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TMI Blog2022 (8) TMI 246X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year (A.Y) 2017-18. 2. The brief facts of the case is that the assessee is an individual and filed her Return of Income for the Assessment Year 2017-18 admitting a gross total income of Rs. 4,07,922/- which comprises of salary income of Rs. 3,60,000/-, the income from other sources of Rs. 47,922/-. The return of income was selected for scrutiny assessment for cash deposit during the demonetization period. 2.1. The assessee deposited in Old currency notes of Rs. 2000 and Rs. 500/- on a sum of Rs. 10,00,000/- on 11.11.2016 and on 15.11.2016 cash of Rs. 2,75,000/-. The assessee was served with a notice u/s. 142(1) asking for the above cash deposits, the assessee furnishe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e a long time, no such exigency materialized or arose and the cash withdrawn remained in the hands of the assessee. Thereafter the assessee deposited cash amounting to Rs. 37,00,000/- in the bank account with Bank of Baroda, Gandhinagar Branch on various dates from November, 2015 to March, 2016. Accordingly, there was a cash balance of Rs. 12,98,000/- available as cash in hand in the cash book as on 31.03.2016 which is the opening cash balance. This cash balance is said to be deposited a sum of Rs. 10,00,000/- on 11.11.2016 and Rs. 2,75,000/- was deposited on 15.11.2016 in Old currency denomination of Rs. 2000/- and Rs. 500/-. 3.2. After considering the above written submissions, the NFAC held that the issue of huge cash withdrawal in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee Ms. Arti N. Shah submitted a Paper Book and Compilation of case laws before us. Ld. Counsel also taken us through ledger account of the assessee and bank passbook of the assessee with Bank of Baroda and reply filed by the assessee before the Assessing Officer on 11.11.2019 that the loan of Rs. 50,00,000/- received from M/s. Ramesh Corporation which is engaged in Automobile business. The loan amount of Rs. 50,00,000/- withdrawn on 02.01.2014 and redeposited a sum of Rs. 37,00,000/- in Bank of Baroda from November 2015 to March, 2016. Thus there was an opening balance of cash of Rs. 12,98,000/-, was available with the assessee and the same has been deposited during the demonetization period. A sum of Rs. 10,00,000/- on 11.11.2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Paper Book and the Case Laws filed by the assessee. The cash loan of Rs. 50,00,000/- said to be received by the assessee from Ramesh Corporation is being clearly reflecting in the bank account of the assessee and the assessee had withdrawn Rs. 50,00,000/- on 02.01.2014. The assessee submission of redeposit of a sum of Rs. 37,00,000/- in her bank account of Bank of Baroda is also reflecting in the bank statement. So, the remaining cash in hand of Rs. 12,78,000/- in which the assessee made deposit of Rs. 12,75,000/- during the demonetization period. The assessee's explanation that the demonetized currency notes of Rs. 500/- and Rs. 2000/- available with the assessee as cash in hand were being deposited during the demonetization period. Thus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) confirmed by the ITAT are on appreciation of evidence. Under the circumstances, all the appeals deserve to be dismissed and are accordingly dismissed. 8.1. Similarly in the case of Manoj Indravadan Chokshi the jurisdictional High Court of Gujarat held as follows: "... The contention of the assessee is that the amount was kept as cash in hand. The authorities have doubted about the explanation furnished by the assessee. The authorities below have doubted the source of the cash deposits, however, the contention of the Id. counsel for the assessee is that he had withdrawn the amount from his bank account and there is no finding by the authorities below that the cash withdrawn by the assessee was utilized for any other purpose. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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