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TMI Blog2022 (9) TMI 1599X X X X Extracts X X X X X X X X Extracts X X X X ..... ure to be followed by the assessing officer in verification of cash transaction relating to demonetization. In the facts of the present appeal, undisputedly, assessee is a salaried person having no business income. Further, the cash deposited during the demonetization period, does not exceed the threshold limit of Rs. 2.50 lacs in terms with the CBDT Instruction noted above. The CBDT instruction being beneficial to assessee, has to be applied. Thus, we delete the addition made under Section 69A of the Act. Assessee appeal allowed. - Shri G.S. Pannu, President And Shri Saktijit Dey, Judicial Member For the Assessee : Ms. Shweta Bansal, CA. For the Department :Shri Sanjay Kumar, Sr. DR. ORDER PER SAKTIJIT DEY, JUDICIAL MEMBER: This is an ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee reiterated the stand taken before the departmental authorities. Whereas, learned Departmental Representative relied upon the observations of the Assessing Officer and learned Commissioner (Appeals). 6. Having considered rival submissions, we find, assessee s wife is an Income-Tax assessee and files her return of income regularly. Even, for the impugned assessment year, assessee s wife had filed her return of income offering income of Rs. 2,86,306. 7. Considering the status of the assessee and his wife, the explanation of assessee that an amount of Rs. 60,000 was received from his wife out of her past savings is believable. Accordingly, we hold that the addition of Rs. 60,000 under Section 69A of the Act is unjustified. Accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... officer and learned Commissioner (Appeals). 12. Having considered rival submissions and perused the material on record, it is observed, CBDT vide Instruction No. 3/2017 dated 21.2.2017 has issued standard operating procedure to be followed by the assessing officer in verification of cash transaction relating to demonetization. In the Annexure to the said instruction, the following guideline has been issued, qua, cash deposit made by an individual having no business income: 1. Cash out of earlier income or savings 1.1 In case of an individual (other than minors) not having any business, no further verification is required to be made if total cash deposit is up to Rs. 2.5 lakh. In case of taxpayers above 70 years of age, the limit is Rs. 5.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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