2025 (3) TMI 1888

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.... to the total income of the appellant by not accepting the source of cash deposit in the bank account during demonetization period. 3. That the Ld. CIT(A) erred in confirming the action of the AO in invoking Sec. 69A while making an addition of Rs 8,18,000/-, although the same doesn't fall within the purview of Sec. 69A. 4. That the Ld. CIT(A) erred in confirming the action of the AO in confirming the action of the AO in invoking section 115BBE of the Act while making addition to the total income of the appellant, although the addition made does not fall within the purview of section 115BBE. 2. The brief facts of the case are that as per the information available with the department, the assessee had deposited cash of R....

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....h withdrawn was given to the assessee. In view of the same, AO noted that no satisfactory explanation in respect of the cash deposits of Rs. 8,18,000/- was given by the assessee. Therefore, he treated the cash deposit of Rs. 8,18,000/- (Rs. 14,18,000 - Rs. 1,00,000 - Rs. 5,00,000) as unexplained money u/s 69A of the Income Tax Act, 1961 for the previous year 2016-17 relevant to A. Y. 2017-18 which will be charged to tax as per the provisions of section 115BBE of the Income Tax Act, 1961. Against the aforesaid action of the AO, assessee appealed before the Ld. CIT(A) who vide his impugned order dated 31.01.2024 affirmed the action of the AO and dismissed all the grounds raised by the assessee. 3. Against the aforesaid order, Assessee is i....

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....f the assessee. It was further submitted by the Ld. AR that Section 69A could only be invoked where the alleged transaction is found not recorded in the books of account, whereas in the instant case the transaction was duly recorded in books of account and the same were filed before the AO, hence, section 69A is not applicable in the present case, therefore, the addition confirmed on this account deserve to be deleted. Further, it was submitted that AO made the addition in dispute as unexplained money u/s. 69A and also held that the tax will be charged on the assessed income as per provisions of Section 115BBE, which does not fall within the purview of Section 115BBE. 5. Per contra, Ld. DR relied upon the orders of the authorities below.....