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TMI Blog2025 (5) TMI 210X X X X Extracts X X X X X X X X Extracts X X X X ..... issue contested by the assessee through its grounds of appeal no.1 to 5 is regarding the addition of Rs. 20 lakhs made by the Ld.AO as unexplained cash deposits. The Ld. Counsel submitted that its case was selected under limited scrutiny category for examining the cash deposits and withdrawal made during the year. Before the Ld.AO the assessee submitted that the assessee had withdrawn of Rs. 19,51,000/- and redeposited part of it amounting to Rs. 13 lakhs during the demonetization period. The assessee is a retired BSNL employee having earned pension income, capital gains and income from other sources during AY-2017-18. Explaining cash deposits made during the entire financial year 2016-17 the assessee submitted that the same was on account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that be so, the addition ought to hve been of Rs. 23 lakhs and not Rs. 20 lakhs. However, with the present figures, in reality the assessee has been given a relief of Rs. 13,20,000/- and not Rs. 10, 20,000/- as projected. We have also noted that the assessee is trying to justify its cash deposits with amounts and withdrawals made in earlier years without being able to link the same with any cogent demonstrative evidence. Be that as it may be, we are of the view that ends of justice would be met if the assessee is given another relief of Rs. 5 lakhs. The Ld. AO is accordingly directed to restrict the addition to Rs. 15 lakhs. The grounds of appeal raised by the assessee are therefore partly allowed. 5.0 The next issue raised by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment year 2017-2018. Further the amendment to section 115BBE is directly 15 of 26 https://www.mhc.tn.gov.in/judis related to demonetization which would be evident from objects and reasons for such amendment. In order to consider the same, the objects and reasons of Taxation Laws (Second Amendment) Bill 2016 is extracted hereunder: Press Information Bureau Government of India Ministry of Finance 28-November-2016 15:56 IST Taxation Laws (Second Amendment) Bill, 2016 introduced in Lok Sabha; A scheme namely, 'Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016' (PMGKY) proposed in the Bill. Evasion of taxes deprives the nation of critical resources which could enable the Government to undertake anti-poverty and deve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be required to pay tax @ 30% of the undisclosed income, and penalty @10% of the undisclosed income. Further, a surcharge to be called 'Pradhan Mantri Garib Kalyan Cess' @33% of tax is also proposed to be levied. In addition to tax, surcharge and penalty (totaling to approximately 50%), the declarant shall have to deposit 25% of undisclosed income in a Deposit Scheme to be notified by the RBI under the 'Pradhan Mantri Garib Kalyan Deposit Scheme, 2016'. This amount is proposed to be utilised for the schemes of irrigation, housing, toilets, infrastructure, primary education, primary health, livelihood, etc., so that there is justice and equality............................................................................................. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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