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TMI Blog2019 (12) TMI 1237X X X X Extracts X X X X X X X X Extracts X X X X ..... urn of income. He erred in confirming the addition without appreciating the fact that:- a) Such differential amount of Rs. 3,78,150/- was retracted before filing of return with proper explanation vide letter dated 16.8.2004; b) Difference of Rs. 1,58,600/- represents amount due from debtors appearing in the list found during survey, were related to previous F.Y. relevant to A.Y. 2003-04; c) Some of the debtors had already repaid the amount before the date of survey amounting to Rs. 1,19,550/- hence did not remain outstanding. Confirmation of addition made in spite of proper explanation towards partial retraction of the amount surrendered during survey on the ground that such retraction was delayed, is unjustified, improper, bad in l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and deserves to be quashed. 4. That the learned CIT(A) further erred in law in confirming the addition of Rs. 6,21,591/- being the amount of credit entries during the whole year in savings bank account of the wife of the assessee (Smt. Jyotibala) who is being assessed to tax and such account was prop3erly reflected in her books. Considering the credit side of the bank account ignoring the withdrawals made from time to time and deposits being collection of cheques except cash deposit of Rs. 20,000/- only vitiated the assessment order and its confirmation is wholly unjustified, improper, bad in law. 5. The appellant further craves leave to add, alter and/or to amend the aforesaid grounds of appeal as and when required. 2. The facts of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the assessee Sh. B.D. Nagar reiterated the submissions as made in the written synopsis. The submissions of the Ld. Counsel for the assessee are as under: 4. Ld. D.R. opposed these submissions and supported the orders of the authorities below. 5. I have heard the rival submissions, perused the materials available on record and gone through the orders of the authorities below. Ground No.1 is against confirming the addition of Rs. 3,78,150/- in respect of the difference in the amount surrendered during the course of survey and income offered for filing of return of income. I have gone through the evidence filed by the assessee. The amount was retracted even filing of the return of income. In respect of amount of Rs. 1,58,600/-, the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and out of remaining deposit of cash of Rs. 6.56 lakhs, Rs. 4 lakhs was surrendered out of cash during the survey, which was offered for tax and balance amount was also recovered from debtors against advances given. It is stated that credit in current account with Mandsaur Khetriya Gramin Bank was of Rs. 13,27,300/-. The A.O. made addition of the total credit entries appearing in the bank account u/s 68 of the Act. It is stated that detailed explanation was submitted along with the documentary evidences for each and every credit entry. It is submitted that a sum of Rs. 6,56,500/- was deposited by way of cheques. The narration of such deposits is given in respect of the cash deposit. It is stated that Rs. 46,500/- was surrendered during th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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