9911796707
TMI Blog2022 (3) TMI 145X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 16,00,500/- the assessee had cash in hand of ₹ 43,15,500/- which is sufficient enough to explain the source of alleged cash deposit. We, therefore, find merit in the contention of the ld. Counsel for the assessee and fail to find any merit in the finding of the CIT(A) and thus, hold that the assessee has duly explained the alleged cash deposit of ₹ 16,00,500/- and therefore, no addition is called for u/s 68 - We accordingly delete the addition and allow the grounds raised by the assessee challenging the addition for unexplained cash deposit - Decided in favour of assessee. - I.T.A. No. 525/Kol/2021 - - - Dated:- 25-2-2022 - Sri Manish Borad, Accountant Member And Sri Sonjoy Sarma, Judicial Member Sh. Indrani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ization Period (08.11.2016-31.12.2016), in City Union Bank, Gurgaon Br. and Axis Bank, Park St. Br, by alleging and characterizing the same to have been Unexplained vis-a-vis the known sources, when the same had evidently originated from disclosed bank accounts only and all sources of credits thereto, had been fully explained and corroborated. That on the facts and circumstances of the case and in law, the Ld. CIT(A) while hastily upholding the addition of ₹ 1605000/-, should have appreciated and therefore, taken the judicious cognizance of the Appellant's Age, her proven style of operating bank and cash transactions, including making regular cash withdrawals and occasional deposits, which collectively go to reaffirm the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 3 of 2020 dated 8th March, 2021. The assessee has also filed separately condonation petition. The ld. D/R agreed for the condonation of delay of 48 days. After hearing the parties and taking guidance from the decision of the Hon ble Supreme Court (supra), we condone the delay of the assessee and proceed to hear the case on merits. 4. From perusal of the grounds, we find that the sole issue relates to addition for unexplained cash deposit of ₹ 16,00,500/-. Brief facts of the case as on records and relating to the issue under appeal is that the assessee is a senior citizen and she declared income of ₹ 7,24,280/- in the return of income for the AY2017-18 dated 14.08.2017. The case of the assessee was selected under CASS for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntions and perused the records and carefully gone through the documents filed before us. Through this appeal the assessee has raised the ground that the ld. CIT(A) erred in confirming the addition for unexplained cash deposit of ₹ 16,00,500/-. We note that the assessee is a senior citizen and is a widow. She is holding savings accounts in various banks including City Union Bank, Axis Bank. The alleged addition is on account of cash deposits made from 10.11.2016 to 15.12.2016 comprising of the following: Date Name of Bank Amount 10.11.2016 Axis Bank ₹ 2,50,000/- 12.11.2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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