2014 (9) TMI 925

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..... before the Assessing Officer to show that there were withdrawals made on different dates to make availability of cash to the assessee. The assessee has made withdrawals from Citi Bank and further withdrawals have been made from partnership firm M/s. Ocean Shipping Agency in which the assessee was a partner. The Assessing Officer has brought nothing on record to show that the amounts withdrawn by .....

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..... t : Shri Sudhir Sehgal For the Respondent : Shri J.S. Nagar ORDER Bhavnesh Saini (Judicial Member).- This appeal by the assessee is directed against the order of the learned Commissioner of Income-tax (Appeals)-II, Ludhiana, dated March 8, 2013, for the assessment year 2008-09 challenging the addition of ₹ 11,47,000. 2. Briefly the facts of the case are that the Assessi .....

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..... d copies of bank accounts were filed. He has submitted that the assessee had withdrawn substantial amount from another bank account with Punjab National Bank (copy of which is also filed in the paper book) and submitted before the Assessing Officer to show that sufficient amounts have been withdrawn for the purpose of depositing amount in Citi Bank. He has further submitted that the assessee ha .....

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..... e for the Revenue relied upon the orders of the authorities below. 6. On consideration of rival submissions, we are of the view that the matter requires reconsideration at the level of the Assessing Officer. The assessee in the paper book filed copy of notice issued by the Assessing Officer and replies submitted before the Assessing Officer in which the assessee has filed copy of bank statement .....

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..... e material on record, it appears that the evidence furnished by the assessee have not been appreciated by the Assessing Officer. Therefore the matter requires reconsideration at the level of the Assessing Officer. We accordingly set aside the orders of the authorities below and restore the matter to the file of the Assessing Officer with a direction to redecide this issue considering the evidence .....

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