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2019 (2) TMI 1203 - ITAT KOLKATAPenalty u/s 271(1)(c) - addition of cash deposits - withdrawing cash from one account and re depositing in another account - HELD THAT:- There was no rational in withdrawing cash from one account and re depositing in another account because she could have issued cheques or RTGS. Although this view taken by the AO was accepted by the assessee and the addition made on account of unexplained cash deposits was not disputed by her in appeal, the fact remains to be seen is that there were withdrawals made by the assessee in cash from her bank account with UBI and source of cash deposits to that extent was explained. As rightly contended on behalf of the assessee before the authorities below as well as the before the Tribunal, the assessee had declared a total income of ₹ 5,38,680/- for the year under consideration while her husband had declared a total income of ₹ 32,30,900/- for the year under consideration and keeping in view this quantum of family income declared for the year under consideration as well as for the earlier years, the availability of cash to the extent of ₹ 1,55,000/- out of savings of the year under consideration as well as earlier years cannot be doubted. We are of the view that even though the addition of ₹ 1,55,000/- on account of unexplained cash deposits was made by the AO and the same was accepted by the assessee, the said amount cannot be considered as concealed income of the assessee for imposition of penalty u/s 271(1)(c). - Decided in favour of assessee.
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