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TMI Blog2018 (7) TMI 1092X X X X Extracts X X X X X X X X Extracts X X X X ..... of cash of ₹ 2,00,000/- for making re-deposit in the bank account. Thus, the assessee was having sufficient evidence to explain, it was having availability of the cash of ₹ 13,49,879/- which would explain the deposit of ₹ 14,00,000/- in the bank account of the assessee on different dates. Set aside the orders of authorities below and delete the addition of ₹ 13,49,879/- out of ₹ 14,00,000/-. Appeal of assessee is partly allowed. - ITA No. 2112/Del./2016 - - - Dated:- 13-7-2018 - BHAVNSH SAINI, JUDICIAL MEMBER For The Assessee : Sh. Salil Agarwal, Sh. Sailash Gupta, Adv., Sh. R.B. Arora, C.A. For The Revenue : Sh. S.L.Anuragi, Sr. DR ORDER Per Bhavnesh Saini, Judicial Member : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and was allotted a PAN only on 26th March, 2004. The bank account was open on 29th March, 2004 by depositing a cash of ₹ 2,000/- in order to derive some benefit, the return in the status of HUF was filed for preceding assessment years 2002-03 and 2003-04. The return for assessment year 2004-05 was filed on 2nd June, 2004 declaring income of ₹ 88,250/-. The return of these years were not picked up for scrutiny. The return for assessment year under appeal 2005-06 was filed on 1st August, 2005 declaring income of ₹ 1,06,700/-. This was also not picked up for scrutiny. However, there was AIR information to the effect that assessee HUF deposited sum of ₹ 14,00,000/- in his bank account during the financial year 2004-05, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h cash in hand have been shown. In the returns for assessment year 2004-05, the availability of cash in hand of ₹ 11,49,879/- have been shown in balance sheet filed with return copies which are filed at pages 17 to 19 of the paper book . P B 16 is processing of the return u/s 143(1) for assessment year 2004-05. He has also filed copy of the bank statement to show that on 5th March, 2005, assessee has withdrawn ₹ 2,00,000/- from its account it was not spent anywhere. It was available to assessee to make redeposit of ₹ 1,00,000/- each on 21st March, 2005 and 23rd March, 2005. Ld. Counsel for the assessee submitted that AO has not made any inquiry on the documentary evidences filed by assessee. Therefore, addition is wholly u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he revenue cannot change the stand subsequently. The AO did not make any inquiry on the same. Thus, assessee was having cash in hand of ₹ 11,49,879/- on the first day of the financial year as on 01.04.2004, therefore, such amount is available to assessee for making deposit in the bank account. The AO rejected the explanation of assessee because nothing prevented the assessee from making deposit in one go in the bank account of the assessee. However, it may not be a plausible reason to reject the explanation of assessee because the assessee made cash deposits in subsequent year under appeal out of the cash amount available with it, in his bank account, therefore, nothing adverse should be taken against the assessee. Further assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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