2025 (6) TMI 785

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....the Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 19.11.2019 by the Assessing Officer, ACIT/DCIT, Circle- 1(1)(1), Dehradun (hereinafter referred to as 'ld. AO'). 2. Though the assessee has raised several grounds before us, the only effective issue to be decided in this appeal is as to whether the ld CIT(A) was justified in confirming the addition made on account of cash deposits during the demonetization period as unexplained money u/s 69A read with Section 115BBE of the Act in the facts and circumstances of the instant case. 3. We have heard the rival submissions and perused the material available on record. The return for AY 2017-18 was filed by the assessee, being an individual, on 11.09.2017 declaring taxable ....

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....ribute it amongst themselves. For this purpose, the assessee started withdrawing cash from her bank account whenever she had an opportunity and retain the same as cash balance with her. It was explained that such cash withdrawals were made so that she is able to take ornaments of her choice from her mother and to pay her sisters the equivalent cash. However, the settlement as proposed was not working as none of the sisters were ready to part with the ornaments and also the valuation of the jewellery became an issue. Therefore, whenever there used to be an occasion of such distribution of jewellery of her mother, the assessee used to withdraw more cash and keep with her. As stated supra, the jewellery distribution never materialized and ther....

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....04.2015 to 31.03.2016 and 01.04.2016 to 31.03.2017 as under:- Annexure 1: Cash Flow Statement From 01-04-2016 to 31-03-2017 Particulars Amount Opening balance as on 01-04-2016 Cash withdrawan from ICICI Bank A/c 113401500272 ICICI Bank A/c 016401519607 HDFC Bank A/c 00003070 2,280,500 198,500 Total 2,479,000 Cash deposited in Tution fees of kids ICICI Bank A/c 113401500272 ICICI Bank A/c 016401519607 76,000 1,488,000 914,000 Closing balance as on 31-03-2017 1,000 Cash Flow Statement From 01-04-2015 to 31-03-2016 Particulars Amount Opening balance as on 01-04-2015 Cash withdrawn from ICICI Bank A/c 113401500272 ICICI Bank A/c 016401519607 HD....

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....nt ATMs in order to settle her sisters at the time of jewellery distribution if the same materializes. The ld AR placed on record the income declared by the assessee for various years as under:- Assessment Year Returned Income 2013-14 Rs. 19,66,660/- 2014-15 Rs. 21,78,320/- 2015-16 Rs. 18,47,720/- 2016-17 Rs. 28,62,060/- 2017-18 Rs. 20,91,060/- 7. The aforesaid income details go to prove that assessee had substantial income declared in the IT returns and her financial capability to withdraw cash from the bank cannot be doubted. It is a fact that assessee had given complete details of cash withdrawn made from the bank together with the purpose as detailed supra. It is not the case of the revenue that ca....