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TMI Blog2023 (10) TMI 444X X X X Extracts X X X X X X X X Extracts X X X X ..... thdrawal of the family and also giving weightage to family expenses, demonetized cash deposit of Rs. 15 lakhs is explained in the absence of any proof that the assessee has spent the entire available funds of Rs. 42,38,100/- for personal needs. CIT(A) has already accepted 50% of cash deposit and balance was treated as unexplained but there is no reason given that how the assessee has spent the above amount of family withdrawals. Even otherwise that the assessee has withdrawn this amount of Rs. 15 lakhs in March, 2015 and credence should be given to the same. We accept the cash deposit of Rs. 15 lakhs as explained and delete the balance addition confirmed by the CIT(A) and allow the appeal of assessee. - SHRI MAHAVIR SINGH, VICE PR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... avings to meet the important emergency expenses but the AO on perusal of bank statement of ICICI Bank, savings bank account No. 602601539771 noted that the amount of Rs. 15 lakhs was withdrawn by the assessee on 02.03.2015 and hence, the AO has not accepted the explanation of the assessee for the reason that the withdrawal was made in March, 2015 and redeposit explained to be made on 12.11.2016 after almost gap of two years. Therefore, the AO treated the cash deposit of Rs. 15.08 lakhs in his ICICI Bank as unexplained and to be taxed u/s. 115BBE of the Act. Aggrieved assessee preferred appeal before CIT(A). 4. The CIT(A) considered the explanation of the assessee and availability of funds, restricted the addition of unexplained demonetiz ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial circumstances prevailing during demonetization period, the bank account statements into consideration, it is felt reasonable that 50% credence can be given to the cash deposit out of Rs. 15,08,000/-, as explained. Thus, the A.O is directed to delete Rs. 7, 54,000/- as unexplained cash under section 69A. The remaining amount of Rs. 7,54,000/- thus stands as unexplained cash deposit under section 69A calling for the applicability of 115BBE, The amended provision of section 115BBE applies for the entire financial year 2016-17 and hence the rate of tax is applicable as prescribed under the Act. Aggrieved, now assessee is in appeal before the Tribunal for the addition confirmed by CIT(A) of Rs. 7.54 lakhs. 5. I have heard both the si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eightage to family expenses, in my view the demonetized cash deposit of Rs. 15 lakhs is explained in the absence of any proof that the assessee has spent the entire available funds of Rs. 42,38,100/- for personal needs. The CIT(A) has already accepted 50% of cash deposit of Rs. 7,54,000/- and balance of Rs. 7,54,000/- was treated as unexplained but there is no reason given that how the assessee has spent the above amount of family withdrawals of Rs. 42,38,100/- Even otherwise that the assessee has withdrawn this amount of Rs. 15 lakhs in March, 2015 and credence should be given to the same. Keeping in view the totality of facts and circumstances of the case, I accept the cash deposit of Rs. 15 lakhs as explained and delete the balance ad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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