2025 (12) TMI 795

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....of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 31.12.2019 by the Assessing Officer, ITO, Ward-12(2), Delhi (hereinafter referred to as 'ld. AO'). 2. The only effective issue to be decided in this appeal is as to whether the Learned CITA was justified in confirming the addition made in the sum of Rs 25,04,000/- on account of cash deposits under section 69A read with Section 115BBE of the Act in the facts and circumstances of the instant case. 3. We have heard the rival submissions and perused the materials available on record. The Assessee filed her return of income on 31-7-2017 for the assessment year 2017-18 declaring total income of Rs 16,88,110/-. During the year under consideration, the Assessee was holdi....

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.... also filed during the course of assessment proceedings) to renovate the entire house. Renovations, however, required temporary shifting from the house presently occupied. Some differences, therefore, arose amongst all the floor owners at the stage of negotiations with the builder. Since the renovation of the floor could not take place and moreover demonetization was announced on 8-11-2016, the Assessee was compelled to redeposit the accumulated cash in the bank account post demonetization. This explanation was not found satisfactory by the Learned AO and an addition of Rs 25,04,000/- was made under Section 69A read with Section 115BBE of the Act by the Learned AO in the assessment. This action of the Learned AO was upheld by the Learned CI....