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2023 (3) TMI 409 - AT - Income Tax
Addition u/s 69A - Unexplained cash deposits during demonetization period - unexplained income of the Appellant - case was taken up for limited scrutiny under CASS for depositing cash during the demonetization period - Assessee explained it as savings and gifts received by the appellant on occasion of first marriage and also on occasion of fixation of second marriage in 2016 - as contended that depositing money in bank account is one form of investment on which the assessee was earning interest and the addition could have been made u/s 69 only and not u/s 69A - HELD THAT:- The assessee has not filed any cash flow statement. However, it cannot be presumed that assessee was not having any cash in hand or past savings. Looking to the facts and circumstances, I deem it fit and proper to restrict the addition to the extent of 30%. I order accordingly.