{"id":29532,"date":"2022-09-08T13:16:03","date_gmt":"2022-09-08T07:46:03","guid":{"rendered":"https:\/\/itatonline.org\/digest\/ajit-bapu-satam-v-dy-cit-mumtrib-www-itatonline-org\/"},"modified":"2023-03-06T05:41:34","modified_gmt":"2023-03-06T00:11:34","slug":"ajit-bapu-satam-v-dy-cit-mumtrib-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/ajit-bapu-satam-v-dy-cit-mumtrib-www-itatonline-org\/","title":{"rendered":"Ajit Bapu Satam v. Dy. CIT  (2023)  147 taxmann.com 222(Mum)(Trib.) www.itatonline .org"},"content":{"rendered":"<p>The assessee has deposited cash in his bank account between 09\/11\/2016 to 30\/12\/2016 (i.e. during the demonetization period) . \u00a0The AO treated the cash deposit during the demonetization period as unexplained money under section 69A of the Act. \u00a0The AO also made addition in the hands of\u00a0 partner\u00a0 in respect of cash was deposited in bank account of \u201cNivara Builders and Developers\u201d (Partnership firm) \u00a0The CIT(A)\u00a0 affirmed the order of AO . On appeal\u00a0 the honorable Tribunal held that \u00a0as per the banks statements, the cash which was withdrawn by the Assessee was kept at his residents and due to demonetization on 08\/11\/2016, the assessee deposited the old bank notes into his Matunga (West) branch amounting to Rs.20 lakh on 10\/11\/2016. It is evident that the amount withdrawn by the assessee was much more than the amount deposited in the very same bank account. \u00a0There was no record that the cash which was withdrawn was already utilized for any other purpose. \u00a0Accordingly deleted the addition . \u00a0Tribunal also \u00a0held that \u00a0merely on the basis that equivalent amount of cash amount deposited in the bank accounts of the firm was transferred within few days to the assessee (Partner), \u00a0conclusion cannot be drawn that said cash deposits was unexplained money of the assesse (Partner). The transaction of cash deposit is made in the bank account of the firm, which is undoubtedly a separately assessed entity and the firm \u00a0filed its separate return of income. \u00a0Addition was deleted \u00a0Referred\u00a0 \u00a0Jaspal Singh Sehgal v. ITO, [2017] 83 Taxmann.com 246 (Mum)(Trib.),\u00a0 \u00a0Sudhirbhai Pravinkant Thaker v. ITO, [2017] 88 Taxmann.com 382 (Ahd.) (Trib.). ,( ITA No.1599\/Mum\/2021, order dt.29\/08\/2022)<strong> \u00a0\u00a0<\/strong>\u00a0(AY. \u00a02017 \u2013 2018)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.69A: Unexplained money \u2013 Demonetization \u2013 AIR information -Amount deposited to bank from earlier withdrawals \u2013 Addition was deleted &#8211; Cash Deposits in Partnership Firm\u2019s bank Account \u2013 Amount transferred  to partner\u2019s account  as withdrawal from capital \u2013Addition  cannot be made in the hands of partner .   [ S. 2(31)iv),133(6)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-29532","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7Gk","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29532"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29532\/revisions"}],"predecessor-version":[{"id":33148,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29532\/revisions\/33148"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=29532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=29532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}