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2021 (9) TMI 974 - AT - Income TaxUnexplained money u/s. 69A - explanation to source of income - AO observed that assessee was withdrawing pension to meet his family expenditure and the contention of the assessee that the sum as the accumulated withdrawals over a period of 6 to 7 years is not acceptable and not convincing - HELD THAT:- As the assessee is an old aged person and therefore it is acceptable that he would keep certain cash with him to meet his personal and medical exigencies. The source of income of the assessee is stated to be his pension which is regularly deposited into his bank accounts and as observed from the bank statements, as soon as the pension is deposited, the assessee is withdrawing certain part of it to meet his personal needs. Therefore, it cannot be accepted that the entire withdrawals are kept aside by him which have since been deposited by him. The assessee's argument that provisions of sec. 69A are not applicable is also not acceptable because the assessee has not been able to explain the sources of the entire deposit of ₹ 10 lakhs into his bank account on a single day i.e. on 19.11.2016 after the announcement of de-monetization in November, 2016. In the interest of justice, the issue is set aside to the file of the A.O. with a direction to re-examine the issue and after allowing reasonable estimation of expenditure towards household & medical expenses, over the years, the balance of withdrawals are to be treated as explained and only the unexplained portion to be treated as income u/s. 69A of the Act. The issue of interest u/s. 234A is also remanded to the AO. Assessee's appeal is partly allowed for statistical purposes.
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