TMI Blog2022 (12) TMI 842X X X X Extracts X X X X X X X X Extracts X X X X ..... epting the explanation offered by the assessee. In the absence of any evidence by the assessing authority that the amount which was available in the form of withdrawals from bank was utilized by the assessee for any other purpose, the addition cannot be sustained. Therefore, hereby direct the Assessing Officer to delete the addition. Grounds raised by the assessee are allowed. - ITA No. 1598/DEL/2022 - - - Dated:- 13-12-2022 - Shri Kul Bharat, Judicial Member For the Assessee : Shri Gurjeet Singh, CA And Shri Shantanu Jain Adv. For the Department : Shri Sumesh Swani, Sr. DR ORDER PER KUL BHARAT, JM: This appeal, by the assessee, is directed against the order of the learned Commissioner of Income-tax (Appeals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed scrutiny through CASS for verification of cash deposits during demonetization period. 3. The Assessing Officer observed that assessee had deposited a total sum of Rs. 12,15,000/- during the demonetization period. In response to the query of the Assessing Officer the assessee explained the source being the cash withdrawn on earlier occasion from 1.4.2016 to 7.11.2016 amounting to Rs. 13,59,000/-. The Assessing Officer did not accept the explanation offered by the assessee. He made addition of Rs. 7,15,000/- out of total deposit of Rs. 13,59,000/-. The assessee carried the matter before the learned CIT(Appeals), who also sustained the addition made by the Assessing Officer and the appeal of the assessee was dismissed. Aggrieved, the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tes. The claim of the appellant appears to be un-reliable as the withdrawal of amounts appears to be for the purpose of personal and household expenses which were withdrawn almost every month. There is no logic in withdrawal of additional cash unless the cash in hands of appellant are spent and exhausted. The appellant failed to provide any evidence or purpose for the accumulation of cash in his hands. Therefore, I find that the Assessing Officer was reasonable to consider the cash withdrawal of Rs. 5 lakhs on 04.11/2016 being close to demonetization date as part of the cash deposited by the appellant during demonetization period and to disallow remaining amounts. In view of these facts, I have no reasons to interfere with the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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