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TMI Blog2016 (7) TMI 525X X X X Extracts X X X X X X X X Extracts X X X X ..... nst a judgement and order dated 30TH July, 2010 passed by the learned Income Tax Appellate Tribunal, "A" Bench, Kolkata in Income Tax Appeal bearing ITA No.1434/Kol/ pertaining to the assessment year 2006- 07. The assessee has come up in appeal. The assessing officer made an addition of Rs. 49 lakhs which was found deposited in an undisclosed bank account of the assessee on the basis of secret in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. We are of the considered view that the assessee has made cash deposit and also cash withdrawal from time to time from the said bank account. The assessee has also not been able to explain the source of deposit in the said bank account. Further, the Department has also not brought any evidence on record that the said cash withdrawal has been spent by the assessee. Therefore, we find substance in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k balance as on 14th June, 2005 of Rs. 16,15,261/- and in the facts and circumstances of the case, the said amount could be considered as unexplained investment by way of deposit in the said undisclosed bank account. Therefore, we modify the orders of the authorities below and restrict the addition to Rs. 16,15,261/- u/s. 69 of the I. T. Act as against Rs. 49.09 lacs u/s. 69A as sustained by the L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rse ?" There is no dispute on the fact that that the assessee deposited some thing between Rs. 44 laksh and Rs. 49 lakhs with the bank, which he did not disclose in his return. His explanation was restricted to a sum of Rs. 2,65,500/-. Therefore, the assessee could have been made liable for the balance amount under section 69 itself. The learned Tribunal has been lenient and restricted the addit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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