9911796707
TMI Blog2013 (4) TMI 970X X X X Extracts X X X X X X X X Extracts X X X X ..... of cash deposits made in the bank held as unexplained investments in the bank account. iii. That the order of learned CIT(A) be vacated and that of the A.O. be restored. iv. The appellant craves leave to add or amend or more grounds of appeal at the time of hearing of appeal. 2) Facts narrated by Revenue Authority are that the assessee enjoying salary income amounting to ₹ 1,49,376/- [net salary return at ₹ 1,12,530/- after deduction u/s 80-C of the I.T. Act on a/c of GPF and agricultural income of ₹ 1,54,700/-]. The assessee has filed his return of income on 23.07.2009 and the case fell under scrutiny under CASS and it was followed by first statutory notice dated 23.08.2010. Subsequently, notice under Section 142( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atter in dispute nor filed any application for adjournment. Keeping in view the facts and circumstances of the present case and the orders passed by the Revenue Authority, we are of the view that no useful purpose would be served to issue notice again and again to the assessee. Therefore, we are deciding the issue in dispute ex parte after hearing learned D.R. 4) Learned D.R. relied upon the order passed by the Assessing Order. 5) After hearing learned D.R., perusing the orders passed by the Revenue Authority specially the impugned order, we are of the view that learned First Appellate Authority has passed a well reasoned order after considering the documentary evidence filed by the assessee. For the sake of convenience, the relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... senting by corresponding bank withdrawals inter se. Further, the appellant has furnished cash flow statement, statement of affairs in support of his contentions. It has been all along the appellant s case that as per copy of cash book the same explains the source of cash deposits on different bank account during the period 01.04.2008 to 31.03.2009. The appellant has admittedly stated that he has not made any investment in any immovable/movable during the year under consideration. Even he owns a residential property jointly in co-ownership with his brother after taking bank home loan, for which he has forgotten to claim corresponding deduction u/s 80-C and 24 of the I.T. Act, 1961 amounting to ₹ 58,435/-. In the totality of facts and c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no hesitation in holding that it is fit case of granting benefit of recycled telephonic contra entries appearing in all the three bank accounts vis- -vis appellant s cash flow statement. It is seen that except making cuts and past in respect of bank deposits appearing in the appellant s three bank accounts, the A.O. has not endeavored to keenly consider the appellant s submission and has utterly failed to give credit for corresponding and contra bank withdrawals and the appellant has been deprived of the benefit of telescopic rotation of the same bank withdrawals, cash book withdrawals re-deposited into his bank accounts in a rotational manner having been recycled again and again. Further, the appellant has rather explained the source of av ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is father. Keeping in view the debit and credit entries with his cash flow statement of his three bank accounts, learned First Appellate Authority has rightly held that the case of the assessee is a fit case for enjoying the benefit of recycled telephonic contra entries appearing in all the three bank accounts vis- -vis assessee s cash flow statement. 7) The learned First Appellate Authority has also held that the assessee has not produced any fresh evidence in the appellate proceeding and all the evidences stand already furnished before the Assessing Officer which the Assessing Officer has not deeply examined and arrived at a wrongful conclusion. After going through the order passed by the Revenue Authority along with the documentary ev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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