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TMI Blog2022 (11) TMI 235X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of the assessee during the demonetization period was the cumulative savings of the whole family including his wife Late Smt. Deepti Jha old saving and compensation that has to be transferred from her account to her nominee account as per the law. The assessee deposited the whole family saving in his account only for the purpose of protection of his old parents from the chaos and other accidents reported during the demonetization period. We all have heard various accidental, stroke, heart attack and other accidental information specifically about the senior citizens who was waiting for their turn in que. ii. Apart from assessee bank account not even single rupee of cash deposit in any other family members bank accounts. In this respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 24,800. The amount of Rs. 2,84,000 deposited in assessee ICICI Bank Ltd. credit card loan account no. -8773398. The amount so deposited represents withdrawal of Rs. 3,50,000 from assessee own other ICICI bank account no. - 31401551375 on 3rd September 2016 re-deposited in assessee bank account during demonetization period. Assessee received insurance compensation of Rs. 2,00,000 from LIC against the insurance policy of his wife late Smt. Deepti Jha. The said compensation was withdrawal in the form of cash on 04.06.2016 which was later on deposited during demonetization period. It cannot be denied on the fact, due to demonetization assessee had to deposit notes of Rs. 500 and Rs. 1000 as they were no longer considered as legal tender. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he small farmers is mostly in cash. As per section 139(1] of the income tax Act, 1961 Every person (a) Being a company [or a firm]; or (b) being a person other than company a person, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income tax. Apart from the above section, as per section 10(1] of the income tax Act, 1961 As per section 10(1], agricultural income earned by the taxpayer in India is exempt from tax and person having only agriculture income not required to file ITR. (c) To conclude as per section 139(1) read with the section 10(1) of the Income Tax Act, 1961 Assessee father&# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not, in the opinion of the Assessing Officer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year. Provision said record in books of accounts "if any" while please note assessee having salary income of Rs. 4,16,373 and was not having any business income nor he required to maintain any specific books of accounts as prescribed in section 44AA of the income tax and rules made there under. Therefore Ld. CIT(A) first establish the noncompliance, if any, in relation to maintenance of books of accounts then only the provision of section 69A can be attract in this case. As per provision of section 69A, if person neither required nor main ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was submitted that the amounts have been utilized for the treatment and kept for emergency needs. The assessee argued that the revenue authorities erred in treating the entire deposits as pertaining to the period of demonetization. 6. We have examined the bank statement and find that an amount of Rs. 6,24,800/- has been deposited before 8th November, 2016 and an amount of Rs. 7,56,000/- has been deposited during the demonetization period. We have examined the cash withdrawal which are to the tune of Rs. 859000/-. Further, the assessee has shown in his return of income an amount of Rs. 3,00,000/- as gifts from friends and relatives u/s. 10(23)(c) as shown in column B-15 in ITR-V which has been duly accepted by the revenue authorities. Furt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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