TaxTMI 
TaxTMI 
2025 (2) TMI 1645
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....023-24/1061784775(1), dated 29/02/2024 for the AY 2017-18 arising out of the order passed U/s. 144 of the Income Tax Act, 1961 ("the Act") dated 31/10/2019. 2. Briefly stated the facts of the case are that the assessee is an individual who has not filed the return of income for the AY 2017-18. Based on the information available with the Department, it was found that the assessee has deposited cash for an amount of Rs. 23,17,000/- during demonetization period. Accordingly, notice U/s. 142(1) dated 30/01/2018 was issued to the assessee calling for the return of income. Since no return was filed, another notice U/s. 142(1) of the Act, dated 5/9/2019 was issued and duly served on the assessee asking him to submit the information by 12/09/201....
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.... the facts and also the law applicable to the facts of the case. 2. The Ld. CIT(A) is not justified in sustaining the addition of Rs. 55,38,150/- (Rs. 23,17,000 and Rs. 32,21,150) made by the Assessing Officer U/s. 69A of the Act towards unexplained deposits in the bank account. 3. The Ld. CIT(A) ought to have held that the provisions of section 115BBE of the Act are not applicable to the case of appellant. 4. Any other ground may be urged at the time of hearing." 4. Grounds No. 1 & 4 are general in nature and need no adjudication. 5. Grounds No. 2 & 3 are with respect to addition of Rs. 55,38,150/- U/s. 69A r.w.s. 115BBE of the Act. On this issue, the Ld. AR submitted that the wife of the assessee Smt.Manda....
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....is an admitted fact that the assessee has made cash deposits to the extent of Rs. 55,38,150/- into the bank account of the assessee during the FY 2016-17 out of which Rs. 23,17,000/- is during the demonetization period. The sources furnished by the assessee for the cash deposits made during the demonetization period is as follows: 1. Gift from Wife Rs. 13,72,430/- 2. Gift from Son Rs. 1,95,000/- 3. Sale proceeds of Site Rs. 2,69,000/- 4. Sale of goods Rs. 4,80,570/- Total Rs. 23,17,000/- In support of his contention that the assessee received gift from his wife, assessee stated that Smt. Manda Krishna Veni is working in GBR Degree College since 1984 and is an income tax assessee and sub....
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.... assessee's account instead of her own account. Given these circumstances, we find no infirmity in the order of the Ld. CIT(A)-NFAC and hence no interference is required. Accordingly, Ground raised by the assessee is dismissed. 8. With respect to the cash deposits made during the remaining part of the year other than demonetization period amounting to Rs. 32,21,150/- the assessee submitted that the sources for such cash deposit is out of the cash sales made during the entire year and deposited in the bank account for making payments to various suppliers of goods. It is found that the assessee has provided a list of cash deposits and the payments made to various suppliers before the Ld. CIT(A)-NFAC. However, the Ld. CIT(A)-NFAC did not ac....