9911796707
TMI Blog2024 (9) TMI 1523X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel JUDGMENT C. SARAVANAN, J. This tax appeal is directed against the impugned order dated 06.03.2024 passed by the Income Tax Appellate Tribunal in ITA.No.1312/CHNY/2023 for the assessment year 2009-10. 2. By the impugned order, the appeal filed by the Appellant in ITA.No.1312/CHNY/2023 has been partly allowed and partly rejected. 3. Operative Portion of the impugned order reads as unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tating 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 necess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reasonable amount can be attributable towards savings, which can be kept in cash balance. Therefore, out of total agricultural income declared by the assessee, we consider a Sum of Rs. 2,00,000/- towards expenses of the assessee for two years and balance sum of Rs. 4,00,000/- is available with the assessee in the form of cash in hand which can be considered as source for cash deposits. Therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court in Principal Commissioner of Income Tax, Central 1, vs. A.Anbukkannan, Tax Case Nos.216 & 217 of 2019 dated 04.03.2019 8. We have considered the arguments advanced by the learned counsel for the appellant. As such, no questions of law much-less any substantial questions of law arises for our consideration in this appeal. Therefore, this tax appeal is without any merits. The dispute re ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
