9911796707
TMI Blog2013 (6) TMI 623X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment proceedings, the assessee filed bank statement of Punjab National Bank, Bhondsi, Sohna Road, Gurgaon (A/c No. 3415) and Bank Account of Gurgaon Gramin Bank (A/c No. 3136) along with two copies of sale deeds of agricultural land. 3. The Assessing Officer required the assessee to explain the sourc e of cash deposits of Rs. 28,66,594/- in PNB, Bhondsi, Account No. 3415. Since assessee did not explain the source of deposits, inspite of various opportunities given by AO, he issued notice u/s 133(6) to the Branch Manager of PNB, Bhondsi, Sohna Road, to furnish the bank statement of assessee. From the said bank statement, the AO noticed that assessee had deposited Rs. 28,66,594/- between 22/01/2009 to 18/03/2009. The AO made an addition of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explained that the cash deposits in one bank account were out of cash withdrawals made from other account, the explanation had to be accepted in absence of any material brought on record by the AO to prove that the money withdrawn had been spent or invested somewhere else. In absence of any such finding, the source of deposits explained to be out of the withdrawals made in earlier period need to be accepted. In this regard ld. CIT(A) has referred to various decisions of Tribunal noted at page 13 of his order; 2. As regards, the AO's objection that the assessee failed to file Cash Flow Statement to explain the source of cash deposits, ld. CIT(A) observed that there was no force in the reasoning of the AO that addition on account of unexpla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted in Gurgaon, Gramin Bank, Account No. 3136 and this amount was withdrawn from the account from 11/12/2008 to 20/12/2008. In the cash flow statement reproduced in ld. CIT(A)'s order, these entries have been shown as cash received from bank account no. 3136 between 11/12/2008 to 20/12/2008. The amount was deposited in PNB account no. 3415 from 22/01/2009 to 18/03/2009. These amounts are also reflected in the cash flow statements which are in conformity with the information obtained from PNB by issuing notice u/s 133(6) by AO. Therefore, the cash flow statement submitted by assessee was rightly not treated as additional evidence by ld. CIT(A) because the primary evidence in the form of bank statement had already been submitted by assessee b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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