RAMASHIS SINHA,PATNA vs. ITO WARD-5 (1), PATNA
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Income Tax Appellate Tribunal, PATNA BENCH
Before: SHRI RAJPAL YADAV & SHRI GIRISH AGRAWAL
IN THE INCOME TAX APPELLATE TRIBUNAL PATNA BENCH VIRTUAL HEARING AT KOLKATA BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA No.63/Pat/2023 Assessment Year: 2017-18
Ramashis Sinha Income Tax Officer, Ward-5(1), E-37, P. C. Colony, Lohia Patna Vs. Nagar, Kankarbagh, Patna, Bihar-800020 (PAN:AQEPS3305A)) (Appellant) (Respondent)
Present for: Appellant by : Shri Abhi Sarkar, Advocate Respondent by : Shri Rupesh Agrawal, Sr. DR Date of Hearing : 11.05.2023 Date of Pronouncement : 17.05.2023
O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the order of Ld. CIT(A), National Faceless Appeal Centre (NFAC) vide Order No. ITBA/NFAC/S/250/2021-22/1041008289(1) dated 18.03.2022 against the order of ITO, Ward-5(1), Patna u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as the “Act”), dated 27.12.2019 for AY 2017- 18.
The sole contention of the assessee in the present appeal is in respect of addition of Rs.10,55,000/- towards deposit of cash in the saving bank account of the assessee during the demonetization period which has been treated as unexplained money u/s. 69 of the Act.
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Brief facts of the case are that assessee is a pensioner, retired as Reader in Chemistry, Patna University. Return of income was filed on 19.07.2017 reporting total income of Rs.6,82,430/-. During the course of assessment proceedings, assessee was asked to submit the source of deposit of cash of Rs.10,55,000/- deposited in the Savings Bank Account bearing A/c. no. 20245298655 with Allahabad Bank, Patna University Brach, Patna, which was deposited during the demonetization period (09.11.2016 to 30.12.2016). In this respect, assessee submitted that the deposits were made from savings out of the pension earned by the assessee. Assessee further submitted that this deposit was part of withdrawal of cash from his bank account during the last seven years. Assessee stated that an amount of Rs.17,64,300/- had been withdrawn during the last seven years from his bank account out of which he deposited back Rs.10,55,000/- in the bank account owing to compelling and peculiar situation which arose due to announcement of demonetization scheme by the Central Government. The balance amount of Rs. 7,09,300/- was utilised by the assessee for his household spending. Assessee also submitted that he being a pensioner, there is no other source of income for him and, therefore, the cash deposit is out of his earnings of past several years which were withdrawn over a period of time from the Bank. Assessee claimed that he kept certain amount of cash at home to meet emergency expenses which may arise for himself or his spouse, both being in the old-age. Details of withdrawal of cash from his bank account were furnished, giving all the details which were not appreciated by the authorities below.
Considering the facts on record and the peculiar circumstances of the assessee corroborated by the details of withdrawal from the bank account makes us believe that the deposit of cash is sufficiently explained and, therefore, we find it proper to delete the addition made by
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the Ld. AO in this respect. Accordingly, ground taken by the assessee in this respect is allowed.
In the result, Appeal of the assessee is allowed.
Order pronounced in the open Court on 17th May, 2023.
Sd/- Sd/- (Rajpal Yadav) (Girish Agrawal) Vice President Accountant Member Dated: 17th May, 2023 JD, Sr. P.S. Copy to: 1. The Appellant: 2. The Respondent 3. CIT(A), NFAC, Delhi 4. CIT, Patna 5. DR, ITAT, Patna Bench, Patna 6. Guard file //True Copy// By Order Assistant Registrar ITAT, Kolkata Benches, Kolkata
