TMI Blog2022 (6) TMI 800X X X X Extracts X X X X X X X X Extracts X X X X ..... re cash is out of cash generated out of rental income and other incomes. When a specific query was raised by the Bench, as regards to noting made by AO as well as CIT(A) that the closing cash as on 31.03.2006 is nil as per ITR, as explained that in ITR the assessee is declaring business cash in hand and not the cash in hand kept in individual capacity and earned out of rental income. He explained that the assessee is maintaining personal accounts in his individual capacity and business account in his proprietorship capacity for business purposes in which, the cash in hand is nil . When these facts were confronted to ld. Senior DR, she could not reply anything about the cash balance available in the cash book and the rental income e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act. For this, assessee has raised various grounds numbering into 11, which are statement of facts and argumentative in nature. Hence, we need not to reproduce the same. 3. Brief facts are that the AO during the course of assessment proceedings noticed that the assessee has deposited cash in his bank account to the tune of Rs.36.73 lakhs during the demonetization period that represents SBNs and the details are as under:- Bank Account Number Bank Nature of Account Cash deposit during Demonetization period Total Cash deposit in SBN (demonetized currency) 81210100074507 Andhra Bank Savings Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s under:- (i) Statement of Income for A.Y. 2017-18 (ii) Rental Income Property Wise for AY 2017-18 (iii) Month wise and Tenant Wise details of rent received (iv) Balance Sheet and Profit Loss A/c for the period 01.04.2014 to 31.03.2015 (v) Cash Book for the period 1-Apr-2015 to 31 Mar 2016 (vi) Balance Sheet and Profit Loss A/c for the period 01.04.2015 to 31.03.2016 (vii) e-Proceedings Response Acknowledgement enclosing Cash Book for the period 01.04.2016 to 31.03.2017 (viii) Details of Amount deposited in Bank during the Demonetization period (ix) Balance Sheet and Profit Loss A/c for the period 01.04.2016 to 31.03.2017 The ld.counsel for the assessee before us explained from the statement of income, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the name of assessee s son. But, however he explained the entire cash is out of cash generated out of rental income and other incomes. 6. When a specific query was raised by the Bench, as regards to noting made by AO as well as CIT(A) that the closing cash as on 31.03.2006 is nil as per ITR, the ld.counsel explained that in ITR the assessee is declaring business cash in hand and not the cash in hand kept in individual capacity and earned out of rental income. He explained that the assessee is maintaining personal accounts in his individual capacity and business account in his proprietorship capacity for business purposes in which, the cash in hand is nil . When these facts were confronted to ld. Senior DR, she could not reply anything ..... X X X X Extracts X X X X X X X X Extracts X X X X
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