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2022 (6) TMI 800 - AT - Income TaxUnexplained cash deposits - Specified Bank Notes (SBNs) deposited into assessee’s savings bank account with Andhra Bank during the demonetization period as unexplained money u/s.69A - HELD THAT:- As ld.counsel then took us through the cash book balance as on 17.11.2016, wherein cash balance is Rs.60,83,257/- and out of this cash, these cash was deposited on various dates and he correlated these entries with the deposits i.e., 36.73 lakhs.- assessee also clarified that in assessee’s case deposits was to the tune of Rs.35.53 lakhs and Rs.1.20 lakhs was in the name of assessee’s son. But, however he explained the entire cash is out of cash generated out of rental income and other incomes. When a specific query was raised by the Bench, as regards to noting made by AO as well as CIT(A) that the closing cash as on 31.03.2006 is ‘nil’ as per ITR, as explained that in ITR the assessee is declaring business cash in hand and not the cash in hand kept in individual capacity and earned out of rental income. He explained that the assessee is maintaining personal accounts in his individual capacity and business account in his proprietorship capacity for business purposes in which, the cash in hand is ‘nil’. When these facts were confronted to ld. Senior DR, she could not reply anything about the cash balance available in the cash book and the rental income earned by the assessee month-wise and tenant-wise and rent earned in cash. The complete paper-book was confronted to ld. Senior DR but she could not controvert the above fact situation. After going through the facts in entirety, we noted that the source of cash is rental income from where the assessee has generated cash to which was deposited in the bank accounts as mentioned above. Hence, we treat the cash as explained and allow the appeal of the assessee on this issue.
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