2023 (5) TMI 1004 - AT - Income Tax

Unexplained cash deposit in two separate bank accounts - HELD THAT:- CIT(A) not accepted the explanation of the assessee that cash deposit in the bank account was out of past savings as there was cash withdrawal of Rs. 50,000/- and Rs. 80,000/- only.

Remaining additions were upheld by ld CIT(A) by taking view that assessing officer made addition as no evidence was furnished about agriculture income and past savings. CIT(A) further held that the assessee has not shown agriculture income in his return of income and upheld that addition to the extent of Rs.5.00 lakhs only. Before us assessee has not filed any evidence of agriculture income or any evidence about the retiring benefits from GSRTC. Also noted that the CIT(A) has already granted the substantial relief from addition of cash deposits, therefore, no reason to grants further relief to the assessee. Hence, ground No.1 of the appeal is dismissed.

Taxing the addition u/s 115BBE - CIT(A) confirmed the action of assessing officer in taxing the addition at higher rate by simply holding that section 115BBE was inserted by Finance Act 2012, w.e.f. 01.04.2014 - HELD THAT:- We direct the assessing officer to tax the addition at the normal rate of tax applicable prior to Second Amendment Act 2016. In the result, ground No.2 of the appeal is allowed.