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TMI Blog2018 (3) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... s given as building construction, the entire amount withdrawn on the same day would not have been utilized for the purpose of building construction. The cash withdrawals are on dates which are more or less near to the dates of cash deposits made by the assessee in the firm M/s.Muthoot M.George Financiers. Therefore, taking into account the declaration of VDIS and cash withdrawals by the assessee from the firm, the assessee should be granted credit for a sum of ₹ 2,00,000. - Decided in favour of assessee partly. - ITA No.590/Coch/2017 - - - Dated:- 23-2-2018 - Shri George George K, Judicial Member For The Appellant : Sri.R.Srinivasan, Chartered Accountant For The Respondent : Sri. A.Dhanaraj, Sr. DR ORDER This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de by the Assessing Officer. The relevant finding of the CIT(A) reads as follow:- 4. I carefully examined the facts of the case and also considered the rival contentions. The first argument of the appellant that the appellant has availed VDIS for the AYs 1993-94 to 1996-97 and disclosed under the scheme a sum of ₹ 3,14,950/- which in turn was available with her to explain the deficiencies, cannot simply be accepted in the absence of year wise disclosure details made available for verification. Availability of cash on a particular day on which it was credited into her account is the must without which no claim from the known source could be made. Stating in general that the fund available against the VDIS availed, would not come f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,000/- is also called for. Considering all the above, I have no other option but to agree with the Assessing Officer for the addition made since none of the argument of the appellant is supported by credible and acceptable evidences. 5. Aggrieved by the order of the CIT(A), the assessee has preferred the present appeal before the Tribunal. The assessee had filed a paper book comprising of 14 pages including therein written submission, cash flow statement, confirmation of Muthoot Bankers, VDIS certificate, ledger account copy of the assessee with the firm M/s.Muthoot M.George Financiers, Faridabad, etc. In the written submission, it was contended that assessee had declared a sum of ₹ 3,14,950 by way of cash under VDIS pertaining ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 05.09.1995 ₹ 52,000 04.09.1995 ₹ 39,000 14.12.1995 Rs.1,50,897 31.01.1996 ₹ 5,049 06.02.1996 ₹ 10,060 30.03.1996 ₹ 4,799 30.03.1996 ₹ 2,000 Total Rs.5,50,360 7.1 The Assessing Officer has determined the short fall in cash at page five of the impugned assessment order. The major cash deposits made by the assessee with the firm is a sum of ₹ 3,00,000 on 14.08.1995 for which the deficiency has been wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls by the assessee from the firm on various dates totaling to ₹ 4,00,000. Though the narration for such withdrawals is given as building construction, the entire amount withdrawn on the same day would not have been utilized for the purpose of building construction. The cash withdrawals are on dates which are more or less near to the dates of cash deposits made by the assessee in the firm M/s.Muthoot M.George Financiers. Therefore, taking into account the declaration of VDIS and cash withdrawals by the assessee from the firm, I am of the view that the assessee should be granted credit for a sum of ₹ 2,00,000. Therefore, I confirm the addition of ₹ 3,50,360 and delete ₹ 2 lakh out of the total addition of ₹ 5,50, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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