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TMI Blog2017 (10) TMI 818X X X X Extracts X X X X X X X X Extracts X X X X ..... e at the relevant time when the jewellery was sold. The additions cannot be sustained in the hands of the assessee just because the parties failed to appear before the AO - appeal dismissed - decided against Revenue. - ITA No.1847/Kol/2014 - - - Dated:- 10-3-2017 - Shri Waseem Ahmed, Accountant Member And Shri S.S.Viswanethra Ravi, Judicial Member For The Appellant : Shri Sital Chandra Das, JCIT-DR For The Respondent : Shri Soumitra Choudhury, Advocate ORDER PER Waseem Ahmed, Accountant Member:- This appeal by the Revenue is against the order of Commissioner of Income Tax (Appeals)-XIX, Kolkata dated 01.07.2014. Assessment was framed by ITO Ward No.31(2), Kolkata u/s 144 of the Income tax Act, 1961 (here ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s. Bhavin Jewellers located in Ahmedabad having GST No.24070701303 dated 01.07.2002 GST TIN No.24570701303 dated 23.03.1992 for ₹ 17,10,535/-. Besides the above, the assessee submitted that the AO has taken the total deposits of ₹ 36,55,675/- as income without considering the withdrawals made in cash from such bank account. The cash withdrawals from the bank are of ₹ 23,75,000/-. There was an opening balance of cash in the hands of the assessee as on 1st April, 2008 for ₹ 7,46,000/- which was withdrawn from her SB A/c No.40256 maintained with Axis Bank dated 12th March, 2008. The assessee has also received loan from different parties which was repaid during the year. All the parties from whom the loan was taken w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... awn on 12.3.2008 from SB A/c No. 40256 of Axis Bank, sale of jewellery and loan/advance taken from near relatives and friends. He has submitted that cash deposits in bank A/cs are fully and clearly explained as most of such deposits are out of withdrawals from Banks and sale of Jewellery. I have thoroughly checked and verified that the cash deposits in the Bank A/cs as added by the AO were out of the withdrawals from Banks, Advances/Loans from relatives/friends and sale of jewellery the source of which has been fully explained and verified by me with all the relevant evidences and as such the question of addition on the ground of unexplained cash deposits does not arise under any circumstances. I have carefully considered the contention and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the findings in the foregoing paras. The same is directed to be deleted. Being aggrieved by the order of ld. CIT(A) the Revenue is in appeal before us. 5. The ld. AR before us reiterated the submissions as made before the ld. CIT(A) and he relied on the order of Ld. CIT(A). On the other hand, the ld. DR relied on the order of AO. 6. We have considered the rival submissions of both the parties and perused the materials available on record. The issue in the instant case relates to the disallowance made by the AO on account of the cash deposit in the bank. It was observed that the assessee failed to furnish the necessary details to the AO at the time of assessment with regard to the source of cash, therefore the addition was mad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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