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TMI Blog2021 (5) TMI 131X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A)-2 has grossly erred in law as well as in facts for not appreciating the documents/information furnished during the course of proceedings and it is liable to be quashed. 2. Order U/s 147/144 of the Income Tax Act, 1961 is completely perverse and baseless and is liable to be quashed. 3. The appellant craves leave to add, amend, withdraw or insert any ground or grounds of appeal before or at any time of hearing of the appeal." 2. The hearing of the appeal was concluded through video conference in view of the prevailing situation of Covid-19 Pandemic. 3. The brief facts of the case are that the on information being received by the A.O. for the year under consideration that the assessee had deposited cash of Rs. 29,90,300/- in his sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the addition of Rs. 11,31,800/-. In this respect, the ld. AR appearing on behalf of the assessee has reiterated the same arguments as were raised before the ld. CIT(A) and prayed to delete addition sustained by the ld. CIT(A). The submissions made before the ld. CIT(A) by the assessee are stated below: In the above cited case we hereby state that, the assesse was student and studying for said period in BIRLA INSTITUTE OF TECNOLOGY as a regular student. It means assessee was neither involved in any business nor service in which he can devote sufficient time. Assessee has not filled income tax return since income was NIL. Certificate enclosed. Assessee was maintaining a Saving Bank account with Axis Bank a/c no.-909010036473994 for rece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deposits had been made in the bank account does not indicate that these deposits constitute income. 5. On the facts and circumstances of the case the Ld. AO is not justified while making addition as bank deposit/credit entry in bank account. As such assessment may be please be held as bad in law and addition made thereon may kindly be deleted. 6. Similar case decided by ITAT JAIPUR on 2nd May 2019 in case of Neim Khan Vs ITO ITA/283/JP/2018 Assessment Year 2014-15 Neim Khan Vs ITO ward 2(2) Jaipur Similar case law for bank deposits like Jaya Agarwal vs. CIT, ITA Nos. 5430 & 5432/DEL/2011 [Assessment Years: 2010-11to 2012-13] 7. On the facts and circumstances of the case the Ld. AO is not justified while making addition as bank deposit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Agarwal become the introducer and consequently, a new bank account bearing No. 909010036473994 was opened. The assessee has also placed on record the bank statement showing the transactions during the period were exclusively carried out in the new bank account by Shri Abhishek Agarwal in favour of his family members i.e., father, mother, wife and friends and all transactions were made by said Shri Abhishek Agarwal by depositing cash and consequently issuing cheques to his family members. The ld AR also submitted that said Shri Abhishek Agarwal produced his affidavit before the A.O. and made statement on oath that all transactions in the said bank account were carried out by him and admitted that entries belong to his company/firm M/s Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arwal (Self) 11 05.02.10 Transferred from 19448 Sanjana (wife) 12 08.02.10 Transferred from 20090 Shakuntal Agarwal (Mother) 13 08.02.10 Transferred from 21684 Sanjana (wife) 14 08.02.10 Transferred from 20144 Sampat Ram Agarwal (Father) 15 08.02.10 Transferred from 23363 Abhishek Agarwal (Self) From perusal of the above chart, we found that all the transactions were carried out by Abhishek Agarwal by issuing cheques in the name of his father Shri Sampat Ram Agarwal, his mother Shakuntala Agarwal, his wife Sanjana, his friend Manish Mittal, Ravi Dutt and Raj kumar and none of the transactions was ever made in any of the persons related to the assessee. So far the said Abhishek Agarwal has also produced affidavit be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l the cheques were issued in the name of family members of Abhishek Agarwal as well as his friends. From the very beginning, the assessee had made solitary explanation that the said bank account was opened at the instance of Abhishek Agarwal and all the deposits and withdrawals were made by the said Abhishek Agarwal. We found that explanation given by the assessee was not fanciful and sham story. It was plausible and should have been accepted by the revenue authorities, unless there was justification or ground to hold to the contrary. More particularly when the entire explanation was supported by statement of Shri Abhishek Agarwal coupled with bank transactions and affidavit of said Abhishek Agarwal. The revenue authorities should have give ..... X X X X Extracts X X X X X X X X Extracts X X X X
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