115BBE made on account of unexplained cash deposit
during demonetization period due to sales credited to its
books of account to extent unsupported by past ... 2020 Page 6 of 29
had increased abnormally during the demonetization period. It
was submitted that the AO has pointed out in paragraph
limited scrutiny" assessment through CASS to examine "cash
deposits during demonetization period". Accordingly, the AO issued notices ... assessee to
explain the source of deposits in bank a/c during demonetization-period of
09.042016 to 31.12.2016, the assessee submitted reply claiming that
observed by the A.O
that the assessee had during the demonetization period made cash deposits of
Rs.10,00,000/- in her bank account ... account of unexplained cash deposit in
bank account during demonetization period. The appellant has derived
income from salary and other sources. During the course
failed
to justify maintaining huge cash in hand just before announcement
of demonetization of SBN's.
2. That the grounds of appeal are without ... impugned amount represents the cash deposit
in SBN's during demonetization period from 08.11.2016 to 31.12.2016 in the
following manner:-
S. Bank details Cash
treating the cash deposit in the bank account
during demonetization period as unexplained income of the assessee by not
accepting the explanation of assessee that ... 2024
Smt. Rajni Gupta vs. ACIT
in the bank account during the demonetization period i.e. between
09.11.2016 to 30.12.2016.
4. The assessee aggrieved, from
115BBE made on account of unexplained cash deposit
during demonetization period due to sales credited to its
books of account to extent unsupported by past ... 2020 Page 6 of 29
had increased abnormally during the demonetization period. It
was submitted that the AO has pointed out in paragraph
bank account of the
appellant company during the period of demonetization and brought to tax
under section 68 of the Act read with section 115BBE ... scrutiny is stated to be abnormal increase in
cash deposits during demonetization period as compared to pre demonetization
period. During assessment proceedings the Assessing Officer
line with its past transaction
history. All cash deposited was deposited after demonetization was
announced on the night of 8th November, 2016. It also failed ... deposits
of Rs. 25 lacs were in new currency notes and non-demonetized old
currency notes (Rs. 10/20/50/100). This inference gets strengthened
under:
"(iii) As a follow up to the declaration of demonetization, CBDT issued
Instruction No 3of 2017 dated 21.2.2017 laying down ... verification of
cash transactions relating to demonetization". Annexure to
F.No.225/100/2017/ITA-11 titled "Source Specific General Verification
Guidelines
State Bank of Patiala on 12.11.2016 (in old currency during the
demonetization period) and has shown closing cash bank balance ... evidences w.r.t. cash credit and cash deposits made during demonetization
period, sale, purchases or expenses made, opening & closing stock maintained during
