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2023 (12) TMI 543 - AT - Income TaxUnexplained cash deposits u/s 68 - Addition made invoking provisions of Section 115BBE - time gap between the withdrawal and the deposit of cash withdrawal - addition made during demonetization period - contention of assessee that the assessee was regularly making withdrawal from bank for incurring some expenses so they will not keep such huge cash in safe from October, 2012 and to deposit during demonetization period only - HELD THAT:- The only basis for doubting is the long period, therefore, keeping in view the return of income offered by assessee and the cash deposit during demonetization period, the assessee is given benefit of doubt to the extent of 50% of cash deposit made available with the assessee as no adverse material is brought on record by the AO - also explanation offered by the assessee is also not cogent and does not find suitable space in human probabilities. Therefore, keeping in view the entire fact and circumstances, the addition to the extent of 50% is deleted and rest of the addition is confirmed/upheld. In the result, ground No.1 of the appeal is partly allowed. Addition under amended provisions of Section 115BBE - Division Bench of this Tribunal in Samir Shantilal Mehta [2023 (5) TMI 1279 - ITAT SURAT], Arjunsinh Harisinh Thakor [2023 (6) TMI 770 - ITAT SURAT] and in Jitendra Nemichand Gupta [2023 (6) TMI 1338 - ITAT SURAT] and Punjab Retail Pvt. Ltd [2021 (11) TMI 405 - ITAT INDORE] and Sandesh Kumar Jain [2022 (11) TMI 126 - ITAT JABALPUR] held that applicability of amended provision of section 115BBE is not retrospective. Thus, the Assessing Officer is directed to tax the remaining addition @ 30% and applicable surcharges if any. In the result, the ground of appeal raised by the assessee is partly allowed.
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