9911796707
TMI Blog2014 (2) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... owing total income of Rs. 5,01,099/- against gross receipt of Rs. 39,50,000/- in contract work. The Assessing Officer noted that the total of the credit side in the assessee's bank account was of Rs. 1,94,18,100/-. The Assessing Officer was of the opinion that this represented the assessee's gross turnover of business and it should have maintained regular books of account and got them audited. He required the assessee to explain the source of the cash deposit. The assessee explained that the cash deposits were made out of the various cash withdrawals which were made from time to time, as available with the assessee in the form of cash in hand. Rejecting this explanation of the assessee, the Assessing Officer treated the entire cash deposits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... withdrawn from the bank going elsewhere or for any other reason, the cash available on a particular date being less than the cash deposited in the account on that day, he will be entitled to hold such deposit as unexplained and addition to that extent will be sustained. 1.5 With this end in view, the assessee is directed to produce its cash statement and explain the availability of cash as the source of the deposit in question. The A.O. is entitled to cause such inquiry as he thinks fit to verify the correctness of the same. He would be entitled to hold a cash deposit or part thereof as unexplained if he is able to establish that: i) The cash shown as received by the assessee had no explained source, or ii) The cash withdrawn from bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duced by the assessee; and that as such, there being no merit therein, the appeal filed by the Department be dismissed. 7. We have heard the parties and have perused the material on record. We find that indeed, the Ld. CIT (A) has deleted the addition made by the Assessing Officer and it is not a case of setting aside the assessment and remitting the matter to the Assessing Officer. It is seen that the directions given by the Ld. CIT (A) were not required to be given and the same are liable to be expunged. 8. In view of the above, the direction given by the Ld. CIT (A) is expunged. There is no other grievance raised before us by the department against the order under appeal. 9. In view of the above, we uphold the order passed by the Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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