2025 (6) TMI 1857

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.... order was emanated from the order of the Learned Assistant Commissioner of Income-tax, Circle 27(1), Mumbai [in short, "Ld. AO" passed under section 143(3) of the Act, date of order 17/12/2019. 2. The assessee has raised the following grounds of appeal:- "1. The Ld CIT(A) erred in confirming the adding the genuine cash deposits Rs. 49,35,000/- as the income of the assessee in view of section 69A of the IT Act 1961 and thereby treated the same as undisclosed income of the assessee. 2. The Ld AO erred in charging the interest undersection 234A 234B 234C and 234D of the Income Tax Act 1961. 3. The Ld AO erred in initiating Penalty proceeding under section 274 r w s 271 (1) AAC of the Income Tax Act 1961 ....

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....ent order the assessee preferred an appeal before Ld. CIT (A). In the appellate proceeding the Ld. CIT(A) had considered the assessee's submission and deleted the addition amount to Rs. 7,11,344/- but rest of the addition was confirmed. The appeal of the assessee is partly allowed. Being aggrieved the assessee filed an appeal before us by challenging the appellate order. 4. The Ld. AR filed a Paper Book comprising pages 1 to 39, which has been taken on record. The Ld. AR submitted that the addition of Rs. 49,35,000/- was confirmed by the Ld. CIT(A). Out of the said amount Rs. 30,00,000/- had already been disclosed by the assessee at the time of filing the return of income, which represented agricultural income earned by the assessee over....

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....The assessee has not furnished satisfactory explanation with respect to cash deposited of Rs. 49,35,000/- during the demonetization period and also of the cash deposit aggregating to Rs. 10,59,000/- made in the bank account prior to demonetization period. In absence of any satisfactory submission, the cash deposits aggregating to Rs. 59,94,000/- is taxed as income u/s 69A r.w.s. 11588E of the IT Act, 1961 under the head income from other sources as unexplained money. Penalty proceedings under section 271AAC of the Income Tax Act for under reporting the income is initiated separately for income of Rs. 59.94,000/-." 6. We have heard the rival submissions and perused the material available on record. During the proceedings before the revenu....