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TMI Blog2015 (8) TMI 971X X X X Extracts X X X X X X X X Extracts X X X X ..... d by bringing any adverse material on record. Therefore, we do not see any valid ground to interfere with the findings of the ld. CIT(A), accordingly, do not see any merit on this issue of the departmental appeal. - Decided in favour of assessee. Unexplained sources of the investment for the purchase of NSC - CIT(A) deleted addition - Held that:- CIT(A) rightly deleted the impugned addition because the amount received on maturity of the old NSC was deposited in the bank and the investment was also made by withdrawing the same from the bank account. In the present case, the ld. CIT(A) after verification from the bank accounts found merit in the submissions of the assessee and deleted the impugned addition. We, therefore, do not see any in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31,42,000/- made by the AO on account of unexplained deposits in the bank account. 4. Facts of the case in brief are that the AO received an AIR information and complaint that the assessee had deposited ₹ 11,00,000/- in cash in his bank account. He, therefore, asked the assessee to explain the source of investment and genuineness of the transactions relating to the cash deposits. The assessee submitted that the cash deposits in the bank account were after withdrawals from other bank accounts. However, the AO was not satisfied and made an addition of ₹ 31,42,000/- to the total income of the assessee. The said amount represented cash deposits in ICICI Bank, PNB Bank and Allahabad Bank of ₹ 10,90,000/-, ₹ 8,69,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e appellate proceedings the assessee has filed cash deposit and withdrawal date wise statement which supports his earlier submission. But it is noticed that there are numerous cash withdrawals and deposits. There is also gap of some days to a month and odd between dates of withdrawals and deposits. The assessee has not made any statement about purpose of withdrawal and circumstances under which the purpose was not fulfilled and cash was redeposited in other account of the assessee. This fact is in the knowledge of the assessee only and unless he comes out with some statement with cogent reason and proof, if possible, the correlation between withdrawal and deposit cannot be accepted. 6. The ld. CIT(A) after considering the submissions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NB which had been deposited in the bank account of the assessee. These had been withdrawn from the Allahabad Bank and PNB on 11.06.2008 and 12.06.2008 respectively. Copy of the loans sanction letter for these amounts had been filed before the AO during the remand proceedings, and copies of the same have also been submitted in the appeal proceedings. From the above, it is apparent that the explanation given by the assessee during the appeal proceedings, the cash deposits were sourced out of withdrawal made from the bank account is correct. It is further noted that this contention has also been made during the hearing of the case held on 17.07.2003 when the Addl. CIT, Range-2, Meerut was also present. The only objection of the Addl. CIT, Rang ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal proceedings that the cash deposits were sourced out of withdrawals made from the bank account was correct. The said findings of the ld. CIT(A) has not been rebutted by bringing any adverse material on record. Therefore, we do not see any valid ground to interfere with the findings of the ld. CIT(A), accordingly, do not see any merit on this issue of the departmental appeal. 10. The next issue vide ground no. 2 relates to the deletion of addition of ₹ 1,70,000/- made by the AO for the reason that the sources of the investment for the purchase of NSC during the year had not been explained. The assessee carried the matter to the ld. CIT(A) and stated that the investment in the NSC s were sourced from the earlier NSC matured dur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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