9911796707
TMI Blog2025 (1) TMI 168X X X X Extracts X X X X X X X X Extracts X X X X ..... the extent of ₹ 5 lakh the disallowance made is not justified. Women have a tendency of accumulating cash saved from household budgets and from whatever cash they receive from relatives and family members during festivals and occasions. Honourable Prime Minister and also CBDT considering this aspect had announced that a lady assessee is a housewife and do not have any business would not be questioned if the bank deposits during the demonetisation were found to be less than 2.5 lakhs. In the present facts of the case considering the age of the assessee and the tendency to hold onto the cash at that age cannot be overlooked. Assessee has filed bank statements that are self-explanatory regarding the withdrawals which was held by the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Section 69A of the Income Tax Act, 1961, by the Assessing Officer to the tune of Rs. 10,07,000/- on account of cash deposits during the demonetization period, and consequently imposing tax under section 115BBE of the Income Tax Act, 1961, without giving due consideration to the age, physical condition, and financial background of the appellant. 4) The Ld.AO erred in passing the order without giving proper opportunity of being heard and without proper service of notice. 5) The Ld. AO erred in initiating penalty proceedings u/s. 271AAC of the Income Tax Act. 6) The Ld.AO erred in imposing penalty u/s. 234F of the Income Tax Act. 7) The Ld.AO erred in imposing interest u/s 234A of the Income Tax Act. 8) The Appellant craves leave to add, am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the assessee s tax portal and due to her age and lack of technical knowledge, assessee was unaware of proceedings being initiated. It was only after receiving physical notice, she sent her authorised representative to attend proceedings. As consistently none appeared before the assessing officer, assessment order was passed under section 144 of the act, making addition of ₹10,07,000/- under section 69A as unexplained money in the hands of the assessee. Aggrieved by the order of the Ld. AO, assessee preferred appeal before the Ld. CIT(A). 3. Upon receipt of notice of hearing from the Ld. CIT(A), assessee sought adjournment due to unfortunate demise of the authorised representative. It is submitted that, despite genuine reason and r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under section 69 a of the act. 5.3. On the contrary the Ld.DR submitted that you verification carried out. He submitted that except for furnishing the bank statement assessee has not filed any other details/evidence is in support of the claim of cash on hand. We have perused submissions advanced by both sides in the light of records placed before us. 6. Admittedly, assessee has not filed any return of income even after issuance of notice under section 143 (2) of the act. It is noted that the assessee is having cash in the bank accounts viz. The Ld. AO is disputing for the reason that, assessee deposited it during the demonetisation. From the bank statements filed by the assessee, is thus clear that assessee had withdrawn cash from the ba ..... X X X X Extracts X X X X X X X X Extracts X X X X
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