2025 (1) TMI 179

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..... 144 of the Income Tax Act, 1961 [hereinafter referred to as "the Act"] for the Assessment Year 2017-18. 2. Brief facts leading to this case are that notice under section 142(1) of the Act was issued on 02.02.2018 asking the assessee to prepare a true and correct return of income of the assessee during A.Y. 2017-18. But the assessee failed to furnish return of income for A.Y. 2017-18 either under section 139 (on or before 31.03.2018) or Income Tax Return in response to notice under section 142(1) of the Act. On basis of data/information gathered under 'Operation Clean Money', the Income Tax Department gathered a list of assessees who has deposited substantial cash in the bank accounts during the period of demonetization i.e. 09.11.2016 to 3 .....

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..... rence. Learned CIT(A) ought to have appreciated following facts : Date Occasions Amount (Rs.) Belonging to 29.04.2005 On Marriage 4,37,000/- Wife   Marriage Anniversary - Every Year [till 2016] 4,92,102/- Belong to wife 21.01.2006 Birth of first child 12,120/- Children kept by wife 21.01.2009 Birth of Second Child 24,044/- ''   Birthdays of both the Children 2,29,433/- '' Various dates Cash from Uncle Mr. Rajan Mishra 7,50,000/- Self Various dates Cash from sister Mrs. Arti Mishra 10,00,000/- '' During Demonetization Cash from Mother 3,77,100/- Mother Various dates Cash from Brother Mr. Mohit Sharma 4,65,600/- Brother   Past Savings 9,66,566/- Self   Total 47,53,965/-   .....

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..... activities carried by him. As per e-filing portal, assessee filed Income-tax Returns for the years 2010-11, 2011-12 & 2015-16 only. The bank statements show that assessee conducted activities beyond assessment year 2015-16 but had not filed any ITR. The assessee has not offered income arising out of his activities for taxation. Be that as it may, in view of facts and circumstances of the case, to balance equity and to meet the ends of justice, we hold that source of cash deposits to the extent of Rs. 10,00,000/- as unexplained and remaining cash deposits to be out of explained source. 9. Appellant/assessee had transferred Rs. 10,00,000/- each vide entries dated 11.05.2013 & 14.05.2013 to Harbans Lal Gulati who had returned Rs. 20,00,000/- .....

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