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TMI Blog2017 (3) TMI 1253X X X X Extracts X X X X X X X X Extracts X X X X ..... in Bank were made after a gap of two-three instances of withdrawals. Taking the totality of facts and circumstances of the case, the Tribunal concurred with the findings recorded by the CIT(A) that the withdrawals were for the purpose of business and not available for redeposit. Further, the withdrawals were re-deposited after a gap of two or three months which was not probable. Thus, the assessee was not able to link the cash withdrawn from the bank with the cash deposit. Consequently, the finding of the CIT(A) with regard to treating the cash deposit of ₹ 14,20,212/- as unexplained income of the assessee was correctly upheld by the Tribunal. Thus, the appeal of the assessee dismissed. - ITA No.421 of 2016 (O&M) - - - Dated:- 7-3-20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... undisclosed sources under section 68/69A of I.T.Act? 3. A few facts relevant for the decision of the controversy involved as narrated in the appeal may be noticed. The assessee filed her return declaring income at ₹ 3,38,680/- . The Assessing Officer framed assessment under section 143(3) of the Act at an income of ₹ 45,49,310/- after making disallowances on account of telephone and car expenses, difference in the account of Shri Prabhat Chandra, on account of ESI and PF and addition on account of unexplained income. Aggrieved by the order, the assessee filed an appeal before the Commissioner of Income Tax (Appeals)[CIT(A)]. Vide order dated 30.11.2010, Annexure A.3, the CIT(A) deleted the addition on ESI and PF amounting to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... two or three times on a single day by different persons. Further, the deposits in Bank were made after a gap of two-three instances of withdrawals. Taking the totality of facts and circumstances of the case, the Tribunal concurred with the findings recorded by the CIT(A) that the withdrawals were for the purpose of business and not available for redeposit. Further, the withdrawals were re-deposited after a gap of two or three months which was not probable. Thus, the assessee was not able to link the cash withdrawn from the bank with the cash deposit. Consequently, the finding of the CIT(A) with regard to treating the cash deposit of ₹ 14,20,212/- as unexplained income of the assessee was upheld by the Tribunal. Thus, the appeal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat in the absence of any detail of expenses incurred by the assessee in this period the cash flow statement has no relevance and the entire withdrawal cannot be said to have been redeposited. Moreover as held by the learned CIT(A) the withdrawals have been found to be subsequently redeposited after a gap of two or three months which is not probable. The assessee therefore we find has not been able to link the cash withdrawn from the bank with cash deposit we therefore uphold the order of the learned CIT(A) treating the cash deposit of ₹ 14,20,212/- as unexplained income of the assessee. 17. In view of the above, ground No. 1 and 2 of the assessee are dismissed. 6. The findings recorded by the CIT(A) as well as the Tribunal are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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