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2023 (3) TMI 394 - AT - Income TaxUnexplained deposit of cash in the two Bank Accounts - case was selected for limited scrutiny through CASS for the issue “cash deposit during the demonetization period” - HELD THAT:- Admittedly, it is an undisputed fact that the assessee has been regularly filing her income tax returns for past several years as tabulated hereinabove reporting substantial income in her hands. Deposit of cash in Bank accounts during the demonetization period arose out of unavoidable circumstances, which prevailed during that time. The amount deposited by the assessee which is adequately substantiated and supported by gross total income as well as the exempt income reported by her in regular returns of income, placed on record. There is nothing brought on record by the authorities below to demonstrate anything otherwise or contrary in respect of the returns filed by the assessee. No justification in the approach adopted by AO in making an addition of Rs.5,50,000/- by giving an adhoc relief of Rs.1,00,000/- on an estimate basis by assuming that the assessee had cash in hand of Rs.1,00,000/- on 08.11.2016 i.e. on the date of announcement of demonetization. We accordingly direct the ld. Assessing Officer to delete the addition made in this respect. Accordingly, the grounds taken by the assessee are allowed.
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