9911796707
TMI Blog2023 (9) TMI 328X X X X Extracts X X X X X X X X Extracts X X X X ..... and cash book, which shows that assessee has sufficient opening cash balance at the beginning of 01.04.2016. Apart from this, the assessee is a partner in M/s Shivam Polishing LLP and from the partnership firm, the assessee has received remuneration and profit - assessee has submitted the cash deposited during the demonetization and hence it is quite clear from the cash book, cash flow statement and cash withdrawal from the bank, that assessee has explained the source of cash deposit in bank account in a satisfactorily manner - addition so made is deleted. Decided in favour of assessee. - Shri Dr. A. L. Saini, Accountant Member For the Appellant : Shri P. M. Jagasheth, CA For the Respondent : Shri Vinod Kumar, Sr. DR ORDE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17-18, on 05.03.2018, declaring total income of Rs. 6,77,840/-. The return of income was processed u/s 143(1) of the Income Tax Act. Later on, the case of the assessee was selected for scrutiny, under manual scrutiny criteria as per Para-1(vi) of Instructing No. 4/2018 dated 20.08.2018 of CBDT read with subsequent directions issued vide F.NO.225/282/2018/ITA.II dated 19.9.2018. Therefore, notice u/s 143(2) of the Act was issued by the assessing officer, on 29.09.2018 and duly served upon the assessee. 4. As per the information available with the assessing officer, the assessee has maintained bank Account No.2700101110007725 with Bank of India and deposited total cash of Rs. 5,07,000/- in this bank account during the demonetization period ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ove the source of the cash deposited of Rs. 5,07,000/- in the bank account. Therefore, the cash deposited of Rs. 5,07,000/- in the assessee's bank account, during the demonetization period was treated as unexplained money u/s 69A of the Act and accordingly the same was added to the total income of the assessee. 8. Aggrieved by the order of Assessing Officer, the assessee carried the matter in appeal before the ld. CIT(A), who has confirmed the addition made by the Assessing Officer, observing as follows: 7.1 The facts and grounds of the appeal have been carefully considered. 7.2 Through the appellant claims that the assessing officer was not justified in making such assessment, he never put forth any reasons for claiming so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aving sufficient opening cash balance to deposit during the demonetization period, the addition should not have been made by the assessing officer. The ld Counsel also stated that the basic exemption limit is Rs. 2,50,000/-, that is, the maximum amount which is not chargeable to tax. Therefore out of cash deposit to the tune of Rs. 5,07,000/-, the amount of Rs. 2,50,000/-, has deemed to be explained. For this, ld Counsel relied on the judgment of the Co- ordinate Bench of ITAT, Surat in the case of Jitesh Vithalbhai Rashiya vs. ITO, in ITA No.116/SRT/2021 for AY. 2017-18, order dated 18.10.2022. The assessee also submitted the cash book for financial year 2016-17, which is placed at page no.12 to 15 of the paper book and ld Counsel stated t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se property and also has income from business and profession to the tune of Rs. 10,70,000/-, as a remuneration received from Shivam Polishing LLP. The assessee also received profit from Shivam Polishing LLP to the tune of Rs. 12,73,620/-. The assessee also submitted the detail of cash deposited during the year under consideration of Rs. 5,07,000/-, vide paper book page no.6, wherein it is stated that cash was deposited out of cash withdrawal from bank and out of capital withdrawal from Shivam Polishing LLP in cash. The Ld. Counsel also submitted the bank statement of the assessee, which is placed at paper book, page no.7, wherein the deposit in the bank and withdrawal from the bank, are clearly stated. The assessee also submitted the copy o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder that the above documents and evidences are bogus and fabricated by the assessee. Therefore, I note that assessing officer has not refuted or discredited these evidences and documents. The assessing officer has just brushed aside these evidences without even a word on why they are not acceptable. It is a well settled Law that when an assessee has all the possible evidences in support of its claim, they cannot be brushed aside based on surmises and guesswork. 14. I note that assessee has submitted cash book, cash flow statement and cash book, which shows that assessee has sufficient opening cash balance at the beginning of 01.04.2016. Apart from this, the assessee is a partner in M/s Shivam Polishing LLP and from the partnership firm, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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