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TMI Blog2024 (6) TMI 1207X X X X Extracts X X X X X X X X Extracts X X X X ..... e out of maturity proceeds of fixed deposits which is also evident from the bank statement reproduced. Hence, no hesitation in deleting the addition made on account of cash deposit u/s 69A in the instant case. Accordingly, grounds raised by the assessee on merits are hereby allowed. - SHRI M. BALAGANESH , ACCOUNTANT MEMBER For the Assessee : Shri V. K. Sabharwal , Adv Shri Aditya Rai , Adv For the Revenue : Shri Om Prakash , Sr. DR ORDER 1. The appeal in ITA No.2673/Del/2023 arises out of the order of National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as ld. CIT(A) , in short] in Appeal No. ITBA/NFAC/S/250/2023-24/1055071262(1) dated 11.08.2023 against the order of assessment passed u/s 143(3) of the Incometax Act, 196 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it could have required to be recorded. 5. That the order passed on 21.12.2019 as upheld by Ld. CIT(A) on dated 11.08.2023 was further illegal under the law and to the facts of the case, thereby making and upholding illegal and impugned additions of Rs. 15 lakhs in the income of the appellant, as against the principles of law and natural justice because of providing of insufficient and unreasonable time of 2 days only through SCN issued on 26.11.2019 for 29.11.2019 to file reply and upload all the required documents. 6. That the order passed by the Assessing Officer and upheld by Ld. CIT(A) was further invalid under Article 14 of the Constitution of India as both failed to understand or ever proved the concept of income either accrued or ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (A) were not having any material based upon to which that the explanation given, documents produced and placed upon records by the appellant with regard to the nature and source of Rs. 15 lakhs deposited in her bank account during the year under assessment was factually incorrect, due to which the additions were made in the hands of the appellant to the tune of Rs. 15 lakhs, which was charged to tax @ 60% u/s 115BBE of the Income Tax Act, 1961. 12. That the interest charged w/s 2344, 234B 234C and initiation of penalty proceedings u/s 271AAC of the Act, are further illegal as against the law and to the facts of the case. 13. That the appellant assails her right to amend, alter or change any grounds of appeal at any time even during the cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a credit to the tune of Rs. 15,89,022/- on 28.09.2015 in the bank account of the assessee toward maturity proceeds of fixed deposit held by the assessee. Hence, out of maturity proceeds of FDs, the assessee had withdrawn cash of Rs. 15,50,000/- on 29.09.2015. The assessee submitted that she was trying for seeking medical admission for her son in Dr. M. C. Saxena Medical College, Lucknow in the management quota for which a sum of Rs. 15 lakhs was given to her son Mr. Vivek along with two of his accomplices. The medical college accepted Rs. 50,000/- towards initial deposit from the assessee s son and informed that due to some litigation going on regarding the eligibility of their seats in medical college, they would later inform the student ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order to get the admission in medical college by paying the necessary amount in the management quota. Since on 08.11.2016, demonetization policy was announced by the Govt. of India, the assessee had no other option but to deposit the monies in the bank account in specified bank notes on 17.11.2016 and 23.11.2016 after ascertaining the fact that pursuant to the order of the competent Court, there is no likelihood in the near future for the assessee to secure admission in medical college for her son. All these facts clearly goes to prove the bonafide intention of the assessee and the source of the cash deposits being clearly explained. I have gone through the bank statement of Oriental Bank of Commerce enclosed in paper book wherein, for the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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