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2022 (6) TMI 897 - AT - Income TaxUndisclosed income u/s. 69A r.w.s 115BBE - deposits made post demonetization period - transaction/bank deposits made by the assessee, one pre-demonetization period deposits, which AO treated as income from profession of the assessee and 50% of such deposits treated as income from profession - HELD THAT:- We are of the view that this dual action of the ld. AO in making said addition on the same issue is not justified and as such we hold that the total cash deposit in bank account i.e. Rs. 27,22,500/- ( which includes the deposits during post demonetization period totalling Rs. 13,00,000/-) to be treated as gross receipts from profession and 50% of such deposits be treated as ‘income from profession’ during the assessment year in question. Accordingly, ground no. 2 raised by the assessee is partly allowed. We find that since the cash deposit pre-demonetization has been accepted as Business/Profession receipt by Ld. AO, the remaining deposit of Rs. 13,00,000/- post demonetization should also be treated as Business Income as no adverse finding is given by Ld. AO in this regard except the allegation of cash deposit post demonetization and therefore, provisions of section 69A r.w.s 115BBE of the Act will not apply on the said deposits. Thus, ground no. 3 is allowed
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