2023 (3) TMI 615 - AT - Income Tax

Addition as unexplained money u/s. 69A - HELD THAT:- Addition is reduced by the CIT(A) to the extent of ₹.2.50 lakhs by not agreeing with the submissions of the assessee that this money was from her mother. Before us, at the time of hearing assessee has filed an affidavit/confirmation that assessee’s mother has given ₹.2.5 lakhs to her daughter.

We observe that assessee has deposited excess money after the completion of her daughter marriage and the disputed amount is only ₹.2.5 lakhs which is less than the amount specified in Instruction NO. 3/2017 by CBDT in relation to cash deposits during demonetization period. The cash deposited by the assessee is within the limit prescribed under above said instructions of the CBDT. Therefore, the addition sustained by the CIT(A) is accordingly deleted and the appeal filed by the assessee is accordingly allowed.