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2024 (3) TMI 518 - ITAT SURATCash deposit into bank during demonetization period u/s 69A - as per revenue documentary evidences furnished by the assessee are not acceptable - As per assessee transaction has recorded in books of accounts with proper source of deposit - HELD THAT:- In our considered view, it was wholly erroneous on the part of the authorities below to sustain the addition whereas the assessee has in his possession all the possible evidences to demonstrate that cash was deposited out of known sources. We note that cash was deposited in the bank account out of the assessee`s opening cash balance available with the assessee and withdrawal from bank. Apart from this certain amount has been deposited out of agricultural income. The return of Income for AY 2016-17 has already been accepted by the Department wherein the assessee has also shown agricultural income. We note that AO has also accepted the books of account maintained by assessee and no defect in the books has been pointed by AO. We note that assessee has practically submitted all possible evidences in support his claim. When the evidence available with the assessee supports the claim of the assessee, the Assessing Officer was not right in suspecting the same on the basis of mere surmises and conjectures. (Om Prakash K Jain and Ors.[2009 (1) TMI 453 - BOMBAY HIGH COURT] AO has not discussed any of the evidences submitted by the assessee in detail. No word as to why these documentary evidences furnished by the assessee are not acceptable to the Assessing Officer. The Assessing Officer has not found any defect / irregularities in the books of accounts. Based on this factual position we delete the addition. Since, we have deleted the entire addition therefore no question arises to tax the income of the assessee u/s 115BBE of the Act. Appeal filed by the assessee is allowed.
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