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2022 (8) TMI 246 - Income Tax
Unexplained money u/s. 69A - cash deposited during the demonetization period - HELD THAT:- The cash loan of Rs. 50,00,000/- said to be received by the assessee from Ramesh Corporation is being clearly reflecting in the bank account of the assessee and the assessee had withdrawn Rs. 50,00,000/- on 02.01.2014. The assessee submission of redeposit of a sum of Rs. 37,00,000/- in her bank account of Bank of Baroda is also reflecting in the bank statement. So, the remaining cash in hand of Rs. 12,78,000/- in which the assessee made deposit of Rs. 12,75,000/- during the demonetization period.
The assessee’s explanation that the demonetized currency notes of Rs. 500/- and Rs. 2000/- available with the assessee as cash in hand were being deposited during the demonetization period. Thus the same cannot be treated as not properly explained by the assessee. As it can be seen from the bank statement, the source of withdrawal of the money is being clearly demonstrated and their deposit of money on various occasions is also established by the assessee through her bank account. The same cannot be doubted by the Assessing Officer as unexplained money.
As relying on SHAILESHKUMAR RASIKLAL MEHTA [2013 (11) TMI 1600 - GUJARAT HIGH COURT] and MANOJ INDRAVADAN CHOKSHI [2014 (8) TMI 1042 - GUJARAT HIGH COURT] we have no hesitation in allowing the grounds raised by the assessee and the impugned addition made by the Assessing Officer u/s. 69A is hereby deleted. - Decided in favour of assessee.