2025 (11) TMI 1751

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....st the finding of ld.CIT(A) confirming the addition of unexplained cash deposit of Rs. 7.40 lakh made by Assessing Officer for A.Y. 2017-18 which was found to be deposited during the demonetization period. 3. At the outset, Ld. Counsel for the assessee referring to the facts of the case stated that the assessee is an individual and declared income of Rs. 9,42,270/-. Thereafter based on the information about the cash deposit of Rs. 7.40 lakh during the demonetization period in the bank account held with Vidarbha Konkan Gramin Bank, case of the assessee reopened by issuance of notice u/s.148 of the Act and then carried out the re-assessment proceedings after validly serving statutory notices. It was stated before ld. Assessing Officer that....

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....r ld.CIT(A) erred in confirming the action of ld. Assessing Officer making addition for unexplained cash deposit of Rs. 7.40 lakh during the demonetization period. Assessee maintains the bank account with Vidarbha Konkan Gramin Bank. Cash deposits along with the withdrawals on monthly basis in this account is stated to be as under : Month Cash deposits in A/c.No. 1312 Cash withdrawals from A/c.No. 1312 April 2016 9,60,000 -- May 2016 13,50,000 14,97,000 June 2016 8,60,000 17,60,000 July 2016 95,000 1,40,000 August 2016 3,00,000 6,49,500 September 2016 1,00,000 8,27,000 October 2016 8,00,000 6,80,000 November 2016 till 08.11.2016 -- 1,10,000 November 2016 ....