Case Law Details
Chaudhary Mange Ram Panwar Vs ITO (ITAT Dehradun)
ITAT Dehradun held that addition of cash deposits made during the demonetization period unsustained as predominant source of income was only agricultural income and no other source of income is brought on record by AO.
Facts- The only effective issue to be decided in this appeal is as to whether learned Commissioner of Income Tax (Appeals) [‘CIT(A)’] was justified in partially confirming the addition made on account of cash deposits during the demonetization period.
Notably, a sum of Rs.13,17,500/- was deposited in cash by the assessee with State Bank of India in old demonetized currency. The explanation given by the assessee for the said source was not accepted by learned Assessing Officer and the addition made in the assessment, treating the cash deposit in bank account as unexplained money under section 69A of the Act.
CIT(A) restricted the addition to Rs. 7,67,000/- after giving relief of Rs. 5,50,000/-. However, being aggrieved, assessee has preferred the present appeal.
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