ITBA e-filing portal but failed to furnish the documentary evidence in respect of cash withdrawn from his father's account to substantiate cash deposit of Rs. 18.85,000/-Therefore, the AO treated the cash deposit of Rs. 18,85.000/- as unexplained money u/s 69A of the Act and added to the total income of the assessee. During the appellate proceedings, the submission of the assessee in nutshell is that the cash deposited represent cash inherited from his father who in turn had withdrawn that cash from his bank account. The assessee has also submitted that inheritance does not attract under the Act. However, the assessee has not filed any evidence to show that- i) The cash withdrawn by his father was availa....

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....t Society Niyamitha VS ITO Sirsi-ITA No 739/Bang/2021 dated 16-09-2022 is enclosed as Annexure-XVI to the paper book. * Shri Nralakere Marulasiddappa Dayananada VS ITO Chikmagalur-ITA NO 261/Bang/2023 dated 22-06-2023 is enclosed as Annexure-XVII to the paper book. * Smt Malapur Maunika VS ITO Chitradurga-ITA No: 599/ Bang /2023 dated 30-10-2023 is enclosed as Annexure XVIII to the paper book. 4. On the contrary, the Ld.DR relied on the orders passed by the authorities below. We have perused the submissions advanced by both sides in the light of records placed before us. 5. Admittedly the assessee deposited Rs. 18,85,000/- during the post-demonetization period. Therefore Ld.AO made addition of said amount as income of the assessee....

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....ng of sales, which is non-existent and thereby unaccounted money of the assessee in old currency notes (SBN) have been pumped into as unaccounted money. 8. Instruction 21/02/2017 issued by the CBDT suggests some indicators towards verifying the suspicion of backdating of cash. It also suggests indicators to identify abnormal jump in cash trials on identifiable persons as compared to earlier history in the previous year. Therefore in our opinion it is important to examine whether assessee falls into any of these categories and transfer of deposit of cash is not in line with history of transactions in the preceding assessment years. 9. The assessee is directed to establish all relevant details to substantiate its claim in line with the abov....