2026 (8) TMI 1472

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....spondent : Ms. Madhulika Satpute, Sr. D.R. ORDER PER SANJAY GARG, JUDICIAL MEMBER: The present appeal has been filed by the assessee against the order of the Ld. Addl/Joint Commissioner of Income Tax (Appeals)-1, Ludhiana, (hereinafter referred to as "CIT(A)"), dated 21.01.2026 passed under Section 250 of the Income Tax Act, 1961 (hereinafter referred to as the "Act") and relates to Asses....

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....n bank prior to and post demonetization period and major portion of the cash deposits were out of specified notes and made by self, the Assessing Officer (in short 'the AO') assessed Rs. 17,60,000/- as unexplained income u/s 68 of the Act. 4. Being aggrieved by the order of the AO, the assessee came in appeal before the Ld. CIT(A). The CIT(A) vide his order dated 21.01.2026 held that the assess....

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....mount to double taxation. 7. The Ld. D.R. relied on the order of the ld. CIT(A). She has further submitted that total cash deposited in bank in previous financial year 2015-16 was Rs. 21,000/- only and the corresponding figure of total cash deposited in financial year 2016-17 was Rs. 16,85,000/- and the entire amount has been deposited during the period of demonetization. 8. We have heard bo....

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....l not be a case of income of the assessee from undisclosed sources. The assessee has already offered the profit embedded in the cash sales for taxation. So far as the increase in deposit during demonetization period as compared to earlier months is concerned, on the announcement of demonetization scheme, the citizens were not allowed to make transaction in cash in demonetized currency. Therefore, ....