9911796707
TMI Blog2013 (3) TMI 713X X X X Extracts X X X X X X X X Extracts X X X X ..... el) of 2011] - Decided in favor of assessee X X X X Extracts X X X X X X X X Extracts X X X X ..... l position of the Kalupur Commercial Co-operative Bank was weak and also he wanted to purchase a land in his native place. The A.O. did not satisfy with the reply of the appellant. Thus, he made addition of ₹ 10,37,500/- as undisclosed income of the assessee. 3. Being aggrieved by the order of the A.O., the assessee carried the matter before the CIT(A), who has also confirmed the addition by observing as under: "4.3 I have considered the submissions made in this regard, the order of the AO and I am of the view that an addition of ₹ 10,37,500/- made by the AO is correct in view of the following reasons: (a) The appellant's claim of withdrawal of cash, predominantly in the month of January and March 2008, again re-deposited i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l in favour of the assessee. Similarly in case of ACIT vs. Baldev Raj Charla [2009] 121 TTJ 366 (Delhi), wherein identical additions of cash deposited and it was held by the 'C' Bench of ITAT, Delhi, as under: "Where there were sufficient cash withdrawals to cover cash deposits in question, merely because there was time gap between withdrawal of cash and cash deposits, explanation of assessee could not be rejected and addition on account of cash deposit could not be made [Block period 1-4-1996 to 24-9-2002] [In favour of assessee]." At the outset, Ld. Sr. D.R. vehemently relied upon the orders of CIT(A) & A.O. 5. We have heard the rival contentions and perused the material on record. The assessee has withdrawn cash from the Kalupur Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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