The appeal of the assessee is allowed
Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniassessment Year: 2017-18 Shri Ram Babu Singh, Income-Tax Officer, Near Gayatri Mandir, 2(1), बनाम/ Saharsa, Bhopal Vs. Bihar (Assessee/Appellant) (Revenue/Respondent) Pan: Cufps2957D Assessee By Shri S.N.Agrawal, Ca & Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 07.05.2024 Date Of Pronouncement 09.05.2024
2 of 13 Shri Ram Babu Singh, Bihar ITA No. 17/Ind/2024 – AY 2017-18 withdrawals from bank immediately preceding the cash deposits. Alongwith that the assessee has throughout his statement never explained the actual source of the deposits. 7. The reason stated by the assessee for cash deposit of Rs. 20,50,000/- during demonetization period is neither acceptable