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TMI Blog2017 (5) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... The CIT(A) erred in sustaining the addition of Rs. 44,50,000 made by the AO as unexplained deposits in bank account in spite of the fact that the same were stated to be from known sources. 3. The CIT(A) erred in sustaining the addition of Rs. 6,50,000 made by the AO as unexplained deposits in the DCB Bank. 4. The CIT(A) erred in sustaining the addition of Rs. 7,00,000 as unexplained investment in the Indian Bank, Nalgonda as unexplained deposits. 5. The CIT(A) erred in sustaining the addition of Rs. 2,00,000 received by the appellant from his father. The CIT(A) failed to appreciate that the AO has not called for any explanation in respect of the above amount and at any rate was unjustified in expecting evidence with respect to a tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s made and explain the withdrawals from the above accounts in writing along with documentary evidence. The assessee furnished certain details vide letters dated 23.12.2011, 28.12.2011 and 29.12.2011. 3. The assessee also filed a cash flow statement showing the cash deposits as well as cash withdrawals from various Bank Accounts. The assessee explained the sources of various deposits as the amounts given by various farmers of his village who gave their sale proceeds for safe custody with him. However, the AO was not convinced with the assessee's contention. He observed that the assessee has furnished a list of 11 agriculturists mentioning the amounts and has also furnished copies of the pattadar pass books in respect of these 9 agriculturis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is now submitting the confirmation letters from all the parties and prayed that the same may be admitted as additional evidence and consider the same for adjudication of the issue. 5. The learned DR, on the other hand, supported the orders of the authorities below and also submitted that the confirmation letters now filed by the assessee are all similarly worded and therefore, cannot be relied upon. 6. Having regard to the rival contentions and the material on record, we find that the assessee has made the deposits in the beginning of the September, 2008 and has withdrawn the same amount in the last week of September, 2008. It is the contention of the assessee that the some agriculturists who are also relatives of the assessee had brough ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the same day i.e. 24.06.2008 which was subsequently withdrawn and that before the said deposit, the credit balance in the a/c is only Rs. 4,384. Since the assessee was not able to explain the credit of Rs. 6.50 lakhs on 24.06.2008, the AO had treated it as unexplained investment under the provisions of section 69 of the Act and added it to the income returned under the head "income from other sources". The CIT (A) confirmed the order of the AO as the assessee did not submit any specific source for this deposit. Similarly with regard to the sources of deposits in the cash flow statement, the assessee had shown only Rs. 4,10,000 as deposit in the said Bank on 22.9.2008 as out of the flow of cash in the cash flow statement, but the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No.6 regarding low withdrawals and the addition made on account of low withdrawals, we find that the assessee is stated to have withdrawn only a sum of Rs. 2,90,000 for the relevant A.Y, for his personal needs though he was the owner of a Scorpio Car and maintained the same. The AO has estimated the personal expenses of the assessee at Rs. 50,000 p.m. as reasonable expenditure and has accordingly made an addition of Rs. 3,10,000 on account of low withdrawals and the CIT (A) has confirmed the same. As the assessee has not furnished any proof or evidence before us to demonstrate that the sum of Rs. 2,90,000 is sufficient for his standard of living, we do not see any reason to interfere with the orders of the authorities below. This ground of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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