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TMI Blog2022 (7) TMI 937X X X X Extracts X X X X X X X X Extracts X X X X ..... r of Ld. CIT(A) but same are crucial to the determination of issue-in-dispute whether the cash deposits are out of debtors realized in the year under consideration. In view of the facts and circumstances of the case and interest of the substantial justice, we admit the additional evidence in the form of confirmations of the debtors and their PAN cards filed as additional evidence in terms of Rule 29 of the ITAT Rules, 1963. The order of the CIT(A) on the issue-in-dispute is accordingly set aside and matter is restored back to the Ld. CIT(A) for deciding afresh, in the light of the additional evidence filed by the assessee. It is needless to mention that both the assessee and Assessing Officer shall be afforded adequate opportunity of bei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eged unexplained cash deposits in the bank. 2.2 It is submitted that in the facts and the circumstances of the case, and in law, no such addition was called for. 2.3 Without prejudice to the above, assuming - but not admitting - that some addition was called for, it is submitted that the computation of the addition made by the A.O. is arbitrary, excessive and not in accordance with the law. 2. The brief facts of the case are that in the case of the assessee in view of cash deposits, the Ld. Assessing Officer made addition of ₹ 22,52,600/- to the returned income vide his order dated 14.12.2016 in terms of section 143(3) of the Income-tax Act, 1961 (in short 'the Act'). On further appeal, the Ld. CIT(A) upheld the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Baroda was not disclosed in the balance sheet filed by the assessee. The assessee did not file the copy of bank statement of ICICI Bank and Sangli Coop. Bank. Based on the bank statements furnished by the assessee, the position in respect of cash deposit was as follows: Sr. No. Name of the Bank Account No Cash deposit made during FY 2013-14 1 Corporation bank 064800301130011 210100 2 Corporation bank 064800101015067 1360500 3 SBI 33411589448 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profit of Rs. 1.28 lakhs is shown. The returned income is Rs. 218,530/- and no tax is payable. It was claimed that cash on hand as on 31.3.2013 was Rs. 7,53,605/-. 4.3. The learned AR was asked to file (i) copy of bank statements of all the bank accounts held by the appellant, file copy of return of income, computation of income, balance sheet, capital a/c and receipts payments account and trading a/c for AY 2010-11 to 2014-15. (ii) Statement of receipt payment of cash for AY 2014-15 clearly indicating the source of credit. (iii) Index Il and purchase agreement Index Il and Sale agreement for the flat sold during the year. (iv) Source of purchase of the flat was also called for. (v) Purchase agreement of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... large debtors and advances. The balance sheet as on 31.3.2013 shows cash on hand of Rs. 7,53,605/- There is no explanation as to why large cash balance on hand was built up disproportionate to drawings or business. Further why the same was deposited in bank not at one go but later and spread out over the year. This is certainly doubtful. At best this can be considered as the source of cash deposits in bank. The addition is sustained at Rs. 14,98,995/-. The grounds of appeal are partly allowed. 3. We have heard rival submissions of the parties on the issue-in-dispute and perused the relevant material on record. 3.1. Before us, the assessee has filed an application for additional evidence containing copy of confirmation of the debtors ..... X X X X Extracts X X X X X X X X Extracts X X X X
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