9911796707
TMI Blog2022 (5) TMI 333X X X X Extracts X X X X X X X X Extracts X X X X ..... n and the explanation of the assessee in this regard is plausible and sustainable one. We direct the Assessing Officer to recalculate the disallowance u/s. 68 of the Act by giving credit of Rs.24.45 lacs received by the assessee against sale of land to 8 persons during the immediately previous financial period which also gets support from the amount of opening cash balance in the hands of the assessee which was Rs.30,62,450/- . Accordingly, the appeal of the assessee is partly allowed sustaining the remaining addition of Rs.9,70,725/- (34,15,725 24,45,000). Appeal of assessee allowed. - ITA No. 1878/Del/2020 - - - Dated:- 2-5-2022 - Shri C.M. Garg, Judicial Member For the Appellant : Sh. Rajesh Popli, Adv. For the Respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... included in the cash flow statement available at pages 101 to 103 of assessee s paper book. He also drew our attention to page 101 of the paper book and cash flow from 01.04.2012 to 31.03.2013 and submitted that there was closing cash balance of Rs.30,62,450/- at the end of immediately preceding financial period, which was brought forward as opening cash balance as on 01.04.2013 which clearly explains the source of cash deposit to the bank account of the assessee. Therefore, the addition made by the Assessing Officer and sustained by the ld. CIT(A) may kindly be deleted. 3. Ld. AR submitted that the assessee is a sincere and honest tax payer and there was no intention to evade the tax liability. Therefore, ld. CIT(A) was not correct in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opening cash balance in the hands of the assessee. Neither the Assessing Officer nor the ld. CIT(A) has disputed the cash flow statement of the assessee, copy of which is available at page 101 of the assessee s paper book which clearly shows that there was opening cash balance of Rs.30,62,450/- as on 01.04.2013 and closing balance of Rs.22,99,659/-. Cash flow chart also reveals that there was inflow cash of Rs.16,07,909/- and outflow cash was Rs.23,70,702/- leaving the closing cash balance of Rs.22,99,659/-. 6. In my humble understanding, when the cash flow statement reveals opening cash balance as well as closing cash balance in the hands of assessee for F.Y. 2012-13 and 2013-14 pertaining to A.Y. 2014-15, the theory of opening and clos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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