9911796707
TMI Blog2024 (8) TMI 223X X X X Extracts X X X X X X X X Extracts X X X X ..... . PADMAHSHALI, AM; In this appeal assessee challenges DIN & Order No. ITBA/APLS/S/250/2023-24/1062404804(1) dt. 11/03/2024 passed u/s 250 of the Income-tax Act, 1961 ['the Act' hereinafter] by the Addl./JT Commissioner of Income Tax Appeals-3, Bengaluru ['CIT(A)' hereinafter] which in turn arisen out of order of assessment passed u/s 143(3) of the Act by the Income Tax Officer, Ward-3(1), Nashik ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deposited by him into his bank account maintained with 'Nashik Merchant Co-op. Bank Ltd.' ['NMCBL' hereinafter]. In the event of assessee's failure to offer satisfactory explanation about nature & source thereof, the Ld. AO treated such cash deposits as unexplained money u/s 69A in the hand of assessee and brought the same to tax u/s 115BBE of the Act. The appeal thereagainst before the Ld. CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osited into the same bank, since as was not required for the time-being. Though the period of cash deposits coincided with period of demonetisation, the source available with assessee in our considered view has been fully & satisfactorily explained by him before both the tax authorities below. The Revenue on the other hand could hardly dismantle the explanation by bringing any deprecative material ..... X X X X Extracts X X X X X X X X Extracts X X X X
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