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TMI Blog2015 (10) TMI 1449X X X X Extracts X X X X X X X X Extracts X X X X ..... ought on record that the amount was utilised by the assessee on withdrawal from the bank account. Considering the facts of the case in the light of the decision of the hon'ble Punjab and Haryana High Court in the case of Shiv Charan Dass [1980 (4) TMI 74 - PUNJAB AND HARYANA High Court] we set aside the orders of the authorities below and restored the issue to the file of the Assessing Officer with directions to redecide this issue - Decided in favour of assessee for statistical purposes. - ITA No. 221/Chd/2014 - - - Dated:- 30-1-2015 - SHRI BHAVNESH SAINI AND SHRI T.R.SOOD, JJ. For the Appellant : Shri Sudhir Sehgal For the Respondent : Shri S.K. Mittal , DR ORDER Bhavnesh Saini (Judicial Member).- This appeal f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he learned Commissioner of Income-tax (Appeals) that the Assessing Officer has looked towards the credit side of the bank account and has totally ignored the debit side from where the withdrawal is there continuously and these are by way for self-cheques and the Assessing Officer has totally ignored the debit side which should be taken into consideration. No other assets were found against the assessee. The assessee has been withdrawing the amount and redepositing and again withdrawing and so on and so forth and the Assessing Officer has failed to consider the debit side. The copy of the bank account was filed in support of the contention. The assessee has further availability of fund on account of receipt received from his father of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nfirmed. 4. We have heard the learned representatives of both parties and perused the material available on record. 5. Learned counsel for the assessee reiterated the submissions made before the authorities below and referred to paper book 13, which is cash-flow statement for the year under consideration to show that all the withdrawals were from the bank and sufficient cash was available with the assessee. Therefore, the whole addition was unjustified. 6. On the other hand, the learned Departmental representative for the Revenue relied upon the orders of the authorities below and submitted that the assessee has failed to explain the source of the cash in the bank, therefore, the addition is justified. 7. On consideration of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has stated specifically that the amount was redeposited on withdrawal from the bank and sufficient cash was available. Therefore, it was the duty of the Assessing Officer to examine this fact. Further nothing is brought on record that the amount was utilised by the assessee on withdrawal from the bank account. Considering the facts of the case in the light of the decision of the hon'ble Punjab and Haryana High Court in the case of Shiv Charan Dass [1980] 126 ITR 263 (P H), we set aside the orders of the authorities below and restored the issue to the file of the Assessing Officer with directions to redecide this issue by giving reasonable sufficient opportunity of being heard to the assessee and the Assessing Officer shall pas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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