9911796707
TMI Blog2012 (11) TMI 934X X X X Extracts X X X X X X X X Extracts X X X X ..... same firm - partners have proved the source of deposits and in the absence of any contrary material placed on record by the Revenue that there is no such corresponding withdrawals in the firm M/s M/s Adarsh Octroi Services or withdrawals made by the partners of the firm have been utilized for some other purpose and not for making deposits in the assessee’s firm - assessee is not required to prove the source of source – addition deleted Unexplained cash deposits – Held that:- CIT(A) after examining the regular cash book maintained by the assessee wherein the relevant entries are duly recorded, has accepted the above deposits in the banks accounts - it is not the case of the Revenue that the entries recorded in the cash book are not genui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s introduced by each partner on 15.4.2005 and another sum of Rs.2,500/- was introduced by each partner on 23.2.2006. The assessee submitted before the AO that the partners Shri Gulam Rasul Sheikh and Shri Radique Shekhani were also partners in the firm M/s Adarsh Octroi Services from where the cash was withdrawn and introduced in the capital account of this firm. The AO required the assessee to explain the source of cash deposits. The assessee submitted that it was out of remuneration and profit received by the partners from M/s Adarsh Octroi Services. The AO did not accept the assessee s explanation on the ground that date- wise withdrawal was not given and it is not clear whether the amount was withdrawn in cash or by cheque. In the absen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Shri Sayed Rasul Shaikh partners of the firm on 15.4.2005 from their partnership firm M/s M/s Adarsh Octroi Services, Mumbai as per copy of cash book filed and the same amount was deposited by both the partners with the assessee firm on the same date. We further find that Rs.2,500/- each was deposited by Shri Rafique Shakur Shekhani and Shri Sayed Rasul Shaikh on 23.2.2006 out of their previous withdrawals from the same firm. Since the partners have proved the source of deposits and in the absence of any contrary material placed on record by the Revenue that there is no such corresponding withdrawals in the firm M/s M/s Adarsh Octroi Services or withdrawals made by the partners of the firm have been utilized for some other purpose and no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l parties and perused the material available on record. We find that the ld. CIT(A) after examining the regular cash book maintained by the assessee wherein the relevant entries are duly recorded, has accepted the above deposits in the banks accounts. In the absence of any contrary material placed on record by the Revenue and keeping in view that it is not the case of the Revenue that the entries recorded in the cash book are not genuine or the AO has rejected the accounts maintained by the assessee, we hold that the ld. CIT(A) was fully justified in deleting the addition of Rs.7,70,000/- made by the AO. The grounds taken by the Revenue are, therefore, rejected. 14. In the result, the Revenue s appeal stands dismissed. - - TaxTMI - T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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