9911796707
TMI Blog2024 (6) TMI 1124X X X X Extracts X X X X X X X X Extracts X X X X ..... for taxation. Therefore, the Ld. AR s contention that the provisions of section 69A are not applicable in the present case of the assessee as the cash deposits during the demonetization period are duly recorded in the assessee s books of accounts holds good. Also decided in the case of Sri Tatiparti Satyanarayana [ 2022 (3) TMI 896 - ITAT VISAKHAPATNAM] wherein the Tribunal held that the provisions of section 69 cannot be invoked when the assessee has disclosed investment in the books of account and in the computation of income which was offered for taxation. Thus we direct the Ld. AO to delete the addition made on account of unexplained money since the provisions of section 69A are not applicable in the case of the assessee. Assessee appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,50,000/-. But the Ld. AO did not accept the explanation given by the assessee. Further, the Ld. AO observed that as per the books of account of the assessee which was furnished during the assessment proceedings, the closing cash balance as on 09/11/2016 was Rs. 23,26,440/-. Therefore, the Ld. AO opined that the made the assessee ought to have deposited the said amount of cash atleast before 20/11/2016 as they are in the form of SBNs. However, the Ld. AO considered the cash deposit of Rs. 2,25,000/- as explained and the other cash deposits aggregating to Rs. 27,50,000/- were treated as unexplained money in the hands of the assessee as per the provisions of section 69A of the Act and brought to tax U/s. 115BBE of the Act. Thus, the Ld. AO co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sh deposits during the demonetization period and therefore the Ld. AO treated the amount of cash deposits as unexplained money U/s. 69A of the Act. The Ld. AR further submitted that the assessee has disclosed the investments in the books of accounts and the computation of income which was offered for taxation and therefore the question of invoking the provisions of section 69A does not arise. The Ld. AR relied on the decision of this Bench of the Tribunal in the case of ITO vs. Sri Tatiparti Satyanarayana in ITA No. 76/Viz/2021, dated 16/03/2023 to state that when the investments are disclosed by the assessee in the books of accounts, there is no application of the provisions of section 69A of the Act. The Ld. AR further submitted that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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