9911796707
TMI Blog2024 (6) TMI 1123X X X X Extracts X X X X X X X X Extracts X X X X ..... ected at any point of time by the Assessing Officer. Besides this, the evidences produced by the assessee before the Assessing Officer as well as before the CIT(A) clearly shows that the assessee has received fees from students related to the event as well as study tour including the buildthon event fund. The assessee has given the cash bills from bank from 01-04-2016 to 08-11-2016. Hence, the assessee has given the expenses for the said period. Thus, the assessee has given all the details as to how the assessee has that much cash in hand during the demonetization period. This was never doubted by the Revenue. In fact, the bank statements clearly show including the details given of the students from which the fees and the money has been rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 143(2) was issued on 24-09-2018 and the same was emailed to the assessee. Thereafter, notices u/s. 142(1) of the Income Tax Act, dated 06-05-2019 and 16-10- 2019 were issued and emailed to the assessee requiring to submit certain details/information. In response to the notices, the assessee trust submitted the details. The assessee is a public trust and registered u/s. 12AA of the Act dated 26- 07-2007. The trust is doing educational activities by running a college in the name of Vadodara Design Academy. During the year under consideration, the source of income of the assessee trust is students fees, consulting fees and interest. In the return of income, the trust has shown gross receipts of Rs. 1,42,83,126/- and has applied income of Rs. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ization period and hence was suspicious in nature. The transactions are duly recorded in audit books of accounts of the assessee and thus it cannot be treated as unexplained money u/s. 69A of the Act. The ld. ld. A.R. further submitted that the invocation of section 69A can be done only when assessee has recorded different transactions in books of accounts. Besides this, the Assessing Officer has not rejected the books of the assessee. The ld. A.R. relied upon the decision of Hon ble Apex Court in case of Parasthuram Potterty Works Ltd. vs. ITO 106 ITR 1 (SC). 6. The ld. D.R. submitted that no bank slip was attached during the submission of the evidence before the Assessing Officer as well as before the CIT(A). Thus, the assessee has not fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on period. This was never doubted by the Revenue. In fact, the bank statements clearly show including the details given of the students from which the fees and the money has been received. The bank slip cannot be crucial evidence to reject the other direct evidence produced by the assessee before the Assessing Officer. Thus, the Assessing Officer as well as the CIT(A) was not right in making the addition of cash deposits amounting to Rs. 49,80,000/- in bank account during the demonetization period by invoking section 69A as the assessee has fully explained the cash deposits and thus the same cannot be treated as unexplained money. Thus, the appeal of the assessee is allowed. 8. In the result, the appeal of the assessee is allowed. Order pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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