2026 (5) TMI 1454

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....x Act. 2. The brief facts of the case are that the assessee had filed his return of income for A.Y. 2017-18 on 29.12.2017 declaring income of Rs. 7,28,990/-. The case was selected for limited scrutiny under CASS to examine the cash deposits during demonetisation period. It was found that the assessee had made total cash deposit of Rs. 14,94,000/- in his different bank accounts during the demonetisation period. The AO was not convinced with the explanation of the assessee regarding the source of the cash deposits. Accordingly, the entire cash deposit of Rs. 14,94,000/- was held as unexplained and added to income. The assessment was completed u/s. 143(3) on 23.12.2019. 3. Aggrieved with the order of the AO, the assessee had filed an app....

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....purchase of land, which did not materialise and, therefore, the cash amount withdrawn earlier was deposited in the bank account during the demonetisation period. Regarding the withdrawal from partnership firm also, the evidence was filed before the AO. The Ld. AR submitted that the AO was not correct in rejecting the evidences filed by the assessee without assigning any reason. He submitted that the Ld. CIT(A) too was not correct in ignoring the evidences brought on record and allowing relief to the assessee to the extent of Rs. 2,50,000/- only. 6. Per Contra, Smt. Ananya Kulshresth, the Ld. SR-DR, submitted that the assessee did not bring on record any evidence for land transaction for which the cash was withdrawn from the bank account.....