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2022 (11) TMI 235 - AT - Income TaxUnexplained money u/s. 69A - amount deposited in bank account of the assessee during the demonetization period - HELD THAT:- As amount has been deposited before 8th November, 2016 and an amount has been deposited during the demonetization period. We have examined the cash withdrawal which are to the tune - The assessee has shown in his return of income an amount of Rs. 3,00,000/- as gifts from friends and relatives u/s.10(23)(c) as shown in column B-15 in ITR-V which has been duly accepted by the revenue authorities. Further the assessee has relied on the CBDT Instruction No. 3/2017 dated 21.02.2007 wherein it was instructed that no further verification for the cash deposit up to Rs. 2,50,000/- is required to be made. Assessee has also filed bank statements of the father, mother and wife wherein absolutely no cash deposits have been made. As pleaded that the amount lying with the parents of smaller amounts has also been deposited in the bank account of the assessee. Even discarding this pleading, since the withdrawals and the amounts declared u/s.10(23)(c) in the returned income adequately proves the sources of cash deposits, no addition in this case is warranted - Appeal of the assessee is allowed.
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