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TMI Blog2024 (9) TMI 1111X X X X Extracts X X X X X X X X Extracts X X X X ..... r returns of income separately in their individual status disclosing their respective turnovers. Source of the cash deposited was the loan of a similar account sanctioned by the same bank and branch (Karur Vysya Bank) and the said joint account was merely utilized as a conduit to transmit the loan funds and no other transactions were made in the said account - Assessee and the joint holder Mrs. Satya Sri Kanchumarthi have availed the bank loan jointly which clearly establishes at page 5 of the paper book evidencing the joint account held by the assessee and Mrs. Satya Sri Kanchumarthi. It is also an undisputed fact that the loan availed was a short term loan and the assessee and Mr. Satya Sri Kanchumarthi have repaid the loan amount after l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 42(1) of the Act along with a questionnaire, calling for certain information, was issued to the assessee through ITBA on 12/09/2019 in order to verify the genuineness of the cash deposits made by the assessee during the demonetization period in her bank accounts. However, the assessee did not furnish the details as called for by the Ld. AO. Meanwhile, the Ld. AO obtained the information from the Karur Vysya Bank Limited, Bommuru with regard to assessee s bank account to elicit the exact amount of cash deposits made during the demonetization period. On perusal of the details furnished by the bank, the Ld. AO observed that the assessee made cash deposits to the tune of Rs. 41,46,000/- in the above said bank during demonetization period. Accor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e during the demonetization. In response, the assessee furnished her reply. However, the Ld. CIT(A)-NFAC vide para 7.2.1 of his order did not consider the submissions and explanation given by the assessee and held that the Ld. AO has rightly made the addition U/s. 69A of the Act and invoked the provisions of section 115BBE of the Act and dismissed the appeal of the assessee. Aggrieved by the order of the Ld. CIT(A)-NFAC, the assessee is in appeal before the Tribunal by raising the following grounds of appeal: 1. The order of the Ld. CIT(A) is contrary to the f acts and also the law applicable to the f acts of the case. 2. The Ld. CIT(A) is not justified in sustaining the addition of Rs. 41,46,000/- made by the Ld. AO U/s. 69A of the Ac t to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Ld. DR submitted that the assessee has deposited the cash during the demonetization period and therefore in the absence of any explanation the Ld. AO made the addition and the Ld. CIT(A)-NFAC confirmed the same. Therefore, the Ld. DR pleaded that there is no infirmity in the orders of the Ld. Revenue Authorities and the same may be confirmed. 6. I have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue Authorities. It is an admitted fact that the bank account bearing its No.4841155000007032 with Karur Vysya Bank in which the cash deposits were made was not the individual account of the assessee but it was a joint bank account with one of her relatives viz., Mrs. Satya Sri Kanchum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act. The Ld. AR also submitted that the Ld. AO has totally misunderstood the facts of the case and made the addition in the hands of the assessee. After considering the above said facts and circumstances of the case, I have no hesitation to come to a conclusion that the assessee and the joint holder Mrs. Satya Sri Kanchumarthi have availed the bank loan jointly which clearly establishes at page 5 of the paper book evidencing the joint account held by the assessee and Mrs. Satya Sri Kanchumarthi. It is also an undisputed fact that the loan availed was a short term loan and the assessee and Mr. Satya Sri Kanchumarthi have repaid the loan amount after liquidating the stocks of raw cashew nuts. Therefore, I am of the considered view that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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