Provisions of section 269ss

no it is applicable on loan and advances and specified sum talenn for as an advance for immovable property . 

In this case, the assessee`s husband withdraws money from her OD account in cash more than Rs. 10 lacs and give it to his wife, who in return accepts the cash and deposit the same in her bank account and subsequnetly withdraws the whole amount next day. I am of the view in the present case the assessee has accepted the deposits from her husband in cash, which is the clear violation of section 269SS of the I.T. Act. However, the assessee did not submit any reasons for the withdrawal from her bank account.

The query is not clear.  I presume that the money was withdrawn from husband's account, given in cash to his wife who deposited it in her account and then withdrew the same.  How is it that the money was not directly deposited in her account?  The data is insufficient and the facts are not clear.  Is the lady also into business?  Under certain conditions, it may be possible to infer that a loan has been given and it is possible to invoke 269SS. 

the issue is money was withdrawn from husband`s account, given in cash to his wife, who deposited it in her account.  The lady had made some transactions during the year in share trading and shown loss from such trading. Her case is selected on the issue of large cash deposits.

Please consider it as gift so it will exempt u/s 56. If you consider it as loan than it will be attracted 269SS