2025 (9) TMI 788

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....ase are that, the appellant is an individual and filed return of income for the assessment year 2017-2018 on 18.07.2017 admitting total income at Rs. 5,84,430/-. Subsequently, the case was selected for scrutiny for verifying the cash deposits of Rs. 11,57,000/- made during the demonetization period. After considering the submissions made by the assessee during the assessment proceedings, the assessment was completed u/sec.143(3) of the Income Tax Act, 1961 [in short "the Act"] vide order dated 20.12.2019 by allowing Rs. 2,50,000/- as cash balance available with him, keeping in view that the assessee is a pensioner and he might have saved some money for medical and health purpose and adding the balance amount of Rs. 9,07,000/- as unexplained....

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....sessee preferred appeal before the learned CIT(A). The learned CIT(A) issued notice u/sec.250 of the Income Tax Act, 1961 calling the assessee to furnish his submissions. In response, the assessee has filed his written submissions which has been reproduced by the learned CIT(A) in his order from pages 4 to 7 of his order. Before the learned CIT(A) it was the submission of the assessee that, he has periodically withdrawn cash from his bank accounts i.e., Andhra Bank, State Bank of India and Canara Bank right from assessment year 2008-2009 to 2016-2017 which is almost double the amount of cash deposited into bank account during the demonetization period. He, therefore, submitted that, the addition made by the Assessing Officer be deleted. The....

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....r medical emergencies and the same has been kept without spending for medical emergencies, is contrary to human probability. Therefore, the argument of the assessee cannot be accepted. Since, the assessee has failed to explain source for cash deposited during the demonetization period, the Assessing Officer has rightly made the addition and thus, the Order of the learned CIT(A) should be upheld. 10. We have heard both the parties, perused the material on record and the orders of the authorities below. There is no dispute with regard to the fact that, the appellant has made cash deposit of Rs. 11,57,000/- into his bank account during the demonetization period held with Canara Bank, Andhra Bank and State Bank of Hyderabad. The assessee has....