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TMI Blog2023 (4) TMI 269X X X X Extracts X X X X X X X X Extracts X X X X ..... 01,166/- during the year. In our opinion, the assessee has discharged his onus by placing the facts before the authorities below that the cash deposits were out of cash sales and realization from the sundry debtors from the proprietary business carried on by the assessee for which the license has been issued by the Municipal Corporation, Deorali, Sikkim. If we consider the quantum of cash deposits into bank accounts of the assessee and the quantum of the business of the assessee, then the explanation of the assessee seems to be reasonable and deserves to be accepted. Accordingly we reverse the order of Ld. CIT(A) and direct the AO to delete the addition. Appeal of the assessee is allowed. - I.T.A. No. 653/Kol/2022 - - - Dated:- 17-1-20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts for the above period. The AO observed that the assessee has deposited Rs. 20,10,000/- in these accounts during the demonetization period i.e. from 9.11.2016 to 31.12.2016 the details whereof are given at page no. 1 and 2 of the assessment order and added the same to the income of the assessee u/s 69A of the Act. 4. The Ld. CIT(A) in the appellate proceedings dismissed the appeal of the assessee by holding that the assessee has failed to substantiate the source of deposit. 5. After hearing the rival contentions and perusing the material on record, we find that the assessee is an individual being resident of Sikkim and his income is exempted within the meaning of Section 10(26AAA) of the Act. Undisputedly the assessee is a retail tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the year. In our opinion, the assessee has discharged his onus by placing the facts before the authorities below that the cash deposits were out of cash sales and realization from the sundry debtors from the proprietary business carried on by the assessee for which the license has been issued by the Municipal Corporation, Deorali, Sikkim. If we consider the quantum of cash deposits into bank accounts of the assessee and the quantum of the business of the assessee, then the explanation of the assessee seems to be reasonable and deserves to be accepted. Accordingly we reverse the order of Ld. CIT(A) and direct the AO to delete the addition. 6. In the result, the appeal of the assessee is allowed. Order is pronounced in the open court ..... X X X X Extracts X X X X X X X X Extracts X X X X
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