TMI Blog2022 (9) TMI 924X X X X Extracts X X X X X X X X Extracts X X X X ..... merits and has not contended the explanation of the assessee. As stated in the submission that the assessee was not able to present before the CIT(A) due to the fact that the appellant expired on 23.10.2020 thereafter her husband also expired on 03.11.2020. The copy of the death-certificate of the assessee and her husband are being enclosed - In these circumstances here the genuine cause for non-appearance before the CIT(A). We are in opinion that the assessee has sufficient cause during the depositing of cash in her bank account. The heafty amount was withdrawn 70 days ago for utilising the same for the business of her son. Unused amount was deposited in the same bank account of the assessee. The source of deposit of cash was well ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee submitted that the amount which was deposited during the demonetisation period was withdrawn 70 days ago from same bank account. The assessee was 77 years old and the amount was withdrawn for contributing the fund for business of the son. Later on, the amount was not required and unused fund was deposited in the same bank account. The plea of the assessee was not adjudicated /considered by the ld. AO the amount of Rs.16,30,000/- was added back with the total income of the assessee under undisclosed source of income. 3. Aggrieved assessee filed an appeal before the ld. CIT(A). Without considering the fact the ld. CIT(A) upheld the order of the AO. 4. Being aggrieved assessee filed an appeal before us. 5. The counsel for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... saving account from Chheharta branch as detailed below: Sr. No. Date of withdrawal Amount of withdrawal 1. 30.08.2016 Cheque No.6 Rs.15,00,000/- 2. 30.08.2016 Cheque No.7 Rs.15,00,000/- Total Rs.30,00,000/- 5.2 Mr. Kapoorargued that the assessee had the income from house property and income from other sources and age was 77 years old during the time of demonetization. The assessing authority in his order wrongly mention that the gap of between withdrawal and deposit of the cash was seven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sure Scheme- Thereafter kept lying in assessee's house with his wife till her death- ITO questioning its source after the same had subsequently been deposited with a bank in the names of assessee's then major daughters-In the absence of any evidence to the effect that the said sum was utilized by the assessee in any other manner, the Department was not justified in unreasonably rejecting a good explanation and adding the amount as income from undisclosed sources-Further, the addition, if at all possible, could have been made only in the daughters' hands-There was no provision in 1922 Act analogous to s. 69 of 1961 Act. 2. 2021 (5) TMI 518 - ITAT VISAKHAPATNA M M/S SRI VENKATESWARA CONSTRUCTION S VERSUS ACIT, CIRCLE-5 (1) V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come from business or profession. Therefore, the claim of the 77.5-year-old lady assessee that she withdrawn heavy amount of cash amounting Rs. 30,00,000/- for investing/running business and the same money was deposited after the gap of seven months carries no weight. I find that due to compulsion of demonetization, the money from undisclosed sources of income was deposited in the bank in order to exchange the old currency into new currency. From the perusal of Income Tax Return filed by the assessee, I find that there is no any capital account maintained by the assessee in ITR filed by her. The assessee is showing meagre amount to taxable income of Rs.2,43,850/- and after the perusal of assessment record I find that as per assessment recor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the CIT(A) due to the fact that the appellant expired on 23.10.2020 thereafter her husband also expired on 03.11.2020. The copy of the death-certificate of the assessee and her husband are being enclosed in page no. 10 to 11 of the APB . In these circumstances here the genuine cause for non-appearance before the CIT(A). We are in opinion that the assessee has sufficient cause during the depositing of cash in her bank account.Theheafty amount was withdrawn 70 days ago for utilising the same for the business of her son. Unused amount was deposited in the same bank account of the assessee. The source of deposit of cash was well explained before the revenue authorities by the assessee. In our considered view, therefore, the ld. Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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