In the course\u00a0 of assessment proceedings the assessee submitted that the cash deposit was actually the cash which withdraw before two months of demonetisation for purchase of land. The\u00a0 Assessing Officer made the addition as cash credits.The Tribunal held\u00a0 that the assessee has shown withdrawals for cash deposits during demonetization period and discharged the burden cast upon him. If at all, the AO doubted the source for the cash deposits, he should have found through detailed enquiry that the withdrawals are not deposited in the same bank of the assessee. However, in this case, no such enquiry has been carried out and moreover; the AO has not doubted the genuineness of the transactions. It was held that, the assessee had explained the source of cash deposits sufficiently and addition is to be deleted as AO cannot prove why the explanations offered by assessee are incorrect. [ITA No. 982\/ Chny\/2022], dated 24\/03\/2023.)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Cash deposits-Demonetization-Burden is on the AO to prove. <\/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-41929","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-aUh","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41929","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=41929"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41929\/revisions"}],"predecessor-version":[{"id":41930,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41929\/revisions\/41930"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=41929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=41929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=41929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}