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2020 (11) TMI 703 - AT - Income TaxUnexplained cash deposits u/s 69A - unexplained money - addition made u/s 69A was levied at the rate of 60% in view of the provisions of section 115BBE - HELD THAT:- Assessment for assessment year 2017-2018 was completed u/s 144 prior to the date of filing of the return (assessment was completed on 25.09.2019). The assessee in the paper book has also filed Form 26AS for the assessment years 2015-2016, 2018-2019, etc. On perusal of Form 26AS for the above mentioned assessment years shows huge cash deposits and withdrawals.The assessment year 2018-2019 there are cash deposits of ₹ 49,94,230 and cash withdrawals of ₹ 60,54,406. There is some truth in assessee’s contention that cash deposits are attributable to agricultural / trading activities and entire cash deposits in the current account of the assessee cannot be treated as unexplained money and brought to tax u/s 69A. One more opportunity should be granted to the assessee to prove his case that cash deposits are attributable to the agricultural / trading activities. For the above said purpose, the issue raised in this appeal is restored to the Assessing Officer - Appeal filed by the assessee is allowed for statistical purposes.
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