TMI Blog2023 (3) TMI 1314X X X X Extracts X X X X X X X X Extracts X X X X ..... nd circumstances of the case and financial transactions of the assessee. Therefore no justification in treating Rs. 6.00 lacs as unexplained cash credit. In the result, the grounds taken by the assessee are allowed. - ITA No. 206/Srt/2022 - - - Dated:- 24-3-2023 - Shri Pawan Singh, Judicial Member For the Assessee : Shri Mehul Shah, CA For the Department : Shri Vinod Kumar, Sr. DR ORDER UNDER SECTION 254(1) OF INCOME TAX ACT PER: PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by the assessee is directed against the order of learned National Faceless Appeal Centre, Delhi (NFAC)/Commissioner of Income Tax (Appeals), (in short, the ld. CIT(A)) dated 28/06/2022 for the Assessment year (AY) 2017-18 wherein the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asked to furnish bank statement maintained with ICICI bank. As per direction of Assessing Officer, the assessee furnished bank statement. On perusal of such bank statement, and as per AIR information available with Assessing Officer, the Assessing Officer noted that the assessee made cash deposit of Rs. 9.90 lacs on 24/11/2016 and Rs. 6.00 lacs on 30/11/2016. The Assessing Officer asked to furnish the details of cash in hand on 24/11/2016 as well as on 30/11/2016. The assessee filed his submission dated 27/11/2019 and submitted that the cash deposit made during demonetization period of Rs. 15.90 lacs is from his own savings, withdrawal and as opening cash balance. The Assessing Officer noted that the assessee simply stated about the openin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing Officer held that the assessee himself stated that he is a salaried employee and not maintaining books of account. To substantiate the deposits of Rs. 6.00 lacs, the cash deposit from bank account from salary income is not acceptable. The assessee is not maintaining cash book or any books of account, therefore, it is no acceptable that huge cash balance of Rs. 6.00 lacs kept in his house. No details of household expenses is furnished. Cash flow statement submitted during the assessment proceedings seems to be manipulated and deviate from the facts of source of cash deposit in the bank. The assessee furnished partnership deed which was prepaid on 01/07/2017 which has no relation with the cash deposit. The Assessing Officer accordingly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... partment which was satisfactorily closed on the system. The Assessing Officer has not made any reference of such reply furnished by the assessee. The assessee also relied on certain case laws. 4. The ld. CIT(A) after considering the submission of assessee held that the assessee s submission has no merit. The assessee made cash deposit of Rs. 6.00 lacs by way of specified bank notes (SBN) during demonetization period. Hence, such cash deposit is unexplained money and liable to be taxed under Section 115BBE of the Act. Further aggrieved, the assessee has filed the present appeal before this Tribunal. 5. I have heard the submissions of the learned Authorised Representative (ld. AR) of the assessee and the learned Senior Departmental Repr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... but based on the bank statement, all sources of income was shown in the bank account. The assessee also furnished cash flow statement from 01/04/2015 to 31/03/2017. The ld. AR submits that copy of salary slip is filed on record. 6. The ld. AR for the assessee submits that the assessee has made cash withdrawal of Rs. 5.00 lacs on 17/08/2016, Rs. 5.00 lacs on 19/08/2016 and again Rs. 5.00 lacs on 23/09/2016, besides such big withdrawal, the assessee also made a number of cash withdrawals and total withdrawal during the financial year were Rs. 20,23,000/- apart from cash available with the assessee, the assessee made transaction through cheques. The assessee made a deposit of Rs. 9.90 lacs on 24/11/2016 and Rs. 6.00 lacs on 30/11/2016. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 lacs. The frequency of withdrawal does not suggest that the cash available with the assessee was out of cash withdrawals, most of the amount was withdrawing by assessee through ATM which is usually meant for day to day household expenses. 8. I have considered the submissions of both the parties and have gone through the orders of lower authorities carefully. I have also deliberated on case laws relied upon by the ld. AR of the assessee. There is no dispute that during demonetization period, the assessee made a cash deposit of Rs. 15.90 lacs out of which Rs. 9.90 lacs was deposited on 24/11/2016 and remaining Rs. 6.00 lacs was deposited on 30/11/2016 with ICICI bank, Katargam branch. Before me, the ld. AR of the assessee vehemently subm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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