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TMI Blog2018 (9) TMI 1016X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer without examining the same and bringing any material on record to show that why the said explanation was not acceptable. After considering the entire facts and circumstances of the case, in our considered view, the addition of ₹ 2,60,000/- on account of deposit in the bank made by the Assessing Officer and confirmed by the CIT(A) cannot be sustained in law. We, accordingly, set aside the orders of lower authorities and delete the addition of ₹ 2,60,000/-. - Decided in favour of assessee - ITA No.273/CTK/2018 - - - Dated:- 12-9-2018 - SHRI N.S SAINI, ACCOUNTANT MEMBER AND PAVAN KUMAR GADALE, JUDICIAL MEMBER For The Assessee : Shri D.Parida/C. Parida, AR For The Revenue : Shri Subhendu Datta, DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Sunli More 12.12.2014 80,000 1.2.2015 80,000 4. Rekha More 1.2.2015 1,50,000 2.2.2015 1,50,000 The confirmation of following persons who has repaid loan below ₹ 20,000/- was as under: Sl. No. Name of the person Date Amount (rs.) 1. Raju Agarwal 4.6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. The assessee filed before the Assessing Officer confirmation of the persons from whom the amount of loan given in earlier year was received back with address and pan Numbers. The Assessing Officer in order to verify the correctness of the confirmations filed issued notice u/s.133(6) of the Act to the following persons and obtained confirmations: 1. Raunak More 2. Yasodadevi More 3. Sunil More 4. Rekha More 5. The Assessing Officer being satisfied after receiving the replies from four persons from whom, the assessee claimed to have received ₹ 5 lakhs in cash and deposited the same in the bank account, accepted the same as genuine. 6. With regard to 14 persons from whom, the assessee received loan below ₹ 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... He observed that the letters of confirmation are dated 1.4.2015 and the assessment was completed vide order dated 28.12.2017. Hence, if the letters of confirmation were available with the assessee on 1.4.2015, then there was no reason for the appellant not to submit these letters of confirmation before the Assessing Officer. Hence, he rejected the same. 9. With regard to balance cash deposit of ₹ 4,29,000/- claimed to be out of earlier years was not accepted on the ground that the assessee during the year, the cash deposit of ₹ 4,29,000/- is an afterthought and that there was no evidence for entries in the cash book and that the assessee has not given reasons as to why the cash was withdrawn in the first place and that the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee has deposited ₹ 11,89,000/- in S.B. Account No.30374416512 maintained with State Bank of India, Forest Park Branch, Bhubaneswar. The Assessing Officer was satisfied with regard to the explanation of the assessee for the source of deposit of ₹ 5,00,000/- and accepted the same. With regard to balance amount of ₹ 6,89,000/-, the Assessing Officer was not satisfied with the explanation of the assessee regarding the source of deposit, which was explained to be ₹ 4,29,000/- out of earlier withdrawals from the bank account and ₹ 2,60,000/- being loan advanced in earlier years to 14 persons, which was received back in cash. 13. On appeal, the CIT(A) confirmed the action of the Assessing Officer. 14. Be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rities. 17. We find force in the submissions made by ld A.R. of the assessee. The assessee has shown sufficient income in the earlier years prior to the year under appeal. The explanation of the assessee is quite justified that the assessee had available with him sufficient amount out of savings in the earlier years 2010-2011 to 2014-2015, which was the source of making deposit in cash of ₹ 4,29,000/- in the bank account. This has not been controverted by ld D.R. Hence, in our considered view, the explanation of the assessee that ₹ 4,29,000/- deposited in the bank account was explained out of withdrawals of the current year as well as savings of past years is accepted and, therefore, we set aside the orders of lower authoriti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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