Author Topic: HD NOTES DEPOSITED ON DIFFERENT DATESTREATED BY ACIT AS UNEXPLAINED INCOME U/S68  (Read 9155 times)

sai prasad

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THE ASSESSEE MAINTAIN BOOKS AND IN THE EARLIER YEAR HE WITHDREWIN LUMPSUM ON 31.03.2016 RS.3500000/- THAT WAS BROUGHT BACK INTO BOOKS AT THE TIME OF DEPOSIT OF HD NOTES  THE A.O DISBELIEVED  AND HELD THAT THE HD NOTES SHOUDL HAVE BEEN DEPOSITED IMMEDIATELY AFTER  ITS BAN.  PLEASE GIVE ANY JUDGEMENTS IN FAVOUR OF THE ASSESSEE.

vsaiyar

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It does appear a strange behaviour.

Ashish kumar

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ITO Vs Pawan Kumar 153 ITD 448(Del) have similar facts as of yours Mr Parsad.
The next decision is Gurpreet Singh Vs ITO 157 ITD 262(Chd)
Jaya Aggarwal Vs ITO-254 Taxman 398 (Del)

I hope that the above are enough

vsaiyar

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The issue raised was : 1) Cash withdrawn from bank Rs.35,00,000  2) HD notes deposited on various dates later  3) leading to presumption he had sufficient cash on hand.  The case laws referred to is with reference to cash deposits which is not substantiated as to the source.  Here the issue is not merely cash deposit, here deposit is of High Denomination notes on various dates