9911796707
TMI Blog2019 (6) TMI 302X X X X Extracts X X X X X X X X Extracts X X X X ..... n of income is available to the assessee to explain the cash deposited in the Bank account, therefore, there was no justification to restrict the addition, accordingly, set aside the Orders of the authorities below and delete the addition - Decided in favour of assessee. Cash deposit being made out of sale of car - A.O. observed that assessee filed affidavit of the purchaser of the car which has neither been signed by the witness or Oath Commissioner and the R.C. is still in the name of the assessee showing the ownership - CIT(A) did not accept the contention of assessee because car is not transferred in the name of the purchaser - HELD THAT:- The assessee explained that car is sold for cash of 3,21,900/- to Shri Parvender Singh who has exe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In the first round of appeal, the matter travelled up-to ITAT who have restored back the matter to the file of A.O. In the background of these facts, I decide the appeal of assessee as under. 3. I have heard the Learned Representatives of both the parties and perused the findings of the authorities below. 4. Learned Counsel for the Assessee submitted that Ground Nos.1, 2 and 5 are general in nature and need no adjudication. Therefore, these grounds are dismissed. 5. On Ground No.3, assessee challenged the addition of ₹ 2 lakhs. The A.O. made addition of ₹ 3,91,600/- . The A.O. noted from the computation of income furnished during the course of assessment proceedings that assessee had shown income from consultancy in a sum of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Ld. CIT(A) and same submissions were reiterated. It was explained that source of the fund of ₹ 3,91,600/- comprise of ₹ 1,47,600/- from salary and ₹ 2,44,000/- out of income from consultancy. The Ld. CIT(A) considering the explanation of assessee, restricted the addition to ₹ 2 lakhs. 7. Learned Counsel for the Assessee reiterated the submissions made before the authorities below and referred to copy of the acknowledgment of filing of the return of income for assessment year under appeal and PB-22 which is computation of income in which assessee has shown net salary income of ₹ 1,14,000/- and ₹ 2,44,000/- as income from other sources out of consultancy. Learned Counsel for the Assessee, therefore, subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the same was made. The A.O. observed that assessee filed affidavit of the purchaser of the car which has neither been signed by the witness or Oath Commissioner and the R.C. is still in the name of the assessee showing the ownership. The A.O. did not accept the contention of assessee. The assessee explained before the Ld. CIT(A) that amount is available to assessee on sale of car. Affidavit of purchaser of Car Shri Parvender Singh is filed along with his bank statement to show withdrawal made by him from his Bank account for purchase of the Car. The Ld. CIT(A) did not accept the contention of assessee because car is not transferred in the name of the purchaser. This ground was dismissed. 11. Learned Counsel for the Assessee reiterated th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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