Shobha Prakash Shetty Vs ACIT (ITAT Mumbai)
ITAT Mumbai held that cash deposits were evidently business receipts, in absence of any other evidence of any other undisclosed source of income, the same cannot be considered as unexplained cash credit. Accordingly, addition under section 68 liable to be set aside.
Facts- AO found that the assessee had deposited cash of Rs. 92,24,000/- between 09.11.2016 to 30.12.2016 in her bank account with Vijaya Bank during the demonetization period. A survey u/s. 133A of the Act was conducted in this case on 29.03.2017 and during the survey, it was found that the appellant had deposited an amount of Rs. 44,05,000/- in old demonetized currency, out of which an amount of Rs. 15,50,000/- had been declared by the appellant in PMGKY 2016 scheme and balance old currency amounting to Rs. 29,15,468/- was claimed to be deposited out of the cash in hand as on 08.11.2016.
AO did not accept the submission made by the appellant and the source and genuineness of the cash deposited amounting to Rs.29,15,468/- was held to be unexplained which was added to the total income u/s 68 of the Act.
CIT(A) upheld the addition. Being aggrieved, the present appeal is filed.
