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TMI Blog2022 (5) TMI 162X X X X Extracts X X X X X X X X Extracts X X X X ..... nation of the assessee that the monies were withdrawn intending to purchase land but since no suitable land could be found the assessee re-deposited into bank account cannot be brushed aside especially when the assessee and his family who are all agriculturists and they have sold their lands vide sale deed dated 05.08.2008 which is evident from the assessment order itself. Further on perusal of the certificate issued by HDFC Bank withdrawn cash on those dates. Even without going into the additional evidence in the form of the letter for HDFC Bank furnished by the assessee it is abundantly clear from the bank statement furnished by the assessee that there were cash withdrawals and cash deposits into bank accounts. In the case on hand the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 147 of the Act on 30.12.2016 determining income of the assessee at Rs.37,43,511/-. In the course of assessment proceedings, assessee was asked to reconcile/explain the cash deposits made on various dates into his bank account. As the assessee was not furnishing the reconciliation statement and since the assessment was time barring the Assessing Officer completed the assessment on 30.12.2016 based on the information furnished by the assessee till 29.12.2016. On examining the sale deed and affidavit of assessee the Assessing Officer came to know that the assessee sold agricultural lands and received Rs.98,10,000/- in cash and deposited the same into bank account. The Assessing Officer accepted the cash deposits of Rs.95,20,000/-, Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounsel submits that additional evidence was furnished in the form of certificate issued by HDFC Bank confirming the withdrawals made by the assessee from his account i.e. Rs.16,62,000/- on 24.12.2008 and Rs.30,75,000/- on 13.02.2009. The Ld. Counsel submits that since this evidence is going to the root of the matter the same may be admitted. The Ld. Counsel further referring to the bank statement furnished at page 13 of the paper book submits that the entries of cash withdrawal and deposits were reflected in the bank statement and, therefore, there is no reason for disbelieving the explanation given by the assessee. The Ld. Counsel placed reliance on the following decisions in support of his submission that when once the assessee explained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... statement it is noticed that the assessee has withdrawn Rs.16,62,000/- on 24.12.2008 and also deposited an amount of Rs.12 lakhs on 08.01.2009. Similarly, it is noticed that assessee has withdrawn Rs.30,75,000/- on 13.02.2009 and Rs.25 lakhs was deposited on 17.02.2009. The explanation of the assessee that the monies were withdrawn intending to purchase land but since no suitable land could be found the assessee re-deposited into bank account cannot be brushed aside especially when the assessee and his family who are all agriculturists and they have sold their lands vide sale deed dated 05.08.2008 which is evident from the assessment order itself. Further on perusal of the certificate issued by HDFC Bank withdrawn cash on those dates. Even ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cepted when we consider validity and truthfulness of an explanation. One should not consider and reject an explanation as concocted and contrived by applying prudent man s behavior test. Principle of preponderance of probability as a test is to be applied and is sufficient to discharge onus. Probability means likelihood of anything to be true. Probability refers to appearance of truth or likelihood of being realized which any statement or event bears in light of the present evidence. Evidence can be oral and cannot be discarded on this ground. Assessment order and the appellate orders fall foul and have disregarded the preponderance of probability test. 8. In the case of ACIT Vs. Baldev Raj Charla Ors. (supra) the Delhi Bench of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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