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TMI Blog2015 (1) TMI 1211X X X X Extracts X X X X X X X X Extracts X X X X ..... aving sufficient cash balance. Nothing has been brought on record to demonstrate that the cash withdrawn by the assessee was exhausted or utilized for other purposes and the deposits were made out of undisclosed sources. In the light of these facts, we are of the considered opinion that the assessee has properly explained the source of deposits in the bank, which was properly appreciated by the ld. CIT(A). Accordingly, we find no infirmity in the order of the ld. CIT(A) and we confirm the same. - Decided against revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... r:- "5. I have considered the assessment order, submissions made by the appellant, bank statements and cash flow statement submitted by the appellant. I find that the cash flow statement properly explains the sources of cash deposits in the bank accounts of the assessee at Citibank and Standard Chartered Bank. From the cash flow statement submitted by the appellant, the opening balance, cash inflow, cash out flow and closing balance on the day when the impugned cash deposits have been made have been culled out, which are as follows: Date Opening Balance Cash inflow Cash out flow on account of alleged unexplained deposits in the bank account Closing balance 02.04.2008 1,00,000 75,000 70,000 1,05,000 15.04.2008 2,07,500 - 40,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the cash flow statement and availability of the funds with the assessee is sufficient to meet the outflow of money deposited in the bank account. I also fail to understand what type of contemporaneous or corroborative evidences the AO wanted the appellant to furnish. In fact, once the appellant has submitted a proper cash flow statement the onus shifted upon AO to pinpoint defects or mistakes on the basis of which he has rejected such statement. In fact, in the case of Dhakeshwari Cotton Mills Ltd. v. CIT, 26 ITR 775 (SC), the Hon'ble Apex Court has laid down that an ITO is entitled to act on material which may not be accepted as evidence in a Court of law, but the ITO is not entitled to make a pure guess and make an assessment withou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all the entries in the cash flow statement, which is available on record. In the cash flow statement, the movement of cash was disclosed and it is evident that on all dates whenever cash was deposited in the bank, the assessee was having sufficient cash balance. Nothing has been brought on record to demonstrate that the cash withdrawn by the assessee was exhausted or utilized for other purposes and the deposits were made out of undisclosed sources. In the light of these facts, we are of the considered opinion that the assessee has properly explained the source of deposits in the bank, which was properly appreciated by the ld. CIT(A). Accordingly, we find no infirmity in the order of the ld. CIT(A) and we confirm the same. 6. In the result ..... X X X X Extracts X X X X X X X X Extracts X X X X
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