TaxTMI 
TaxTMI 
2024 (11) TMI 1526
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....ssessee. "1. The ld CIT(A) has erred in law and on facts in confirming the action of the ld AO of making addition u/s 69A of the Act to the tune of Rs. 20,80,000/-. 2. The appellant craves leave to add, amend alter, modify, substitute, delete, change or very as all or any of the ground or grounds of appeal." 2. Facts of the case in brief are that the assessee is an individual, filed its return of income for A.Y. 2017-18 on 08/01/2018 declaring income of Rs. 98,250/-. The case was selected for scrutiny on the issue of cash deposit during demonetization period. During the assessment, the Assessing Officer noted that the assessee has made a cash deposit of Rs. 20,80,000/- during demonetization period in his bank account in....
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....ergent medical need. The AO while making addition has not pointed out any defect in the books of account nor rejected cash book. Entire cash is reflected in the cash book. In support of his submissions, the assessee relied on various case laws. All case laws relied by the assessee are duly recorded by ld CIT(A) in his order. 4. The ld. CIT(A) on considering the submission of assessee noted that the assessees primary contention is that the AO overlooked the fact that cash deposits during demonetization was out of the cash in hand. It was also contended that he is and his wife are Senior Citizen and his mother is almost eighty years old and cash was kept for emergent medical need. There was cash balance of Rs. 40,41,951/- as on 31.10.2016 ....
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....ency medical needs. To substantiate the source of cash deposits during demonetization period the assessee furnished all details available with the assessee. the assessee file cash book, bank statement in the form of bank book, from FY 2012-13 to FY 2106-17, balance sheet and profit and loss account. The assessee was having opening cash balance of Rs. 40.41 lacs in the beginning of FY 2016- 17. None of the evidence filed by the assessee was rejected by the AO. The AO as well as ld CIT(A) disregarded the submissions of assessee without rejecting the books of accounts. No investigation of facts was carried out the AO or ld CIT(A). The main objection of AO for rejection of cash available with assessee was that no such cash was shown in the retu....
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....t engaged in any business activities, so he was not required to maintain alleged books of account. Even otherwise, once such evidence was not accepted, that amounts to rejection of such evidences. 7. In the rejoinder submission, the ld AR of the assessee submits that the assessee was maintaining cash book of his own. Under section 44AA, the assessee required to maintain the books, if the turnover of assessee is beyond the threshold limit prescribed therein. The ld AR of the assessee prayed for deleting the entire addition. 8. I have considered the submissions of both the parties and gone through the orders of the lower authorities carefully. In the computation of income, the assessee has shown income from other source, dividend income....