TMI Blog2022 (6) TMI 897X X X X Extracts X X X X X X X X Extracts X X X X ..... treated as gross receipts from profession and 50% of such deposits be treated as income from profession during the assessment year in question. Accordingly, ground no. 2 raised by the assessee is partly allowed. We find that since the cash deposit pre-demonetization has been accepted as Business/Profession receipt by Ld. AO, the remaining deposit of Rs. 13,00,000/- post demonetization should also be treated as Business Income as no adverse finding is given by Ld. AO in this regard except the allegation of cash deposit post demonetization and therefore, provisions of section 69A r.w.s 115BBE of the Act will not apply on the said deposits. Thus, ground no. 3 is allowed - ITA No. 614/Kol/2021 - - - Dated:- 17-6-2022 - Shri Manish Bora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atter is not justified in sustaining addition of Rs.20,67,8211- made by the Ld. AO. 3. For that the Ld. Appellate Authority in consideration of the facts and circumstances of the case, is not justified in confirming Rs. 13,00,000/- added u/s 69A read with Section 115BBE of the IT Act, 1961 by the Ld. AO. 4. For that the Ld. Appellate Authority in consideration of the facts and circumstances of the matter, dismally failed to apply his mind to the issue of legal tender and legality of application of section 115BBE of the IT Act, 1961. 5 For that the appellant reserves his right to add to, to alter, to amend the rounds and to adduce a er and document at the time of hearing. 4. Brief facts of the case are that the Ld. AO issued noti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion in demonetized note of Rs.500/- during demonetization UBI, Joyrambati Branch 1421010100006 25,22,500/- 22.11.16 1000x700 16.11.16 500x400 22.11.16 500x400 PNB, Gopinathpur Branch 1027000100022722 2,00,000/- 28.11.16 1000x20 Total Rs. 27,22,500 5. The Ld. AO assessed the income of assessee at Rs. 20,67,821/- [ Rs. 7,11,250 + Rs. 13,56,571] after making addition of Rs. 7,11,250/- [ 50% of Rs. 27,22,500 Rs. 13,00,000/-] as income from profession, Rs. 13,00,000/- cash deposit post demonetization as undisclosed income and undisclosed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts of Rs. 13,00,000/- made post demonetization treated as undisclosed income u/s. 69A r.w.s 115BBE of the Act. 10. Taking into consideration this factual position, we are of the view that this dual action of the ld. AO in making said addition on the same issue is not justified and as such we hold that the total cash deposit in bank account i.e. Rs. 27,22,500/- ( which includes the deposits during post demonetization period totalling Rs. 13,00,000/-) to be treated as gross receipts from profession and 50% of such deposits be treated as income from profession during the assessment year in question. Accordingly, ground no. 2 raised by the assessee is partly allowed. 11. As far as Ground No. 3 is concerned, we find that since the cash d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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