9911796707
TMI Blog2014 (8) TMI 62X X X X Extracts X X X X X X X X Extracts X X X X ..... ment is directed against CIT(A) order dated 16.5.2012. The relevant assessment year is 2008-09. 2. The grounds raised read as follows:- "1. On the basis of facts and circumstances of the case and in law the Ld. CIT(A) has erred in admitting the additional evidence without giving any opportunity to the A.O. 2. On the basis of facts and circumstances of the case and in law the Ld. CIT(A) has erre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iness transactions and did not incur the huge expenditure of 14,48,700/- as credit card expenses. It was submitted that the assessee is a small time businessman and the business has been since closed and he is now working as a salaried employee. The CIT(A) allowed the appeal of the assessee. The findings of the CIT(A) reads as follows:- "3.3 I have considered the order of the A.O and the submissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere are large numbers of transactions of cash deposits and withdrawals. It is also seen that the total deposits in this bank account is of Rs. 21,72,616/- which includes the cash deposits of Rs. 14,53,700/- on various dates. It is also seen that although the closing peak balance in the bank account is average Rs. 25,000/- to Rs. 50,000/- but there are various closing peak balance above Rs. 50,000/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out of the total addition of Rs. 14,48,700/- made by the Assessing Officer. It was submitted that the CIT(A) has admitted additional evidence and has not given sufficient opportunity to the Assessing Officer to examine the same. 6. The ld. AR, on the other hand, submitted that no fresh evidence was produced before the First Appellate Authority. It was submitted that the A.I.R information that wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso cash withdrawal. The assessee's claim is that cash deposits are out of sale proceeds received in cash and cash withdrawal are for making purchases from wholesalers and small manufactures. The Assessing Officer without verify the matter proceeded to make an addition u/s 69 of the Act. The CIT(A) has correctly analyzed the issue in question and reduced the addition from Rs. 14,48,700/- to Rs. 1, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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