9911796707
TMI Blog2023 (5) TMI 478X X X X Extracts X X X X X X X X Extracts X X X X ..... unds inter-alia that :- "a) The Ld. CIT (A) has erred in confirming the addition made by the Ld. AO for Rs. 10,00,000/- u/s 69A of the Income Tax Act, 1961 being the amount of cash deposited in Bank Account without considering the facts and circumstances of the case. The same be considered and the additions be deleted. b) The Ld. CIT(A) has erred in treating the transaction of cash deposited during demonetization, as unexplained money and proceeded to continue to confirm the addition made by the Ld. AO without considering the facts and circumstances of the case. The same be considered and the additions be deleted. c) The CIT(A) has erred in confirming the addition made for Rs. 10,00,000/- by the Ld. AO u/s 69A of the Income Tax Act, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considered and the additions be deleted. h) The Ld. AO as well as the Ld. CIT(A) has erred in ascertaining the average monthly income of the appellant by taking the annual income of the appellant, but erred in not considering the opening cash in hand as per the submitted financial statements. The same be considered and the additions be deleted. i) The Ld. AO as well as the Ld. CIT(A) has failed to consider the cash balance in the books of accounts of the assessee without rejecting the books of accounts of the assessee u/s 145(3) of the Act. The same be considered and the additions be deleted. The assessee craves leave add, alter or delete to the grounds of appeal at the time of or before hearing" 2. The assessee by filing an applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the assessee. From the bank statement the AO noticed that the assessee has made total cash deposit of demonetization currency amounting to Rs.10,50,000/- on six occasions till 29.11.2016. The assessee has shown total income or receipt from beauty parlor and tuition fee at Rs.8,15,785/- in the return of income filed for the year and has offered income under section 44AD at 8% on cash deposits. Declining the contentions raised by the assessee the AO proceeded to make addition of Rs.10,00,000/- as unexplained money under section 69A of the Act and thereby framed the assessment under section 143(3) of the Act. 4. Assessee carried the matter before the Ld. CIT(A) by way of filing appeal who has confirmed the addition by dismissing the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pening balance of Rs.13,20,364/- is shown and as on 08.11.2016 the assessee was having cash balance of Rs.15,99,609/-. Furthermore, bank statement brought on record from page 1 to 6 of the paper book shows that the assessee had sufficient funds in her account all the times. From the income and expenditure account available at page 8 & 9 of the paper book which is for A.Y. 2016-17 and 2017-18 wherein closing balance with the assessee i.e. cash in hand was Rs.13,20,364/- and in A.Y. 2017-18 the year under consideration the assessee has cash in hand of Rs.9,73,500/-. Even in the next assessment year i.e. 2018-19 the assessee's cash deposit of Rs.8,00,000/- has been admitted by the Revenue itself. 9. In view of above evidence, I am of the cons ..... X X X X Extracts X X X X X X X X Extracts X X X X
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