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TMI Blog2024 (3) TMI 518X X X X Extracts X X X X X X X X Extracts X X X X ..... in the bank account out of the assessee`s opening cash balance available with the assessee and withdrawal from bank. Apart from this certain amount has been deposited out of agricultural income. The return of Income for AY 2016-17 has already been accepted by the Department wherein the assessee has also shown agricultural income. We note that AO has also accepted the books of account maintained by assessee and no defect in the books has been pointed by AO. We note that assessee has practically submitted all possible evidences in support his claim. When the evidence available with the assessee supports the claim of the assessee, the Assessing Officer was not right in suspecting the same on the basis of mere surmises and conjectures. (Om Prak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,61,966/- out of Rs. 20,50,000/- cash deposit into bank during demonetization period u/s 69A in spite of that transaction has recorded in books of accounts with proper source of deposit. 3. The Ld. CIT(A) has erred on the facts of the case and in law in not considering and deciding the additional ground. 3. Succinct facts qua the issue are that assessee before us is an Individual and electronically filed his return of income for Assessment Year 2017-18, declaring total income of Rs. 72,18,520/- on 19.01.2018. The assessee`s case was selected for scrutiny assessment and a notice under section 143(2) of the Act, dated 24/08/2018 was issued and duly served on the assessee. The case was selected for scrutiny assessment through CASS. Further, fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the assessee and withdrawal from bank apart from certain amount has been deposited from out of agricultural income. However, the assessee was failed to submit the genuineness of transaction in respect of agricultural income before the assessing officer. 4. The Assessing Officer has observed during the course of the assessment proceedings that the assessee has claimed cash in hand for amount of Rs. 9,88,034/- as on 31.03.2015 in the Wealth Tax Return filed on 31.03.2016. Accordingly, the Assessing Officer accepted the claim of the assessee for Rs. 9,88,034/- and made balance addition of Rs. 10,61,966/- (20,55,000 - 9,88,034) u/s 69A of the Income Tax Act, 1961. 5. On appeal, ld CIT(A) confirmed the action of the Assessing Officer therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enclosed as Per Annexure -7 Rs. 4,00,000/- Add :- Net Agriculture Income (copy of ITR for AY 2016-2017) as per annexure- 3 Rs. 5,10,000/- Less:- Withdrawal Rs. 3,00,000/- Closing Balance as on 31st March, 2016 (The same has been shown to the department in return of income under schedule AL of ITR for AY 2016-2017 and the same is enclosed as per Annexure -4). Rs. 15,98,034/- As the above summery shows that there is no exceptional adjustment in cash book to adjust the cash deposit during demonetization period, which may lead to non-acceptance of Closing cash balance as on 31/03/2016 and opening cash balance as on 01/04/2016. Therefore, ld Counsel contended that based on the above factual position the entire addition should be deleted. 7. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... supports the claim of the assessee, the Assessing Officer was not right in suspecting the same on the basis of mere surmises and conjectures. (Om Prakash K Jain and Ors. (322 ITR 362). The Assessing Officer has not discussed any of the evidences submitted by the assessee in detail. No word as to why these documentary evidences furnished by the assessee are not acceptable to the Assessing Officer. The Assessing Officer has not found any defect / irregularities in the books of accounts. Based on this factual position we delete the addition. Since, we have deleted the entire addition therefore no question arises to tax the income of the assessee u/s 115BBE of the Act. 9. In the result, appeal filed by the assessee is allowed. Order is pronoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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