9911796707
TMI Blog2017 (6) TMI 690X X X X Extracts X X X X X X X X Extracts X X X X ..... d. CIT(A) in deleting the addition to that extent which is agreed by the Assessing Officer to be deleted in the remand report. Ld. CIT(A) also considered the issue of cash deposit of ₹ 15,71,200/- and accepted the explanation of assessee based on the letters sent to the bank by the assessee in which no infirmity has been pointed out by the Ld. DR. CIT(A) correctly deleted the substantial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 54,90,116/- on account of cash deposit and credit card expenses. 2. Briefly the facts of the case are that return declaring an income of ₹ 2,00,000/- and agricultural income of ₹ 1,82,000/- was filed on 30th September, 2008. AIR information was received in this case that the assessee had made credit card payment / purchase of units / cash deposited in bank account of ₹ 95, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... garding the following : 1. Mutual fund investment of ₹ 30,00,000/- out of 40,00,000/- 2. Entire credit card payment of ₹ 11,76,616/- 3. Cash deposit of ₹ 28,42,300/- 3. Ld. CIT(A) therefore noted that out of additions made on the basis of AIR, the additions remaining were as under :- 1. Cash deposit of ₹ 15,70,200/- 2. Mutual Fund Investments of ₹ 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt. Accordingly, argument of the assessee was found to have merit and the withdrawals of ₹ 15 lacs post last date of deposit in the opinion of the Ld. CIT(A) should be considered as source of making cash deposits. Therefore, cash withdrawals of ₹ 15,00,000/- post last date of deposit was considered as available to the assessee to explain the total deposit of cash bank. Ld. CIT(A) accor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing Officer agreeing to availability of funds with the assessee and that the cash withdrawal of ₹ 15,00,000/- post last date of deposit was considered favourably and available to assessee based on the evidence and material on record, therefore there is no justification to interfere with the order of Ld. CIT(A) in deleting the addition. In the absence of any serious challenge to the finding ..... X X X X Extracts X X X X X X X X Extracts X X X X
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