9911796707
TMI Blog2017 (7) TMI 136X X X X Extracts X X X X X X X X Extracts X X X X ..... ignoring the submissions made by the appellant. 2. That in any case the addition confirmed is against the law and facts of the case. 2. The only issue in the present appeal relates to addition made on account of unexplained cash deposited in the bank account amounting to Rs. 8,54,760/-. 3. Brief facts relating to the issue are that during the course of assessment proceedings, the assessing officer noticed that as per individual transaction statement pertaining to AIR, there were cash deposits of Rs. 33,09,520/- in the savings bank account of the assessee in the Bank of India as per details below:- S.No. Name and address Transaction Amount Transaction date Filter Brach Name and address 1 Arundeep Singh 132-H, BRS Nagar,Lud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed before the lower authorities also. Ld. counsel drew our attention to the cash flow statement and pointed out that the cash withdrawals totalled Rs. 29,00,000/- during the year which was more than sufficient for the deposit of Rs. 16,54,760/-. Ld. DR on the other hand relied upon the order of the CIT( A). 6. We have heard the contentions of both the parties, perused the orders of the authorities below as also the documents placed before us. The only issue in dispute relates to the source of deposit of cash in the bank amounting to Rs. 8,54,760/-. These deposits were made in the bank account of the assessee in Bank of India between 13.10.08 and 17.01.09 as follows:- 13/10/2008 2, 50,000/- 16/10/2008 3, 00,000/- 20/10/2008 50, 000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as held that where the explanation of the assessee was reasonable and there was nothing on record to show that the amount was utilized by the assessee in any other manner than the one which was represented by the assessee, the onus lay on the department to show that the explanation of the assessee should not be accepted. The Hon'ble High Court held as follows: "It is also not disputed that the amount of Rs. 10,000 each was found deposited in the names of the two major daughters of the assessee. Sudarshan Kumari was 18 years of age at the time of partial partition of the HUF, whereas Satya Metha was 13 years old. The money was found deposited in the names of the two girls after five years of the partial partition and, therefore, it is obvi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stify a reasonable inference that he might have for convenience kept the whole or a part of a particular sum in high denomination notes, the assessee, prima facie, discharges his initial burden when he proves the balance and that it might reasonably have been kept in high denomination notes. Before the department rejects such evidence, it must either show an inherent weakness in the explanation or rebut it by putting to the assessee some information or evidence which it has in its possession. The department cannot by merely rejecting unreasonably a good explanation, convert good proof into no proof." If the amount of Rs. 20,000 disclosed under the disclosure scheme had been found to be deposited or utilised by the assessee or the HUF in som ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
