2026 (7) TMI 1702

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....e Act'), date of order 12.02.2026. The impugned order emanated from the order of the Ld. Income Tax Officer Ward-34(3)(5), Mumbai (for brevity 'Ld. AO'), order passed under Section 143(3), date of order 24.12.2019. 2. The brief facts of the case are that the assessee filed the original return by declaring total income Rs. 69,290/- which is related to from salary amount of Rs. 37,992 and interest income amount to Rs. 31,295/-. The assessee's case was selected for scrutiny on issue of cash deposit during demonetization period within 08.11.2016 to 30.12.2016 amount to Rs. 11,40,000/- in her three bank accounts. The notice was issued and assessee explained that the cash was deposited from the source of marriage gift amounting to Rs. 4,68,000....

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....the past saving accumulated over a period of time. 5.1.1 I have carefully considered the assessment order, grounds of appeal, statement of facts, and the written submissions filed by the appellant along with the material placed on record. The sole issue for adjudication in the present appeal is whether the Assessing Officer was justified in treating the cash deposits made during the demonetization period as unexplained money under section 69A of the Income-tax Act, 1961. 5.1.2 The appellant has contended that the source of cash deposits was marriage gifts received in May-2016 and past savings accumulated over several years. However, the explanation offered by the appellant is not supported by cogent and reliable evidence. ....

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....6. The burden under section 69A lies squarely upon the appellant to prove the nature and source of money found credited, which has not been discharged satisfactorily in the present case. 5.1.6 It is also pertinent to note that the Assessing Officer has already granted partial relief by accepting Rs. 4,51,000/- [11,40,000-6,89,000] as explained, after giving due consideration to the appellant's submissions. The balance amount of Rs. 6,89,000 has been added only after detailed examination and for want of satisfactory explanation and supporting evidence. 5.1.7 In view of the above facts and circumstances, I find no infirmity in the action of the Assessing Officer in making the addition of Rs. 6,89,000/- under section 69A of t....

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....of cash for several months prior to its deposit during the demonetization period. He, therefore, submitted that the Ld.AO had rightly invoked the provisions of section 69A of the Act and prayed that the addition sustained by the Ld. CIT(A) be upheld. 5. We have heard the rival submissions and perused the material available on record. It is an undisputed fact that the assessee deposited cash aggregating to Rs. 11,40,000/- in her three bank accounts during the demonetization period. The assessee explained that the source of the cash comprised marriage gifts received at the time of her marriage solemnized on 01.05.2016, past savings, and cash retained at home to meet any medical emergency concerning her specially-abled step-son and ailing m....