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2022 (3) TMI 1500 - ITAT DELHIUnexplained deposits in bank account - mismatch of denominations - amount was withdrawn with the denomination of notes 500 X 3000 WHILE when deposited the denominations were 500 X 1600 and 1000 X 700 - HELD THAT:- The amount as not lying with the assessee for the unreasonable period after withdrawal and also there was a reason out of legal compulsion to deposit the demonetizes currency notes in the bank. Had there been no such legal requirement, assessee may not have deposited the amount back and may have used it for the purpose for which it was allowed to be withdrawn by its bankers in KCC Limit account. Since before demonetization, there was no reason to deposit back the currency notes so there could have been no prudent reasoning for the assessee to have kept the same currency notes of the denominations as received from bank. Ld. F.A.A. has appreciated the facts and circumstances while giving a finding and appreciable reasons for change in the denominations of the holding but restricted relief to Rs. 3,50,000/-. The Bench is of the considered view that when the onus casted on the assessee is considered to be plausible then it has to be accepted on the whole unless there are legal and factual grounds to disbelieve the explanation in part. The aforesaid discussion of the facts and circumstances, leaves no doubt in the mind of the Bench that assessee had successfully discharged its onus of explaining that the deposit of Rs. 15,00,000/- in the bank account were his own funds, as withdrawn form the same bank account and no considerable reason has been cited by the Ld. F.A.A. to have partly allowed the appeal, while reducing the addition from Rs. 7,00,000/to Rs. 3,50,000/-, and same needs interference in this appeal - AO is directed to delete the complete addition of Rs. 7,00,000/- made u/s 69A - Appeal of the assessee stands allowed.
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