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TMI Blog2018 (12) TMI 1646X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to having been retained by the assessee and deposited in the impugned year, was 8-9 months old and though the assessee had claimed that the same was kept by her in the form of cash in hand, it was noted that despite such huge amount of cash available with her she had taken loans thereafter and even made further withdrawals from the bank of substantial amounts. No explanation for the above has been given by the assessee even before us. We therefore agree with the Ld. CIT(A) that the explanation of the assessee does not appear to be plausible. As rightly held by the CIT(A), merely making cash withdrawals at one point of time cannot be a sole basis for explaining the cash deposit in future. It is the totality of all the facts and circumsta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 20, 00, 000/- was on account of cash withdrawn by her in the preceding year in June 2012, for purpose of investment, which was not made due to lack of investment opportunities and thus remained as such with her. The AO did not find explanation of the assessee plausible since he noted that the assessee had raised loans and also withdrawn cash numerous times thereafter, which was not needed if she already had so much cash in hand, and had deposited cash in three installments which again defied logic since as per the assessee it was redeposited since the deal did not mature which therefore did not justify redeposit in three installments, that too after a period of 8-9 months. Hence, the A. O. made an addition of ₹ 20, 79, 000/- o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rawal the assessee has withdrawn substantial amounts from the bank. Another very crucial fact is that the money was deposited on different dates during the year. Had the source of this money been the cash withdrawal of ₹ 20, 00, 000/-on 11. 06. 2012, and the assessee decided to shelve the idea of investment and redeposit the money, the deposit would not be staggered over a period of 3 months. The circumstances as brought out by the AO clearly show that the explanation given by the assessee was not plausible. Merely making a cash withdrawal at some point of time can not solely be the basis of explaining the cash deposits in future. The totality of the circumstances shows that the said withdrawal was not available with the assessee to j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s discussing about sources of other person for the addition. " 6. Taking up ground No. 1 first the Ld. counsel for assessee contended that the addition in the impugned case had been made u/s 69 of the Act as per which only additions on account of unexplained investment could be made and since in the present case no investment had been made by the assessee, the addition made was not sustainable in law. 7. We do not find any merit in the above contention of the Ld. Counsel for the assessee. Undisputedly, the addition in the present case relates to cash found deposited in the bank of the assessee which is equivalent to an investment made by the assessee and, therefore, there is no error of law having occurred by making the impugned additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eposited, but the deposit was made in a staggered manner over a period of three months. None of the facts as pointed out by the lower authorities has been controverted before us. Further no explanation for the above has been given by the Ld. Counsel for the assessee even before us. We therefore agree with the Ld. CIT(A) that the explanation of the assessee does not appear to be plausible . As rightly held by the CIT(A), merely making cash withdrawals at one point of time cannot be a sole basis for explaining the cash deposit in future. It is the totality of all the facts and circumstances which is to be considered and thereafter a plausible view to be taken on the issue, which in the present case, we find, that the assessee has been unable ..... X X X X Extracts X X X X X X X X Extracts X X X X
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