TaxTMI 
TaxTMI 
TaxTMI 
2025 (12) TMI 1102
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....g total income of Rs. 9,50,070/-. The said return of income was subsequently processed under section 143(1) of the Income Tax Act. The case was selected for limited scrutiny through CASS for examination of cash deposit during demonetization period. Accordingly notices under section 143(2) and 142(1) of the Act were issued and served on the assessee electronically through e-proceeding module. The assessee was also asked by issuing notices under section 142(1) of the Act to furnish or cause to be furnished the relevant accounts and documents electronically in e-proceeding facility through his account in efiling portal. In response, the assessee furnished the details, clarifications and supporting evidences electronically as well as physically....
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....fore, the ld. Assessing Officer treated the said amount of cash of Rs. 32,68,000/-, deposited during demonetization period, as undisclosed money and added to the total income of the assessee as per provision of section 69A of the Income Tax Act. Finally, ld. Assessing Officer determined the total assessed income of the assessee at Rs. 42,18,070/-. Not being satisfied, the assessee preferred an appeal before the ld. CIT(Appeals). 3. The ld. CIT(Appeals) partly allowed the appeal of the assessee by observing as under: "7.1. The grounds of appeal, copy of assessment order, submissions of the appellant, statement of facts and Form 35 have been carefully considered and adjudicated as under: 7.2. During the A.Y. 2017-18, the ....
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....e is used to be meet out from the cash withdrawn from the bank. The appellant has claimed that the gift received as cash from the parents was deposited in other savings bank account other than salary savings bank account. If the appellant's claim is correct, the withdrawn cash could be deposited in the other savings bank account. Further, the appellant has maintained some investment in the form of fixed deposit with various entities. Therefore, appellant claim is not acceptable. The appellant has withdrawn the total cash of Rs. 21,54,000/- from his savings account and AO has stated that out of total cash withdrawal of Rs. 21,54,000/-, an amount of Rs. 15,00,000/- was set off for day-to-day expenditure. The appellant is single person and he ....
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....ore the Tribunal. It was the submission of the ld. Counsel for the assessee that cash of Rs. 39,22,500/- was lying in his hand out of his withdrawal from his Savings Bank account, wherein his salary was credited from year to year, after meeting the expenditure for domestic purposes and unforeseen medical needs and emergencies. It was the further submission of the ld. Counsel for the assessee that the assessee has withdrawn the amount of Rs. 7,61,900/- for the financial year 2014-15 Rs. 8,02,400/- for the financial year 2015-16 and Rs. 5,90,200/- for the financial year 2016-17. He further submitted that the assessee is having some problems with his wife, therefore, immediately he has withdrawn the amount from his salary account and kept it i....
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....erial available on record. It is an admitted fact that there is no dispute that the assessee has deposited the amount of Rs. 39,22,500/- during demonetization period. It is also an admitted fact that there were cash withdrawals from the salary account of the assessee during F.Y. 2014-15, 2015-16, 2016-17. During assessment year 2017-18, the appellant had deposited cash of Rs. 39,22,500/- during demonetization period. The contention of the assessee is that the source for cash deposits was from withdrawal of cash made in the previous year [F.Y. 2014-15 to 2016-17]. It is an admitted fact that the assessee has withdrawn an amount of Rs. 21,54,000/- in the previous years. An amount of Rs. 15,00,000/- was expended for personal expenditure and th....