9911796707
TMI Blog2014 (1) TMI 334X X X X Extracts X X X X X X X X Extracts X X X X ..... on account of unexplained cash credits in the assessee's bank account as against addition of Rs.26,30,000/- made by the A.O. despite the assessee offering no explanation regarding the purpose for cash withdrawals and thus not establishing a clear nexus between cash withdrawals and subsequent deposits in bank." 3. The grounds raised by the assessee in his appeal read as under:- "1. The learned CIT(Appeals) has erred in law and on facts in sustaining the addition of Rs.8,45,000/- on account of unexplained deposit of cash in bank on 3rd and 4th April, 2007 ignoring the opening cash in hand of Rs.9,13,080/-. 2. The learned CIT(A) has erred on facts and in law in upholding the impugned order of the learned assessing officer which is contrary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere was cash deposit in the bank amounting to Rs. 8,45,000/- on 3rd April, 2007 and 4th April, 2007. He was of the opinion that the withdrawal made by the assessee from the bank account was after these dates. He, therefore, took the view that there was no explanation for the cash deposits amounting to Rs. 8,45,000/- on 3rd April, 2007 & 4th April, 2007. He did not accept the assessee's explanation of opening balance of cash in hand amounting to Rs. 9,13,080/- on the ground that the balance sheet of AY 2007-08 was not filed alongwith the return of income. Both the parties, aggrieved with the order of the learned CIT(A), are in appeal before us. The Revenue is aggrieved with the relief allowed by the learned CIT(A) while the assessee is aggri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 6. Learned DR, on the other hand, relied upon the order of the Assessing Officer and stated that the assessee made the deposit of Rs. 26,30,000/- for which specific source has not been explained. That the amount withdrawn by the assessee must have been spent by the assessee for household or other expenditure. He, therefore, submitted that the order of the learned CIT(A) should be reversed and that of the Assessing Officer should be restored. 7. After considering the arguments of both the sides and perusing the material placed before us, we find that the assessee has furnished the date-wise cash balance and each and every deposit in the bank account is shown to be out of the cash balance with the assessee. The opening cash balance as per ..... X X X X Extracts X X X X X X X X Extracts X X X X
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