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TMI Blog2024 (9) TMI 1523X X X X Extracts X X X X X X X X Extracts X X X X ..... h deposits made during the demonetization period and therefore inclusion of entire cash deposits as unexplained income of the Appellant was unwarranted. The appellant relied on the decision of Purushottam Jhawar, [ 2013 (10) TMI 838 - ANDHRA PRADESH HIGH COURT] rendered in the context of Section 158 BB of the Income Tax Act, 1961as it stood then the decision of the Allahabad High Court in Commissioner of Income Tax (Central), Kanpur vs. Fertilizer Traders, [ 2013 (12) TMI 725 - ALLAHABAD HIGH COURT] and that of this High Court in Principal Commissioner of Income Tax, Central 1, vs. A. Anbukkannan, [ 2019 (5) TMI 1129 - MADRAS HIGH COURT] . We have considered the arguments advanced by appellant. As such, no questions of law much-less any sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee could not furnish sufficient evidences before the Assessing Officer and the Id. CIT(A) to explain source for cash deposits, except stating that he was having opening cash in hand at Rs. 9,00,000/- and source for cash deposits is out of opening cash in hand and realization of sundry debtors. At the same time, the Assessing Officer and the Id. CIT(A) could not adduce any reasons for not considering the explanation of the assessee with regard to opening cash in hand of Rs. 9,00,000/-. Although, the appellant could not file necessary evidences, the possibility of keeping opening cash in hand out of agricultural income declared for last two financial years cannot be ruled out. The assessee has filed ITRs for last two financial years ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been confirmed . 8. In the result, appeal filed by the assessee is partly allowed. 4. In return of Income filed by the appellant for the assessment year 2017-18 on 06.03.2018, the appellant had declared an income of Rs. 3,75,350/- and an agricultural income of Rs. 50,000/-. 5. The assessment for Assessment Year 2017-2018 was completed on 27.12.2019 under Section 143(3) of the Income Tax Act, 1961 by treating cash deposits of Rs. 36,34,071/- was made by the appellant during demonetisation in 2016 as unexplained income under Section 69A of the Income Tax Act, 1961. 6. The case of the appellant is that the proceedings initiated pursuant to the notice under Section 143(2) of the Income Tax Act, 1961 dated 21.09.2018 and further notice dated ..... X X X X Extracts X X X X X X X X Extracts X X X X
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