9911796707
TMI Blog2025 (5) TMI 436X X X X Extracts X X X X X X X X Extracts X X X X ..... 00,000/-. 3. The Ld. CIT (A) has erred in not allowing VC hearing inspite of specific request made by appellant. 4. The Ld. CIT(A) has erred in law and on facts in upholding the invoking of section 115BBE of the Act when transaction are occurred prior to insertion of provision on statute. 5. The appellant craves liberty to add, amend, alter or modify all or any grounds of appeal before final appeal." 3. The assessee filed return of income for assessment year 2017-18 on 19-08-2017 at total income of Rs. 6,44,560/- along with computation of income. The return of income was processed u/s. 143(1) of the Income Tax Act. The assessee is an individual and claimed to have earned income from interest income. The case was selected for limited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee. 5. The ld. A.R. submitted that the assessee has already given the details related to cash deposits are out of the cash withdrawals from Kalupur Co-operative bank and the subsequent deposit of the said amount with Indian Overseas bank. The ld. A.R. submitted that from the demonetization period i.e. 09-11-2016 to 30-12-2016, the assessee deposited cash of Rs. 15,00,000/- in the account held with Indian Overseas Bank and Rs. 85,000/- in account held with Kalupur Co-operative bank. The ld. A.R. submitted that section 115BBE has been introduced in Act as a result of the Taxation Laws (2nd Amendment) Act 2016 on 15-12-2016 and therefore the transaction occu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... withdrawing as well the amounts. The bank statement of the assessee Kalupur Co-operative bank is also reflected from Sep, 2015 and from that period up till 2017 the assessee has given the details of withdrawals as well as the subsequent deposits on 29th April, 2016 and on 24th May, 2011, the assessee has withdrawn Rs. 5,00,000/- each on these two dates and thus, in May, 2016, was having the cash of Rs. 10,00,000/-. Subsequently, the assessee was also having cash of Rs. 2,00,000/- from 1st Feb, 2016 as well as, if the same is tallied or co-related with the bank statement of Indian Overseas Bank, the assessee was having cash balance of Rs. 15,62,500/- in hand and therefore the trail of cash deposits during the period of demonetization has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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