TaxTMI 
TaxTMI 
2023 (4) TMI 737
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....ct 1961 (for short the Act). 3. The learned counsel of the assessee submitted that the assessee has deposited amount of Rs. 10,49,000/- in cash in his bank account during demonetization period on 18.11.2016 and prior to this assessee has made several deposits for the renovation of his house and on account of wedding of his son and other miscellaneous expenses. The learned counsel further explained that however the said cash amount could not be spent for the purpose it was withdrawn till the time of demonetization and therefore the assessee re-deposited major proportion of withdrawal amount to the extent of Rs. 10 lac belong to the cash withdrawn out of the FDR amount received on maturity on 30.05.2016, and rest Rs. 49,000/- was out of othe....
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....unal held that sometimes it may happen that the cash withdrawals from bank account continues remains as cash balance with the assessee even for many month and for sometimes cash withdrawn is utilized on the same day. All these probable aspect of the matter cannot be simply ignored or brushed aside but the facts remains that the factum of cash withdrawn from bank is not at all disputed. It is not a case of the Assessing officer that the amount withdrawn from bank account was utilized or deposited somewhere else, it was ld. CIT(A) who improvised the stand of revenue by taking into consideration. The amounts contemplated by the assessee to the family to meet routine expenses. Be that as it may, it was explained by the assessee before ld. CIT(A....
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....en deposited wholly implies that no cash transaction has been done by the assessee during the period of six months which is beyond probability. At that same time, I am of the view that the assessee is a senior citizen having family including Shri Amit Bhardwaj as a son born on 26.01.1988 and his marriage was solemnized on 25.04.2017 with Smt Riddhi Bhardwaj. On the occasion of weeding of son it is obvious that renovation of house and other expenses are incurred by the parents and in such a situation withdrawal of cash is a normal action of a father. So far as allegation of Ld. CIT(A) that entire amount of withdrawal was re-deposited is a fact of beyond probability is concerned I am not in agreement with such allegation as when the purpose o....