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TMI Blog2024 (9) TMI 632X X X X Extracts X X X X X X X X Extracts X X X X ..... mal circumstances no one will keep the cash currency for 3 to 8 years and therefore, rejected the contention of the assessee as not reasonable or logical. Before us, no evidences have been filed in support contention that assessee withdrawn the deduction in respect of corresponding years and cash was returned back by those trusts to the assessee. Assessee has not filed any such affidavit from those trusts supporting it contention the cash was received back. No infirmity in the order of the CIT(A) on the issue in dispute and accordingly, we uphold the same. The grounds of the appeal of the assessee are rejected. Appeal of the assessee is dismissed. - SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI SUNIL KUMAR SINGH (JUDICIAL MEMBER) For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... declaring total income at Rs.1,18,70,890/-. The return of income filed by the assessee was selected for scrutiny assessment and statutory notices under the Income-tax Act, 1961 (in short the Act ) were issued and complied with. The Assessing Officer on the basis of the information in possession of the Income-tax Department asked the assessee to explain source of cash deposit of Rs.54,50,000/- in ICICI Bank Ltd. on 12.11.2016 (i.e. during the demonetization period). The assessee explained that said cash was generated on account of bogus donations claimed u/s 35AC and 35AC (ii) of the Act, under which cash was received back from Trusts, against the cheque issued to them for donations. The assessee submitted that it wished to participate in In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ases, I consider the aspect of human probability. It cannot be untrue that when the assessee purportedly got lakhs of rupees in cash several years back, he definitely did not know that several years later there would come IDS or similar scheme where he could declare the amount and get amnesty. So, he definitely got the cash back with the intention of enjoying for personal purposes or investing somewhere for pecuniary benefits. He did not generate the money in such clandestine manner for nothing or for keeping idle at home. Secondly, keeping such huge sum of currency notes for 3 to 8 years would have made the notes brittle and decaying also. These suffered the risk of burglary or loss otherwise too. So, for the reasons stated above, I feel t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Health 10,00,000 1,50,000 8,50,000 2014-15 School of Human Genetics Population Health 16,00,000 2,40,000 13,60,000 Total 62,00,000 7,50,000 54,50,000 5.1 The assessee contended that above parties returned the amount of donation back to assessee in cash after deducting 10% commission. The assessee further contented that he had withdrawn the said deduction u/s 35AC and the paid taxes thereon in all those assessment years. Further stated that the cash, which was received back was kept with him and deposited in ICICI Bank on 12.11.2016 i.e. during the demonetization period. The lower authorities have rejected the contention of the assessee on the basis of the circumstantial. According to the Ld. CIT(A) in normal circumstances no one will keep t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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