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May 2025

Sec 69A r.w.s. 115BBE: Assessing Officer was not correct in invoking provisions of section 69A and section 115BBE, since assessee had recorded cash deposits of ₹10.75 lakhs during demonetization period in his books of account and source of cash deposits was also maintained by assessee.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 3 mins

9. [2024] 115 ITR(T) 624 (Ahmedabad - Trib.)

Dipak Balubhai Patel (HUF) vs. ITO

ITA NO.: 942 (AHD.) OF 2023

A.Y.: 2017-18 DATE: 22nd August 2024

Sec 69A r.w.s. 115BBE: Assessing Officer was not correct in invoking provisions of section 69A and section 115BBE, since assessee had recorded cash deposits of ₹10.75 lakhs during demonetization period in his books of account and source of cash deposits was also maintained by assessee.

FACTS

The assessee filed his return of income for the AY 2017-18 declaring total income of ₹5.73 lakhs. The return was taken up for scrutiny assessment. The Assessing Officer found that the assessee in his account with Bank of Baroda deposited a sum of ₹10.75 lakhs during demonetization period and issued show cause notice to explain the above source of cash deposit.

The assessee explained the source of cash deposit was withdrawal from four other banks accounts. The cash deposits were duly reflected in the return of income filed in ITR-2. The assessee was not having any business income but rental income and other sources income only, therefore he had

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