TMI Blog2022 (11) TMI 235X X X X Extracts X X X X X X X X Extracts X X X X ..... urther verification for the cash deposit up to Rs. 2,50,000/- is required to be made. Assessee has also filed bank statements of the father, mother and wife wherein absolutely no cash deposits have been made. As pleaded that the amount lying with the parents of smaller amounts has also been deposited in the bank account of the assessee. Even discarding this pleading, since the withdrawals and the amounts declared u/s.10(23)(c) in the returned income adequately proves the sources of cash deposits, no addition in this case is warranted - Appeal of the assessee is allowed. - ITA No. 1445/Del/2022 - - - Dated:- 14-10-2022 - Dr. B.R.R. Kumar , Accountant Member Assessee by : Sh. Gaurav Gupta, CA Revenue by : Sh. Om Parkash , Sr. DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the details of deposit and withdrawal: Period (Fin.Year-2016-17) Bank A/c No. Cash deposit Cash withdrawal 1st April to 8th Nov (before demonetization) 31401551375 6,24,800 8,59,000 9th Nov to 30th Dec (During demonetization) 31401551375 7,56,000 31st December to 31 March (after demonetization) 31401551375 1,66,000 Deposited in Loan account 873398 2,84,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nied on the fact, due to demonetization assessee had to deposit notes of Rs. 500 and Rs. 1000 as they were no longer considered as legal tender. Addition was purely made considering the facts circumstances during demonetization period, 8th November to 30th December, only is confirmed on the basis of vague assumption against factual scenario is not maintainable in the eyes of law, which is not fair just and equitable but confiscatory and ex-proprietary. 4. Ld. CIT(A] has erred in law as well as on facts in passing order u/s. 250 of the income tax Act and without affording adequate opportunity to the assessee. 5. Para 5 of the impugned order provides that assessee has not provided source of income of any other family member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n having only agriculture income not required to file ITR. (c) To conclude as per section 139(1) read with the section 10(1) of the Income Tax Act, 1961 Assessee father's income is within the prescribed limit as stipulated in section-139 of Income Tax Act, 1961 and a person having agriculture income shall be exempted from income tax, hence assessee's father neither required to file ITR and nor required to maintain any books of account. Assessee mother is home maker and having a small property located at BC-119C East Shalimar Bagh, on which she was earning rental income of approx. 1.50 lakhs to 2 lakhs Per annum' As per Hindu Law, Streedhan is whatever a woman receives during her life time. Streedhan includes a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , if any, in relation to maintenance of books of accounts then only the provision of section 69A can be attract in this case. As per provision of section 69A, if person neither required nor maintaining any books of account, shall only explain the source of money, bullion, jewellery or other valuable article received, in this respect assessee has duly explained all the source of amount so deposited. 7. As assessee parent are old and assessee had just faced a tragedy of wife immature death, assessee decided to deposit cumulative saving of whole family for the purpose to protect of his old parent from the chaos and other accidents reported during demonetization period. We all have heard various accidental, strokes, heart attack, and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee has shown in his return of income an amount of Rs. 3,00,000/- as gifts from friends and relatives u/s. 10(23)(c) as shown in column B-15 in ITR-V which has been duly accepted by the revenue authorities. Further the assessee has relied on the CBDT Instruction No. 3/2017 dated 21.02.2007 wherein it was instructed that no further verification for the cash deposit up to Rs. 2,50,000/- is required to be made. The assessee has also filed bank statements of the father, mother and wife wherein absolutely no cash deposits have been made. It was pleaded that the amount lying with the parents of smaller amounts has also been deposited in the bank account of the assessee. Even discarding this pleading, since the withdrawals and the amounts decla ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
