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TMI Blog2022 (4) TMI 1309X X X X Extracts X X X X X X X X Extracts X X X X ..... eleted. Addition being cash deposited in his bank account - nature of unexplained deposits in terms of section 69A of the Income Tax Act, 1961 - HELD THAT:- CIT(A) has deleted the credits for which the source was explained. However, the other cash deposits are concerned the same has been confirmed. Before us, ld. counsel had given the cash flow statement duly supported by the bank statement wherein he has shown that assessee had huge withdrawals during the year itself and day-to-day cash flow chart have also been filed which is appearing at pages 56 to 63 of the paper book. From bare perusal of the same, it cannot be disputed that assessee had availability of cash in the form of withdrawals and the same is shown in the cash flow statement filed before the ld. CIT(A). Thus we do not find any reason to sustain the addition. Accordingly, the same is also deleted. - ITA No. 4530/Del./2019 - - - Dated:- 11-4-2022 - SHRI AMIT SHUKLA , JUDICIAL MEMBER And DR. B. R. R. KUMAR , ACCOUNTANT MEMBER For the Appellant : Udyan Garg , CA and Akarsh Garg , Advocate For the Respondents : Rajesh Kumar , Sr. DR ORDER Per Amit Shukla , JM Aforesaid appeal has been filed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9. From the account opening form, Bank Statement and reply of Punjab National Bank dated 09/03/2012, in respect of the said account, it was observed that the account belongs to Sh. B.K. Gupta S/o. Sh. D.P. Gupta and the nominee of the account was Smt. Kalpana Gupta W/o. Sh. BK Gupta. It was further gathered by ITO Ward-4, Phagwara that address of the assessee was Near Badal Toka, G.T. Road, Goraua . Verification letter dated 19.10.2015 was issued at this address and on being enquired from Sh. Jaskaran Singh, Manager/Supervisor of the concern! it was gathered that the firm M/s. Badal Taka, Goraya was acquired by Sh. BK Dewan (Bal Krishan Dewan) who was also the director of M/s. Neha Toka Put Ltd. Further enquiries revealed that other directors of the company were Sh. Vaibhav Dewan and Smt. Kalpana Dewan. From the PAN database, the PAN of Sh. B.K. Dewan was found to be AAAPK8077H and the address was A-9, Arya Nagar Society, Plot No. 91, IP Extension, Delhi-92. On receipt of information details of Sh. BK Dewan and Smt. Kalpana Dewan has been gathered from PAN database which are given hereunder:- PAN Full Name Father Name ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me Tax Act, may be issued in this case. 4. Thereafter, the AO noted that none attended in the proceedings nor any written submissions or documents were filed in response to various notices. Accordingly, he issued final show-cause notice which has been reproduced in the impugned assessment order and finally proceeded to pass ex-parte assessment u/s. 144 and completed the assessment at ₹ 94,71,300/-. The additions comprised of difference between the rent shown by the assessee and as reflected in Form 26AS of ₹ 4,20,000/- and secondly, cash deposit in the bank account for which no explanation was filed of ₹ 60,34,410/- and ₹ 23,47,102/- on account of section 69A; and finally, the assessment was completed at an income of ₹ 94,71,300/-. 5. Before the ld. CIT(A) the assessee had filed various documents on which ld. CIT(A) had called for the remand report. Insofar as the document relating to addition of ₹ 4,20,000/-, the assessee had filed following documents:- (i) Copy of purchase deed dated 20.11.2002 purchased by Sh. Dewan Bal Krishan and copy of purchase deed dated 13.11.1997 purchased by M/s. Sri Vallabha Investment (P) Ltd. which coll ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 6,00,000/- was paid to Sri Vallabha Investment Pvt. Ltd. which has been shown in its return of income balance sheet as rental income. In support, he drew our attention to computation of total income of Sri Vallabha Investment Pvt. Ltd., available at page 26 of the paper book, wherein the said party has shown rent of ₹ 6,00,000/-. Thus, no addition could have been made in the hands of the assessee on the ground that the assessee had not shown the entire rent receipt in its own hand. 8. Insofar as the cash deposits of ₹ 8.98.620/-, he drew our attention to cash flow chart available at pages 52 to 53 of the paper book and pointed out that there were earlier withdrawal of cash for which he filed copy of bank statement of the assessee and thus, submitted that in view of said cash withdrawal, there was availability of cash and, therefore, source of cash was proved. 9. Ld. DR for the Revenue strongly relied upon the order of the ld. CIT(A). 10. After considering the aforesaid submissions and on perusal of the relevant findings in the impugned order as well as relevant material referred to before us, we find that insofar as addition of ₹ 4,20,000/-, the same ..... X X X X Extracts X X X X X X X X Extracts X X X X
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