2025 (7) TMI 168

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....se are that the assessee is filed its return of income on 20.12.2017 electronically for the assessment year 2017-18 by declaring total income of Rs. 13,66,139/-. The return was duly processed u/s 143(1) of the Act. Subsequently, the case of the assessee was reopened u/s 148 of the Act with reasons that the assessee deposited cash amounting to Rs. 5,00,000/- during the demonetization period commencing from 09.11.2016 to 31.12.2016. In compliance to the same, the assessee filed its return of income declaring total income of Rs. 13,66,140/-. Thereafter, statutory notices u/s 142(1) and 143(2) of the Act were issued to the assessee and the assessee complied to the notices and submitted requisite details. During the assessment proceedings, the A....

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....g the said period and alleged amount of Rs. 5,00,000/- was deposited out of said amount and disclosed source of fund, therefore, no addition u/s 69 is warranted in the case of the assessee. However, the ld. CIT(A) without considering the arguments made by the assessee and without appreciating the evidences submitted by the assessee simply upheld the order of the Assessing Officer by dismissing the appeal of the assessee. 5. Dissatisfied with the above order, the assessee preferred appeal before this Tribunal raising various grounds. However, the primary contention of the ld. AR is that the authorities below has arbitrarily added the alleged sum of Rs. 5,00,000/- in the hands of the assessee when the assessee had well within the disclosed....

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....he financial year. He therefore stated that the Assessing Officer arbitrarily added the deposits without appreciating that the source of the fund was already in record and no contrary evidence was given on the available cash-in-hand. The ld. AR also brought to our notice by showing form in ITR-6 at page 6 of the paper-book where it clearly reflected that the assessee has sufficient cash balance as on 31.03.2016, the relevant part of ITR-6 is reproduced as under: 5.3 The ld. AR, therefore, prayed that the alleged addition made by the Assessing Officer and sustained by the ld. CIT(A) is without any basis and liable to be deleted as the assessee has sufficient balance of Rs. 11,30,655/- in the opening balance on 01.04.2017 and the assessee ....