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2021 (2) TMI 72 - AT - Income TaxUnexplained cash deposit in bank account u/s 69A - story created by assessee for withdrawing the amount for settlement of the matrimonial dispute - assessee made cash deposit of ₹ 15 lakhs in her bank account during demonetization period - HELD THAT:- Amounts withdrawn earlier in year 2014 from the bank account of the assessee was in ten installments of ₹ 1 lakh to ₹ 3 lakh respectively. When the matrimonial dispute was not settled till August, 2019, there was no reason for the assessee to keep the cash at home. When assessee made cash deposits of ₹ 15 lakhs in three installments in her bank account in November, 2016, would lead to irresistible conclusion that assessee was keeping unaccounted cash money of ₹ 15 lakhs with her at the time of demonetization period and the assessee realizing that such currency cannot be used anywhere, she deposited same in her bank account and purposely the return of income was filed belatedly on 25.03.2018 after expiry of the period provided u/s 139(1) for filing of the return of income within the period of limitation. There is a contradiction in the explanation of the assessee made before AO as well as before Ld. CIT(A). Thus assessee failed to explain the source of cash deposit in her bank account during demonetization period. Thus, assessee failed to explain the sources, therefore, no interference is called for in the matter. - Decided against assessee.
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