9911796707
TMI Blog2012 (11) TMI 419X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent by: Mr. S.K. Gupta, CIT (D.R.) ORDER PER: SHRI ANIL CHATURVEDI, A.M. This appeal is filed by the assessee against the order of Ld. CIT (A)- IV, Baroda dated 10-2-2012 for the assessment year 2001-02. 2. The assessee has raised grounds of appeal in two parts (i) on legality and (ii) on merits. 3. Grounds mentioned in Part-I i.e. on legality are not pressed and therefore, not adjudicated. Grounds in part-II are on merits and are as under:- 1. It is submitted by your Appellant that during course of assessment proceeding before ITO during proceedings to give effect to the order u/s.254 of the Act and also before Ld. CIT (A) had filed full facts and figures and evidence in support of claim that deposit of Rs.1,00,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions of ITAT, notice was issued by the A.O. to assessee to furnish the necessary evidences. 5. During the course of reassessment proceedings the assessee submitted a statement showing joint family income and surplus of funds. From the statement furnished, A.O. noticed that the assessee had shown accumulated surplus of Rs.1,66,237/- by way of cash deposits and gifts received during the year, the details of which were as under:- 6-3-2000 By cash withdrawals Rs. 30,000 31-3-2000 By family surplus fund Rs. 40,586 By gifts received during F.Y.1999-00 Rs. 21,000 31-3-2001 By family surplus fund Rs. 49,651 By Gifts received during F.Y. 2000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt is not supported by documentary proof. The appellant has shown to have cash withdrawal on 6-3-2000 of Rs.30,000/-. Further it is not explained by the appellant that this cash withdrawal of Rs.30,000/- was made from which bank and how the same was deposited in cash,. In this regard documentary evidence are not filed by the appellant. The appellant has not been able to furnish the details of bank account etc. from where this cash withdrawal of Rs.30,000/- was made by him. The appellant has further submitted that there was family surplus including gifts of Rs.61,586/- on 1-4-2000. But this submission of the appellant is also not found to be tenable. The appellant has not been able to explain as to when and how the gift was received and wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nfirmed. 8. Aggrieved by the order of CIT (A), the assessee is now in appeal before us. 9. Assessee before us submitted that the cash deposit of Rs.1 lac was made from cash withdrawal of Rs.30,000/- made on 6-3-2000 and opening surplus including gifts of Rs.61,586/-.The assessee was also having business income of Rs.74,651/-. He thus urged that in view of these facts the addition made by A.O. be deleted. 10. We have heard the rival submissions and perused the material on record. The assessee has explained the source of cash deposits from cash withdrawal, opening balance consisting of gifts and business Income. The assessee s explanation that the gifts received in earlier years were of small amounts and not liable to tax and therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X
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