TaxTMI 
TaxTMI 
2026 (5) TMI 1327
X X X X Extracts X X X X
X X X X Extracts X X X X
....x Act, 1961 [hereinafter referred to as "Act"] for the Assessment Year A.Y. 2021-22, wherein learned CIT(A) has dismissed assessee's first appeal, confirming the additions made vide, assessment order dated 27.12.2022. 2. The brief facts leading to this appeal state that the assessee e-filed his return of income for A.Y. 2021-22 on 30.12.2021, declaring total income of Rs. 42,12,350/-. The case was selected for complete scrutiny through CASS for the reasons "claim of large exempt income". Statutory notices u/s. 143(2) r.w.s. 142(1) of the Act, along with show cause notices were issued and served upon the assessee, asking him to explain the basis for claiming the office maintenance of Rs. 3,05,290/- and further, in respect of source of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....awn a total of Rs. 28,40,000/- from his Indian Overseas Bank account (Account No. 363801000004000) during the same financial year (specifically between April 2020 and August 2020), which far exceeds the questioned deposit of Rs. 20,00,000/- made on 20/03/2021. 2.3: That the Ld. CIT(A)'s finding that "no bank statement was produced" is factually incorrect and perverse, as the bank statement reflecting both the withdrawals and the deposit was available and clearly explains the source. Even otherwise, the Assessment Order itself admits at Para 3.6 (ii) that the assessee had "withdrawn cash aggregating to Rs. 28,40,000/-". 2.4: That the explanation regarding the cash being withdrawn for the intended marriage of the Appella....
X X X X Extracts X X X X
X X X X Extracts X X X X
....f Rs. 3,05,290/- (Exempt Income Disallowed): reimbursement 3.1: That the learned CIT(A) erred in law and on facts in confirming the disallowance of exemption claimed u/s. 10 for Rs. 3.05.290/-received from Life Insurance Corporation of India (LIC) as for office maintenance (Rs. 2,20,000/-). reimbursement expenses (Rs. 5,000/-), and transaction fee (Rs. 80,290/-), treating it as taxable income, despite submissions of Form 16 and LIC letter confirming its reimbursable nature 3.2: That the Ld. CIT(A) erred in confirming the addition of Rs. 3,05,290/-received from LIC of India as taxable income, failing to appreciate that this amount represents "Office Maintenance Allowance" and "Transaction Fee" which are pure reimbursements ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....used the records and heard Ld. Representative for the appellant assessee and Ld. Sr DR for the respondent revenue. 6. The main point for consideration under appeal is as to whether Ld. CIT(A) has erred in confirming the disallowance of Rs. 3,05,290/- claimed as office maintenance and in confirming the addition of Rs. 20,00,000/-deposited in cash in assessee's bank account as unexplained money u/s. 69A of the Act, as alleged in the aforesaid grounds of appeal? 7. Ld. Representative for the appellant assessee has submitted that assessee is a retired LIC officer. During the year under consideration, he withdrew Rs. 28,40,000/- from the bank Account Number 363801000004000, (between April 2010 and August 2020), maintained with Overseas Ban....
X X X X Extracts X X X X
X X X X Extracts X X X X
....oned in the assessment order that as per the data available with the department, the assessee was found to have deposited cash of Rs.20,00,000/- before which, he withdrew Rs. 28,40,000/- in parts during the year under consideration. This fact is substantiated by the copy of assessee's bank statements of Indian Overseas Bank filed at page No. 18 to19 and further the bank statements of Central Bank of India filed at page no. 20 to 23 of assessee's paper book, which was also submitted before Ld. CIT(A). This apart, LIC letter issued by the branch manager, Auraiya is at page 25 of assessee's paper book, According to which, assessee is reported to have been paid Rs. 2,20,000/- in the head of "office maintenance" and Rs. 80,290/- in the head of "....