TMI Blog2024 (1) TMI 311X X X X Extracts X X X X X X X X Extracts X X X X ..... ich was deposited into bank during demonetization period. We note that the assessee got married on 10.03.2016 and immediately after marriage she left her parental house in Raiganj to stay with her in-laws. Money was kept only with parents and the same was deposited into the bank by the parents of the assessee. So far as the gift of grand parent is concerned we are quite convinced that the family has financial worth to gift on the occasion of the grand daughter as the documents could not be furnished as the grand parent has since expired. We have also perused and considered written submission filed by the DR on 7.12.2023 after conclusion of hearing despite there being no direction to that effect and also the reply of the assessee dated 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ources. The assessee furnished before the AO certain documents in support of cash deposits however according to AO these were not relevant/sufficient papers/documents and held that assessee has failed to prove the sources of cash deposits. Thereafter the AO issued show cause notice to the assessee on 20.11.2019 as to show cause as to why the deposit of Rs. 17,48,000/- during demonetization period should not be treated as unexplained cash credit and added to the income of the assessee. Finally the said income was added to the income of the assessee in the assessment framed u/s 143(3) vide order dated 5.12.2019. 3. The Ld. CIT(A) affirmed the order of AO on the same reasoning as given by the AO in the assessment framed. 4. After hearing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profit of Rs. 6, 20,426/- for the year ended on 31.03.2016 and has sufficient sources to gift the amount. In the case of Grand Father, we note that the donor has died and affirmation could not be filed. 5. As it is apparent from the ITR filed by the assessee and the evidences furnished before us in the form of ITRs, computations of income, balance sheets, profit and loss accounts explaining the creditworthiness of the donors and the gift given on the occasion of marriage of the assessee out of natural love and affection. We also note that during AY 2016-17, the assessee has opening cash balance of Rs. 9,21,457/- as on 01.04.2015 and during the year total receipt and total utilization of Rs. 15,30,039/- and Rs. 5,23,773/- respectively me ..... X X X X Extracts X X X X X X X X Extracts X X X X
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