9911796707
TMI Blog2024 (5) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... withdrawal of money by the assessee and her husband. The date wise cash withdrawals from the bank by assessee and her husband was held to be not justifiable by holding that cash withdrawals must have been used for incurring personal expenses. The deposit of cash on multiple occasions and no evidence was furnished that the same cash was deposited in assessment year 2021-22. The assessee had not given any plausible explanation in respect of transactions. As evident that cash withdrawals by the assessee and her husband from assessment years 2018-19 to 2021-22 are not disputed by the AO and CIT(A). Once the cash withdrawals are in excess of the cash deposits, then it is amply clear that the cash deposits in the bank account were out of the ava ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted that assessee has deposited Rs. 75,98,000/- in bank accounts during year under consideration out of cash in hand from withdrawal made by the assessee in the following assessment years as follows- Assessment Year Cash Withdrawals from Bank (Rs.) 2019-20 11,99,000/- 2020-21 35,50,000/- 2021-22 14,25,000/- Total 61,74,000/- 3. Further, it is submitted that husband of the assessee late Sh. J.K. Singh passed away in September, 2019 who also had cash in hand from withdrawals from bank which was deposited in the bank account of the assessee after his demise. 4. On 30.12.2022 the Learned AO passed the assessment order u/s 143(3) of the Act, 1961 whereby, addition was made of Rs. 75,98,000/- u/s 69A of the Act, 1961 representing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by her husband (Rs) 1. 2020-21 78,93,620 1,78,100 2. 2019-20 2,47,81,440 1,39,25,600 3. 2018-19 4,88,05,340 3,01,35,070 4. 2017-18 4,29,82,590 2,75,04,650 5. 2016-17 4,16,09,210 2,72,46,480 9. Learned Counsel for the assessee submitted that the cash withdrawals to the tune of Rs. 81,06,500/- by the assessee and her husband from AY's 2018-19 to 2021-22 are not disputed by the AO (kindly refer to pages 47-49 of paper book) and cash deposits are to tune of Rs. 75,98,000/- (Kindly refer to pages 21- 24 of paper book). Once the cash withdrawals are in excess of the cash deposits, then it becomes amply clear that the cash deposits in bank account are out of the available sources with the assessee. Even otherwise, the burd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... doubted the source of cash deposits. Therefore appeal may be rejected. 12. From examination of record in light of aforesaid rival contention it is crystal clear that in para No. 9 appellant has shown cash deposited was out of cash in hand available which was withdrawn by the assessee and her late husband during the year 2019-20 to 2021-22. In para 10 reference is made to date wise withdrawal of money by the assessee and her husband. The date wise cash withdrawals from the bank by assessee and her husband was held to be not justifiable by holding that cash withdrawals must have been used for incurring personal expenses. The deposit of cash on multiple occasions and no evidence was furnished that the same cash was deposited in assessment ye ..... X X X X Extracts X X X X X X X X Extracts X X X X
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