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TMI Blog2019 (11) TMI 695X X X X Extracts X X X X X X X X Extracts X X X X ..... addition is warranted to that extent. With respect to the balance amount, no plausible information has been furnished by the Ld.A.R. and nor was he in a position to controvert the findings of AO and Ld.CIT(A). Therefore direct the deletion of addition to the extent of ₹ 16,50,000/- and the balance amount of addition is confirmed. Thus, the ground of the assessee is partly allowed. - ITA No.1742/PUN/2018 - - - Dated:- 16-10-2019 - Shri Anil Chaturvedi, Accountant Member For the Assessee : Shri Nikhil Pathak For the Revenue : Shri Vishwas Mundhe ORDER PER ANIL CHATURVEDI, AM : 1. This appeal filed by assessee is emanating out of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aggregating to ₹ 34,36,000/- was raised by the assessee and other persons from Murud who contributed cash for depositing in bank account, with an intention to start new business. c) With the amount of cash deposited, the 'Parasailing Boat' was purchased in the name of assessee and was proposed for business In partnership by plying the same at sea beach in Murud. 4. The appellant humbly submits that the hardship is caused to him owing to absence of the proper representation and submission at the assessment as well as 1st appeal stage, although, the necessary documents and information were made available by the assessee at relevant time. 5. The appellant humbly submits tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d AO failed to appreciate that a) The assessee had past savings in the form of cash accumulation. b) The cash deposited came also out of business receipt. c) The assessee availed gold loan. 3. Before me, at the outset, Ld.A.R. submitted that he does not wish to press ground No.1 and the only effective ground is 3(b). 4. The ground No.3(b) is with respect to the cash deposits of ₹ 34,36,000/- in the saving bank account of assessee. 4.1. AO has noted that information was received about the huge cash deposits in assessee s bank account. During the course of assessment proceedings, on perusing the bank account of assessee mainta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osits of ₹ 34,36,000/- as unexplained cash deposits and made its addition u/s 69 of the Act. Aggrieved by the order of AO, assessee carried the matter before Ld.CIT(A), who upheld the order of AO. Aggrieved by the order of Ld.CIT(A), assessee is now in appeal. 5. Before me, Ld.A.R. reiterated the submissions made before AO and Ld.CIT(A). He further submitted that out of the total cash deposits of ₹ 34,36,000/-, ₹ 25 lakhs are received by the assessee from outsiders, whose names are listed by AO in Page 5 of the assessment order and the balance amount is from assessee and other family members. He submitted that with respect to the loan from outsiders, AO had passed a penalty order u/s 271D ..... X X X X Extracts X X X X X X X X Extracts X X X X
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