Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (5) TMI 360 - ITAT LUCKNOWAddition u/s 69A read with section 115 BBE - house hold expenses - assessee deposited in cash in bank accounts during the period of demonetization - assessee during the period of demonetization had deposited cash in saving bank account in Vijaya Bank and Assessing Officer had added back the entire amount by rejecting the explanation of the assessee that some of the deposits were made out of earlier cash withdrawal which were kept with his brother Shri Anil Singh - HELD THAT:- A total addition of Rs. 17,57,130/- was made by the Assessing Officer. Before the Ld. CIT(A) the assessee explained the sources of cash deposits which were out of receipt from his brother and out of withdrawals from the bank account. The Ld. CIT(A) while agreeing the submissions of the assessee has allowed substantial relief to the assessee but upheld an addition of Rs. 2.00 lacs by holding that there must be some expenditure which the assessee must have used for household expenses. While holding so, it has escaped the attention of Ld. CIT(A) that in the position of cash as on 18.11.2016 the assessee had already reduced an amount of Rs. 2,92,872/- as withdrawals of household expenses therefore further sustenance of Rs. 2.00 lacs on account of assumed household expenses is not justified and therefore delete the same. Appeal of assessee allowed.
|