9911796707
TMI Blog2015 (3) TMI 1236X X X X Extracts X X X X X X X X Extracts X X X X ..... This appeal filed by the assessee is directed against the Order of Ld. CIT(A)-IV, Hyderabad dated 10.01.2014 whereby he confirmed the addition of Rs. 21 lakhs made by the A.O. on account of cash deposit of Rs. 21 lakhs found to be made in the bank account of the assessee treating the same as unexplained cash credit. 2. The assessee in the present case is an individual who is engaged in the busi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evidence. Accordingly, a sum of Rs. 21 lakhs was added by him to the total income of the assessee in the assessment completed under section 143(3) vide order dated 21.10.2011. 3. Against the order passed by the A.O. under section 143(3), an appeal was preferred by the assessee before the Ld. CIT(A) and the submission as made before the A.O. was reiterated on behalf of the assessee while explaini ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nging from Rs. 2,00,000 to Rs. 4,00,000 aggregating to Rs. 12,50,000 between the period 02.05.2008 and withdrew another sum of Rs. 8,00,000 on 31.06.2008. There was no reason for the appellant to make the repeated withdrawals if he had the amounts withdrawn earlier available with him. Indeed the transactions follow a similar pattern through the year. 4.3. Similarly, the appellant had made a depo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nothing better to do than to withdraw and deposit cash in a random manner apparently as a pastime. The explanation of the appellant is contrary to the probabilities of human behavior and is, therefore, rejected." Aggrieved by the order of Ld. CIT(A), assessee has preferred this appeal before the Tribunal. 4. We have heard the arguments of both the sides and also perused the relevant material on r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see just before a week i.e. on 17.12.2008, the same can reasonably be treated as available with the assessee for cash deposit of Rs. 21 lakhs made on 24.12.2008 especially when there is nothing to show that the amount of Rs. 13 lakhs withdrawn on 17.12.2008 was utilized by the assessee for some other purpose. We, therefore, treat the cash deposit of Rs. 21 lakhs made by the assessee in the bank ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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