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TMI Blog2022 (3) TMI 1500X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount. Since before demonetization, there was no reason to deposit back the currency notes so there could have been no prudent reasoning for the assessee to have kept the same currency notes of the denominations as received from bank. Ld. F.A.A. has appreciated the facts and circumstances while giving a finding and appreciable reasons for change in the denominations of the holding but restricted relief to Rs. 3,50,000/-. The Bench is of the considered view that when the onus casted on the assessee is considered to be plausible then it has to be accepted on the whole unless there are legal and factual grounds to disbelieve the explanation in part. The aforesaid discussion of the facts and circumstances, leaves no doubt in the mind of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 1,64,552/- was taxable on account of salary, Rs. 55,433/- were added to the income of assessee under capital gain, Rs. 5,990/- under income from other sources, Rs. 3,50,000/- as agricultural income, Rs. 13,380/- as dividend income and Long Term Capital Gain for equity shares. Apart from that Ld. AO noticed that during demonetization period a sum of Rs. 15,00,000/- was deposited in specified bank notes in account no. 3018008800012252 held with the Punjab National Bank. 3. The assessee explained that this amount of Rs. 15,00,000/- was withdrawn from same loan account on 23-9-2016. However, the fund could not be utilized and it was deposited in same account after it failed to become a legal tender. 3.1 On enquiry, it was found by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d other sources of income and cash was available with him which was deposited before and after the date of deposit on 18-11-2016. In view of the above, there is every chance of mixing of notes, human nature of keeping/saving higher denomination notes for ease of storing and carrying also cannot be denied. Further, the assesse may also be having cash availability on account of past savings. Looking into the overall facts of the case, it will be reasonable to give allowance of Rs. 3,50,000/- for past savings and mixing of denomination of notes. This will result in relief of Rs. 3,50,000/- and the addition will be restricted to Rs. 3,50,000/-. 5. Now before the Tribunal, the assessee has raised following grounds of appeal : ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enomination of notes. This will result in relief of Rs. 3,50,000/- and the addition will be restricted to Rs. 3,50,000/- . Hence the addition needs to be deleted. The appellant craves leave to reserve its right to add to, delete from, amend, alter or modify its Grounds of Appeal before or at the time of hearing. 6. Heard the Ld. AR and Ld. DR. It was contended by the ld. AR that once the Ld. F.A.A. had reached the conclusion that there is every chance of mixing notes, human nature of keeping higher denomination notes and the source of income being not doubted there was no reason for Ld. F.A.A. to have partly allowed the appeal. It was submitted that being agriculturists amount was withdrawn from the KCC Limit Account and deposited in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the bank. Had there been no such legal requirement, assessee may not have deposited the amount back and may have used it for the purpose for which it was allowed to be withdrawn by its bankers in KCC Limit account. Since before demonetization, there was no reason to deposit back the currency notes so there could have been no prudent reasoning for the assessee to have kept the same currency notes of the denominations as received from bank. Ld. F.A.A. has appreciated the facts and circumstances while giving a finding and appreciable reasons for change in the denominations of the holding but restricted relief to Rs. 3,50,000/-. 9. The Bench is of the considered view that when the onus casted on the assessee is considered to be plausible the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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