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TMI Blog2013 (6) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... who deleted the entire addition of Rs. 30,00,00/- made on account of unexplained cash deposits in CC account? ii) Whether on the facts and in law, the Hon'ble Income Tax Appellate Tribunal was justified in conforming the finding of the CIT(A) that assessee had explained credit entry of cash deposit in the CC account by presuming that assessee had produced the books of account to explain the entries on the basis of proceeds from the counter sale, in the contrary CIT (A) has conveniently ignored the candid finding of Assessing Officer that the assessee has not explained the source of cash deposits along with proof, as status by Assessing Officer in para-5 of the assessment order dated 13.12.2010? iii) Whether on the facts and in law, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during assessment proceeding instead he was questioning / contesting the correctness of AIR information of deposit being in CC account instead of saving account, which clearly establishes beyond doubt that assessee neither had intention to explain the entries / nor attempted to explain the credit entries during assessment proceedings and the attempt to explain the same was made for the first time before CIT(A) in the shape of Additional evidence? vi) Whether on the facts and in law, the Hon'ble Income Tax Appellate Tribunal was correct in law as well as in the circumstances of the case as the order of ITAT is erroneous and perverse in as much as that ITAT has failed to appreciate the ground taken by the revenue that CIT(A) has not complied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is of Annual Information Return (AIR), the cash credit entries amounting to Rs. 30 lacs was found to be unexplained and consequently added to the income of the assessee. In an appeal filed by the assessee, learned Commissioner of Income Tax (Appeals) found that the assessee has current account with HDFC Bank and that the entries to the extent of Rs. 1.33 crores in cash have been explained by the assessee on the basis of counter sales as recorded in the books of account. In view of the said fact, the finding of the Assessing Officer that AIR information constitutes primary evidence was found to be wrong and consequently, the addition made by the Assessing Officer was deleted. In further appeal, the arguments raised by the revenue were th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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