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TMI Blog2024 (6) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... ee cash deposits made in her bank account during the demonetisation period are out of gifts received from her parents on the occasion of her birthday, marriage day etc - HELD THAT:- It is evident from the bank statement filed that the assessee made cash deposits of Rs. 1,00,000/- and Rs. 4,00,000/- on 05.11.2016 and 08.11.2016 respectively before demonetisation period and cash deposit of more than Rs. 40,000/- from 25.11.2016 to 17.12.2016 during demonetisaton period. The Ld.CIT(A) has already granted partial relief of Rs. 2,50,000/-, relying on the CBDT Instruction No.03/2017 dated 21.02.2019, in case of an individual (other than minor) not having any business income, no further verification required to be made if total cash deposit is upt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. 2. Brief facts of the case are that the assessee, an individual, deriving income from saree designing, filed her return of income for the A.Y.2017- 18, admitting total income at Rs. 3,54,500/- for the A.Y. 2017-18. The case was selected for limited scrutiny under CASS to examine the cash deposit during demonetisaton period. Subsequently, statutory notices u/s 143(2) and 142(1) of the Act were issued and served on the assessee along with questionnaire, calling for information through ITBA on 29.04.2019 to explain the sources for the cash deposits made during demonetisation period along with documentary evidence. The assessee did not furnish the information as called for vide notice u/s 142(1) of the At, but subsequently uploaded the bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n appeal before the CIT(A) and the Ld.CIT(A) granted partial relief of Rs. 2,50,000/- out of Rs. 10,80,000/- by relying on the SOP issued by CBDT regarding verification of cash transaction relating to demonetization period in Instruction No.03/2017 dated 21.02.2019 and confirmed the remaining addition of Rs. 8,30,000/-. 4. Aggrieved by the order of the Ld.CIT(A) the assessee preferred an appeal before the Tribunal by raising the following grounds of appeal : 1. The order of the CIT(A) is erroneous both on facts and the law. 2. The CIT(A) has not verified the fact of submission of the gift deed to Assessing Officer before making the assessment order. 3. The CIT(A) erred in passing the order without considering the income declared by the appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition made and allow the appeal of the assessee. 7. Per contra, the Ld.DR relied on the order of the Ld.CIT(A) and submitted that the Ld.CIT(A) is justified in granting part relief to the assessee as per CBDT Instruction No.03/2017 dated 21.02.2019 and confirming the balance addition as the assessee failed to establish the identify, genuineness and credit worthiness of the transactions. He, therefore, pleaded to uphold the order of the Ld.CIT(A) and dismiss the appeal of the assessee. 8. I have heard both the parties and perused the material placed on record. It is undisputed fact that the assessee made cash deposits of Rs. 10,80,000/- during the period from 05.11.2016 to 17.12.2016 on various dates. The contention of the assessee is tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5.0 lakh per person. The source of such amount can be either household savings / savings from past or amounts claimed to have been received from any of the source mentioned in Paras 2 to 6 In view of the foregoing facts and circumstances of the cases, I am inclined to give further relief of Rs. 5,00,000/- for the cash deposits of Rs. 1,00,000/- and Rs. 4,00,000/- made on 05.11.2016 and 08.11.2016 before demonetisation period, since it was beyond the scope of the notice issued u/s 143(2) dated 21.09.2018 for which the assessee s case was selected for limited scrutiny under CASS to examine the deposits made during demonetisaton period and uphold the remaining addition of Rs. 3,30,000/- (8,30,000 5,00,000) as the assessee failed to establish t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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