2025 (1) TMI 179

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.... 144 of the Income Tax Act, 1961 [hereinafter referred to as "the Act"] for the Assessment Year 2017-18. 2. Brief facts leading to this case are that notice under section 142(1) of the Act was issued on 02.02.2018 asking the assessee to prepare a true and correct return of income of the assessee during A.Y. 2017-18. But the assessee failed to furnish return of income for A.Y. 2017-18 either under section 139 (on or before 31.03.2018) or Income Tax Return in response to notice under section 142(1) of the Act. On basis of data/information gathered under 'Operation Clean Money', the Income Tax Department gathered a list of assessees who has deposited substantial cash in the bank accounts during the period of demonetization i.e. 09.11.2016 to ....

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....erence. Learned CIT(A) ought to have appreciated following facts : Date Occasions Amount (Rs.) Belonging to 29.04.2005 On Marriage 4,37,000/- Wife   Marriage Anniversary - Every Year [till 2016] 4,92,102/- Belong to wife 21.01.2006 Birth of first child 12,120/- Children kept by wife 21.01.2009 Birth of Second Child 24,044/- ''   Birthdays of both the Children 2,29,433/- '' Various dates Cash from Uncle Mr. Rajan Mishra 7,50,000/- Self Various dates Cash from sister Mrs. Arti Mishra 10,00,000/- '' During Demonetization Cash from Mother 3,77,100/- Mother Various dates Cash from Brother Mr. Mohit Sharma 4,65,600/- Brother   Past Savings 9,66,566/- Self   Total 47,53,965/- &nbs....