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TMI Blog2022 (2) TMI 484X X X X Extracts X X X X X X X X Extracts X X X X ..... e allowed. - ITA No. 3979/Del/2019 - - - Dated:- 31-1-2022 - SHRI KUL BHARAT , JUDICIAL MEMBER Appellant by : None Respondent by : Shri Om Parkash, Sr.DR ORDER Per Kul Bharat , JM This appeal filed by the assessee for the assessment year 2011-12 is directed against the order of Ld. CIT(A)-1, Gurgaon dated 12.02.2019. The assessee has raised following grounds of appeal:- 1. That the Ld. CIT(Appeals) order is bad in law as well as on the facts and circumstances of the case. 2. That the Ld. CIT(Appeals) has erred in law as well as on the facts by confirming the addition of income of ₹ 4,59,000/- out of ₹ 7,59,000/- being cash deposited in the bank account of the appellant for which addition under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In response to the same, the assessee filed return of income for Assessment Year 2011-12 on 02.11.2018 declaring an income of ₹ 3,74,470/-. During the course of assessment, the assessee was asked to explain the source of cash deposit of ₹ 13,59,000/- in his bank account maintained with Oriental Bank of Commerce ( OBC ) during the year under consideration. In response to the same, the assessee filed his reply. It was stated before the Assessing Officer that out of cash deposited of ₹ 9 Lakhs was received as a gift from his father who had sold an agricultural land. The Assessing Officer asked to file cash flow statement. In response thereto, the assessee furnished the cash flow statement. However, the Assessing Officer afte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the cash withdrawn are very small in amounts and do not justify the availability of cash in the hands of appellant. Perusal of the documents filed by the appellant reveals that there is a cash withdrawal of ₹ 1,85,000/- on 26.10.2010. The availability of this amount for subsequent cash deposit cannot be denied as there is no evidence of the appellant having used this amount. Further, keeping in view the facts that the appellant is a salaried employee working as a teacher, some amount of savings can be accepted. In the given facts and circumstances I deem it fair and reasonable to estimate the availability of cash amounting to ₹ 3,00,000/- from cash withdrawal of ₹ 1,85,000/- and family savings, which amount could have ..... X X X X Extracts X X X X X X X X Extracts X X X X
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