9911796707
TMI Blog2025 (2) TMI 600X X X X Extracts X X X X X X X X Extracts X X X X ..... ;s case, the Ld. CIT(A) erred in confirming addition of cash deposit in Bank account of Rs. 7,85,000/- and alleged unexplained deposit of Rs. 46,500/- totalling to Rs. 8,31,500 u/s. 69A of the Income Tax Act, 1961. 2. In law and facts and circumstances of the appellant's case, the Ld. CIT(A) erred in upholding action of Assessing Officer in computing demand pertaining to addition under Section 69A of the Act after applying provisions of Section 115BBE of the Act when such provisions of the Act are not on statute on the date of depositing cash in bank account. Accordingly, Ld. AO has erred in invoking the provisions of Section 115BBE as if it is in the stature w.e.f 01.04.2016 though second amendment Act enhancing rate of income tax an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Bank account are in consonance with the withdrawal. After taking cognisance of the same, the Assessing Officer made addition under Section 69A of the Act thereby deeming the cash deposited in the account of Canara Bank as unexplained/undisclosed money and taxed the same under Section 115BBE of the Act @ 60% (addition of Rs. 12,12,093/-). The Assessing Officer further observed that the assessee received sale consideration of Rs. 35,00,000/- in respect of the properties sold which was purchased in the year 1978. Thus, the Assessing Officer also made addition of undisclosed Long Term Capital Gain at Rs. 8,59,800/-. 4. Being aggrieved by the Assessment Order, the assessee filed appeal before the CIT(A). The CIT(A) partly allowed the appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and perused all the relevant material available on record. It is pertinent to note that the assessee is staying in USA alongwith her daughter who is a widow. The assessee received pension as she retired from Town Planning Valuation Department. The assessee being a patient with heart problem keeps the cash in hand for the medical emergencies and the cash in hand has been explained by the assessee through her pension details as well as the consideration of the property/flat sold at a particular period. Thus, the assessee has in detail explained the cash deposits which was totally ignored by the Assessing Officer as well as by the CIT(A). Hence, appeal of the assessee is allowed. 8. In the result, appeal of the assessee is allowed. Order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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