CHANDRASEKARAN,PONDICHERRY vs. ITO, WARD-4, , PUDCHERRY

O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2017-18 arises out of an passed by learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] on 28-12-2023 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s 143(3) of the Act on 08-12-2019. Having heard rival submissions, the appeal is disposed-off as under. The assessee being resident individual is a salaried person 2. During assessment proceedings, it transpired that the assessee deposited cash in his bank account for Rs.11.95 Lacs post- demonetization. The assessee submitted that the retirement benefits received during financial year 2012-13 were withdrawn which could not be utilized. This amount was given to relatives and friends. During demonetization, the money was received back and the same was deposited in the bank account. However, rejecting the same, Ld. AO added the same as unexplained income u/s 69A. The Ld. CIT(A) held that normal cash balance could be Rs.2 Lacs and accordingly, restricted the impugned addition to Rs.9.95 Lacs. Aggrieved, the assessee is in further appeal before us.