TMI Blog2022 (11) TMI 820X X X X Extracts X X X X X X X X Extracts X X X X ..... same was redeposited. Hence, in my considered opinion, orders of the authorities below are not sustainable and accordingly, the same are set aside and the issue is decided in favour of the assessee. - ITA No. 1252/Del. /2022 - - - Dated:- 15-11-2022 - SHRI SHAMIM YAHYA , ACCOUNTANT MEMBER ASSESSEE BY : None REVENUE BY : Shri Om Prakash, Sr. DR ORDER This appeal by the assessee is directed against the order of the National Faceless Appeal Centre (NFAC) dated 31.03.2022 for the assessment year 2017-18. 2. The grounds of appeal read as under :- 1. That the order of learned CIT (A) is bad in law, against facts of the case and equity. 2. That on the facts and in the circumstances of the case and in law, l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was done to the above. AO proceeded to compute the unexplained cash deposit of Rs.75,000/- as unexplained by holding as under :- 5. From all these facts, it is clear that the assessee has failed to prove the fact that the same cash was redeposited in the bank account on 10.11.2016. On 05.11.2016 the assessee has made cash withdrawals of Rs.50,000/- in 100 rupee notes, which has also been shown as redeposited in old currency. Thus, the assessee has deposited Rs.50,000/- from undisclosed sources in old currency. The source of income of the assessee is only rental income and interest from saving bank and interest from parties. The assessee has also shown cash deposited of Rs.25,000/- during years. In view of the nature of source of incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat he has given careful consideration and sufficient opportunities to the assessee and the sum of Rs.75,000/- remained unexplained wherein ld. CIT (A) took great emphasis that assessee has not appeared before him and sustained the order of AO. 6. Against this order, assessee filed an appeal before us. We have heard ld. DR for the Revenue and perused the records. None appeared on behalf of the assessee despite several notices which have been returned unserved. 7. Upon careful consideration, we note that assessee has duly explained before the AO that amount withdrawn from the bank was redeposited after a lapse of very few days in the same bank. In my considered opinion, authorities below are not justified in disallowing the small sum o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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