9911796707
TMI Blog2014 (1) TMI 488X X X X Extracts X X X X X X X X Extracts X X X X ..... ue against the order of CIT(A)-XXX, New Delhi dated 03.10.2011. The grounds of appeal taken by revenue are as under :- "1. The ld. CIT(A) has erred in observing the facts of the case that there were no direct correlation between the withdrawals and the deposits in the assessee's bank account. The deposits were not the moneys which were withdrawan from the bank, but were totally new/different money brought into assessee's bank accounts could be seen that the withdrawals were very less and deposits were huge. 2. The appellant craves leave to amend or alter all or any of the aforesaid grounds of appeal and add any other ground of appeal." 2. The brief facts of the case are that assessee filed his return of income declaring an income of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ash deposits has been explained and section 68 will not apply. (iii) That even otherwise that assessee is not maintaining any books of accounts and only on the basis of bank statement addition u/s 68 can not be made. Reliance was placed in the case of Mayawati's case 19 SOT 460, Delhi. (iv) That Ld. AO in his order has not denied the factum of sufficient money withdrawal from bank accounts on different dates but simply without giving any reason has added the amount as income. (v) That there was no evidence before AO to disbelieve or disprove the fact that sufficient cash was available in the bank account. 4. The ld. CIT(A) after going through the submissions of the assessee and after going through the withdrawals and deposits in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 68 does not apply. In his re-joinder, the Ld. DR submitted that due to time gap between withdrawals and deposits, the assessee might have been engaged in some business activities. 6. We have heard rival submissions of the parties and have gone through the material available on record. We find that upto October, 2006, the assessee had withdrawn a total amount of Rs.6,40,000/- out of which Rs.1,90,000/- was deposited in the month of November and further an amount of Rs.4,00,000/- was deposited in the month of December, 2006. Further, the assessee had withdrawn an amount of Rs.5,35,000/- from November, 2006 to March 2007 and had deposited an amount of Rs.6,50,000/- from January, 2007 to March, 2007. Though, there is a gap between withdr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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