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TMI Blog2018 (10) TMI 863X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment proceedings. Considering the totality of the facts of the case and in the interest of justice, we deem it proper to restore the issue to the file of the Assessing Officer with a direction to give one final opportunity to the assessee to substantiate his case - Appeal filed by the assessee is allowed for statistical purposes. - ITA No.278/RPR/2017 - - - Dated:- 12-10-2018 - SHRI R. K. PANDA, ACCOUNTANT MEMBER AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER For The Assessee : Shri R. B. Doshi, CA For The Department : Shri Rituparan Namdeo, DR ORDER PER R. K. PANDA, AM : This appeal filed by the assessee is directed against the order dated 05.09.2017 of the ld. CIT(A)-II, Raipur (CG) relating to assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (K) suffixed to cash deposits and withdrawal are related to Oriental Bank of Commerce and Karnataka Bank. The above table is prepared from bank account statement of two saving banks and only cash deposits and cash withdrawal by the self cheques are accounted for. Hence, looking to the above table, it is clear that if opening cash in hand at ₹ 1346852/- as claimed by the assessee which is already shown for ready reference in the para no.2, then as on 30.03.2014, cash in hand will be (-) ₹ 2271138/- (Rs.1346852/- minus ₹ 1573990/-). Minus cash balance of (-) ₹ 227138/- is not possible at all. As per the assessee s table, ₹ 125000/- withdrawal from the business concern and deposited into the saving account does no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and deposited in the Karnataka Bank. This amount was withdrawn on various dates and deposited in the Oriental Bank as well as in the Karnataka Bank on different dates. There are deposits of various amounts that are explained as received from Ganapati Enterprises and have been deposited in the Oriental Bank savings account from time to time. In this manner the appellant has sought to explain that the deposits are from funds transferred from one savings bank account to another savings bank account, from sale of property and from receipts of Ganapati Enterprises. 4. On perusal of the submissions and statements of the appellant I notice that there is no link established by the appellant in the cash withdrawals made from Karnataka Bank an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of Mir Basheeruddin Ali Khan vs. ITO Ward 6(3), Hyderabad reported in 42 taxmann.com 69 observed that it remains unexplained as to why the assessee had withdrawn such huge cash and kept it with him when he had bank accounts. In the case of Manoj Kumar Jain vs. ITO reported in 25 taxmann.com 440 the hon'ble Delhi Tribunal confirmed the additions made on account of cash deposits by holding that there was no proof that it was the same cash withdrawn and deposited in the bank accounts. The hon'ble Punjab and Haryana High Court in the case of Chand Prakash Vij vs. CIT reported in 315 ITR 251 on the issue of cash deposits on account of sale of residential property held that the story of sale of residential property and cash deposited f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that since the opening cash balance is not disputed by the Assessing Officer and the sale proceeds of the two properties have been accepted by the Assessing Officer and since the sale proceeds were deposited in the bank account, therefore, without considering the same, the Assessing Officer could not have made the addition. He accordingly submitted that the addition made by the Assessing Officer and sustained by the ld. CIT(A) should be deleted. 8. The ld. DR on the other hand referring to page 4 of the Paper Book submitted that the opening cash balance shown by the assessee was ₹ 12,57,796/-. Therefore, the opening cash balance now given by the assessee shows that those accounts are manipulated. He accordingly submitted that si ..... X X X X Extracts X X X X X X X X Extracts X X X X
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