9911796707
TMI Blog2022 (12) TMI 1519X X X X Extracts X X X X X X X X Extracts X X X X ..... used to redeposit only bank account during the demonetization period. However, the AO considered only Rs. 2.5 lakhs available to assessee to redeposit to bank accounts and this is not based on any material evidence. There was no evidence brought on evidence by the AO that the assessee is left with only Rs. 2.5 lakhs out of Rs. 13,72,500/- withdrawn by assessee from various bank accounts. Unless and until the AO brought on record any material that assessee has spent balance amount of Rs. 11,22,500/-, which has been withdrawn in earlier financial year 2015-16 2016-17, it is not possible to hold that the said amount is not available to assessee to redeposit into bank account. Considering the quantum of withdrawals made by the assessee in earli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 000) 2016-17 3,97,500 1,51,500 2,46,000 Total 13,72,500 7,26,500 6,46,000 2,50,000 3,96,000 2) Because the following observations of the learned CIT (A) NFAC, Delhi in the order U/s 250 of the IT Act, are arbitrary, baseless and misleading: i) No person in his right mind will keep on continuously withdrawing cash from his Bank Account only for the purpose of keeping it at home, and thereafter re-depositing the same back into his Savings Bank Accounts. ii) If a person withdraws Rs. 1,00,000/- cash and the same cannot be used for whatever reason why should any reasonable person withdraws the next Rs. 1,00,000/- just to keep it lying idle in his house?? iii) The appellant, therefore, comprehensively fails on the Theory of the Test of Human pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loan returned by his brother-in-law amounting to Rs. 5,00,000/-. However, regarding the balance amount of Rs. 6.46.000/-, the assessee's explanation was as follows : S. No. F.Y. Gross Salary (Rs.) Total amount withdrawn in cash from Bank Account (Rs.) Amount utilised out of the total cash drawn for depositing during demonetization priod. (Rs.) 1 2015-16 11,10,734/- 9,75,000/- 4,00,000/- 2 2016-17 7,48,533/- 3.97,500/- 2,46,000/- Total 18,59,267/- 13,72,500/- 6,46,000/- 2.2 The A.O. accepted the assessee's contention only partially holding that the possibility of cash in hand out of withdrawal cannot be ruled out. As per the assessee's own contention these frequent cash withdrawals were being made to meet the household expenses / ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure for the cash deposited to the extent of Rs. 3,96,000/- (Rs. 6,46,000/- minus Rs. 2.50,000/). . Accordingly, the AO added Rs. 3,96,000/- as unexplained money in assessee's total income and assessed the income at Rs. 8,32,160/-. 3. Against this assessee went in appeal before ld. CIT (A). The ld. CIT (A) confirmed the disallowance made by AO at Rs. 3.96 lakhs. 4. There was a delay of 282 days in filing the appeal before this Tribunal. The assessee explained that out of 282 days, 238 days delay was due to Covid period i.e. from 15.3.2020 to 28.02.2022 and extended further period of 90 days from 1.3.2022 by the judgement of Hon ble Supreme Court in MA No. 29 of 2023 in MA 665 of 2021 in suo moto WP(C) No. 3 of 2020 dated 10.1.2022, Thus, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.2.2022 shall stand excluded . Further, extended upto 90 days from 1.3.2022. There was a delay in this case for 282 days whereas 238 days was due to Covid period, wherein the Hon ble Supreme Court suspended the Limitation Act during this period up to 28.2.2022. Being so, only there was delay of 44 days. The assessee explained the delay due to wrong advise of assessee s Chartered Accountant namely Mr. Adinavar. The department is not disputing this fact and no filed any counter affidavit denying this fact. In my opinion, there is a good and sufficient reason in filing the appeal belatedly due to wrong advice of the assessee s CA. Accordingly, in the interest of justice, I condone this delay and admit the appeal for adjudication. 6.1 The shor ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
