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TMI Blog2018 (9) TMI 1884X X X X Extracts X X X X X X X X Extracts X X X X ..... r any threat or coercion is on record, the Ld. CIT(A) dismissed the same. HELD THAT:- Considering the submissions made by the Ld. AR and the judgement passed by the Coordinate Bench in assessee s own case for the AYs 2011-12 2012-13 in similar set of facts, we respectfully following the same, modify the Ld. CIT(A) s order and direct the AO to treat 50% of cash deposited as undisclosed income of the assessee. - Decided partly in favour of assessee - I.T.A. No.500/Ahd/2017 (Assessment Year : 2013-14) - - - Dated:- 17-9-2018 - Shri Pradip Kumar Kedia, Accountant Member And Ms. Madhumita Roy, Judicial Member Appellant by: Shri P.F. Jain, AR Respondent by: Shri Alok Kumar, Sr.DR ORDER M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount. The statement furnished by the assessee shows deposits of ₹ 7,02,700/- out of which peak amount is ₹ 5,49,900/-. On 11.03.2016, the assessee offered the said amount of ₹ 5,49,900/- for taxation as unexplained. The AO thus added the same to the total income of the assessee as income from undisclosed source against which the assessee preferred appeal before the Ld. CIT(A), but without success. 4. The Advocate appearing for the assessee contended before us that the deposits made by the assessee was ₹ 7,02,700/- with the Indus Ind Bank and the withdrawals are ₹ 3,07,600/-. In the AY 2012-13, a sum of ₹ 13,10,400/- was deposited in the bank. The amount of ₹ 5,49,900/- computed as peak c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s been considered by us, the relevant portion whereof is as follows:- There is no dispute that ₹ 39,00,300/- was found to be deposited in the Savings Bank account with IndusInd Bank in A.Y.2011-12 and ₹ 13,10,400/- was found to be deposited in AY 2012-13. It is equally true that the explanation of the assessee is without any substance. However, at the same time, on perusing the ledger account of IndusInd Bank, we find that whenever the cash was deposited, it was immediately transferred to M/s. Shri Krishna Cargo. Therefore, the contentions that the same forms part of the business receipts cannot be brushed aside lightly. The assessee has not furnished any detail in support of its claim of business receipts. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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