TaxTMI 
TaxTMI 
2026 (4) TMI 42
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.... the case are that the assessee had filed his return of income for A.Y. 2017-18 on 31.03.2018 declaring income of Rs. 3,93,220/-. The case was selected for scrutiny under CASS to examine the cash deposits in the bank accounts in old denomination notes during demonetisation period. The AO had noticed that the assessee had made total cash deposit of Rs. 24,02,500/- in three bank accounts during the period from 09.11.2016 to 30.12.2016. Before the AO no compliance was made and no explanation regarding the source of cash deposits was given. Therefore, the AO had completed the assessment ex-parte u/s 144 of the Act on 18.12.2019 making addition of Rs. 24,02,500/- on account of unexplained cash deposits. 3. Aggrieved with the order of the AO t....
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....,500/- on account of unexplained cash deposits in the bank account. Shri Mehul Shah, the Ld. AR of the assessee submitted that the assessee was employed with Mansi Realty Pvt Ltd. from 2010 to 2015 and, thereafter, he was self-employed. He explained that the noncompliance before the AO was for the reason that the assessee was out of country for the most period during which the assessment proceeding was in progress. However, the source of cash deposits was duly explained before the Ld. CIT(A). The cash deposits made in the bank accounts were out of past savings of the assessee and also the income received during the year and the assessee had duly furnished the cash book in support thereof in the course of appellate proceeding. The Ld. AR sub....
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....Mahindra Bank 70,000.00 J V Developers 17,000.00 Matrusakti Enterprises 10,000.00 Navin bhai 4,000.00 Bunty 19,000.00 Cash deposited in the bank Bank of Baroda -40,000.00 Kotak Mahindra Bank -2,20,000.00 Withdrawal for personal expenses -1,00,000.00 Cash received on sell of car 7,50,000.00 Cash received for other sources of income 2,75,000.00 Taxable under Other sources of Income 08/11/2016 Net cash available 32,32,486.60 8. It is found that the assessee had shown opening cash balance of Rs. 24,01,486/- as on 01.04.2016 in support of which a cash bo....
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....later on. Appellant has produced the bank account statement of Bank of Baroda. From the bank statement, it is seen that appellant had deposited cash of Rs. 800,000/-on 14.11.2016 in the bank account and further, it was observed that appellant had not withdrawn the cash from the said bank till 13.11.2016 which would have become available to deposit it in the same bank. Appellant has not provided the evidence of sale of car which had generated cash for the appellant. Thus appellant has not provided any supporting documentary evidences in support of the source of cash deposits. The onus is on the appellant to substantiate his claims with credible and verifiable evidence. Mere oral assertions or uncorroborated statements are not sufficient in t....
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....o. GJ 16 BN0003 dated 06.10.2016 as per which the car was sold to one Shri Ashif Khan J. Pathan for a consideration of Rs. 7,50,000/- and the entire consideration was paid on the date of agreement. The AO did not dispute this additional evidence filed by the assessee by causing necessary inquiry in the matter. Therefore, the assessee is allowed relief to the extent of Rs. 7,50,000/- being sale proceeds of car. Considering these facts, it will be reasonable to accept total cash deposit of Rs. 10,00,000/- as explained being on account of past and current savings. Accordingly, the assessee is allowed a relief to that extent. The balance addition of Rs. 14,02,500/- on account of unexplained cash deposit in the bank accounts, is upheld. In the r....