9911796707
TMI Blog2024 (10) TMI 656X X X X Extracts X X X X X X X X Extracts X X X X ..... ind force in the argument of assessee that the total income of the assessee was determined at Rs. 1,00,000/- which is admittedly/apparently below the taxable income limit of Rs. 2,50,000/-. Even otherwise the assessee has explained the source of cash deposit successfully. We are of the considered opinion that the AO committed grave error in making addition of Rs. 1,00,000/- as taxable income and further imposing tax u/s 115BBE of the IT Act @ 60%. We therefore set-aside the ex-parte order passed by ld. Addl./JCIT(A)-2, Vadodara delete the addition of Rs. 1,00,000/- made by the Assessing Officer. Thus, the grounds of appeal raised by the assessee are allowed. - Shri G. D. Padmahshali, Accountant Member And Shri Vinay Bhamore, Judicial Memb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble data reveals that the assessee had made cash deposits of Rs. 12,00,000/- between 09.11.2016 to 31.12.2016, but has not filed income tax return. The notice u/s 142(1) was issued to the assessee. During the course of assessment proceedings, the assessee was asked to explain the source of cash deposits of Rs. 12,00,000/- into her bank accounts. The assessee vide e-compliance dated 09.07.2019 explained that she has deposited cash amount of Rs. 6,00,000/- only, in the bank account maintained with The Nashik District Central Co-operative Bank Ltd. She also furnished copy of her bank statement. The cash deposits of Rs. 6,00,000/- was made on 13.11.2016 out of cash Rs. 6,69,000/- withdrawn from the same bank on 12.08.2016. The said amount of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ri B. T. Sonawane is repayment of advance of Rs. 1,00,000/- received by her during the financial year 2009-10. The Assessing Officer issued summons u/s 131 of the IT Act to Shri Digamber S. Goverdhane and Shri B.T. Sonawane requiring them to appear before him in the income tax office. In response, Shri Digamber S. Goverdhane appeared and confirmed the transaction but Shri B.T. Sonawane did not appear in the income tax office. The Assessing Officer held that the assessee has failed to prove her onus in support of the receipt of cash from Shri B. T. Sonawane, therefore failed to explain source of cash deposits of Rs. 1,00,000/- made during the demonetization period with supporting documentary evidence, therefore, the cash deposits of Rs. 1,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame was received during F. Yr. 2009-10. It was submitted that even the order passed by the Assessing Officer is unwarranted, illegal and bad in law, looking to the fact that during the period under consideration i.e. assessment year 2017-18, income upto Rs. 2,50,000/- is non-taxable. But, the Assessing Officer erred in determining the total income of Rs. 1,00,000/- as taxable income. On the basis of all the above facts, it was requested before us to set-aside the order passed by the ld. Addl./JCIT(A)-2, Vadodara and quash the order of Assessing Officer. 6. Ld. DR relied on the orders passed by subordinate authorities and requested to confirm the same. 7. We have heard Ld. Counsels from both the sides and perused the material available on re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yment as unexplained money u/s 69A of the IT Act. We find that in the Financial Year 2009-10 the assessee received an amount of Rs. 1,00,000/- as advance from Shri B. T. Sonawane which was returned to Shri B. T. Sonawane on 02-07-2018 i.e. after the period under consideration. Therefore, there was no occasion before the Assessing Officer to make the addition on the basis of above payment during the period under consideration. We further find force in the argument of the ld. counsel of the assessee that the total income of the assessee was determined at Rs. 1,00,000/- which is admittedly/apparently below the taxable income limit of Rs. 2,50,000/-. Even otherwise the assessee has explained the source of cash deposit successfully. Considering ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
