2025 (2) TMI 1974

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....ferred to as 'the Act') dated 05.11.2019 by the Assessing Officer, ITO, Ward-4(1)(3), Aligarh (hereinafter referred to as 'ld. AO'). 2. The only effective issued to be decided in this appeal is as to whether the Learned NFAC was justified in confirming the addition made on account of cash deposits made during the demonetization period in the sum of Rs 22,98,000/- in the facts and circumstances of the instant case. 3. We have heard the rival submissions and perused the materials available on record. The assessee had submitted that the only source of income for him is income from rent and interest income, which were duly disclosed in the return of income filed for the year under consideration. No business whatsoever was carried out by t....

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.... to tax in the return of income. But on perusal of the cash book, we find that there is insufficient drawing reflected by the assessee. We find that the assessee has been trying to explain the source for availability of cash out of cash withdrawals made in financial year 2015-16 in bulk sums, which were carried over to the year under consideration. But even after the said withdrawal of bulk sums from the banks, on perusal of the cash book, it is noticed that assessee has been frequently withdrawing cash on a regular basis. If there were bulk withdrawals made by the assessee in earlier period and that money is available with the assessee as cash balance, then there would be no requirement for the assessee to make further withdrawals from the....