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TMI Blog2022 (11) TMI 411X X X X Extracts X X X X X X X X Extracts X X X X ..... t merely on the reasoning that it was credited in the bank account of the assessee - it the source of money which has been used for the purpose of the FDR and the same can only be brought to tax and that too in the year in which such FDR were created. Thus, after considering the necessary fact as discussed above, we set aside the findings of the of CIT(A) and direct the AO to delete the addition made by him. Hence, the ground of appeal of the assessee is allowed. - ITA Nos. 1360-1361/AHD/2019 - - - Dated:- 7-10-2022 - Shri Waseem Ahmed, Accountant Member For the Assessee : Shri M.S. Chhajed, A.R For the Revenue : Shri Atul Pandey, Sr. D.R ORDER PER WASEEM AHMED, ACCOUNTANT MEMBER: The captioned two appeals have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aring A/c No. 986 and 211. Both the bank accounts of the assessee were credited on the maturity of the fixed deposits amounting to Rs. 23,91,095/- only. On question about the maturity of the fixed deposit, the assessee failed to make any satisfactory explanation and therefore the AO added the same as unexplained investment u/s 69 of the Act. 5. Aggrieved assessee preferred an appeal to the Ld. CIT(A). The assessee before the Ld. CIT(A) among other contentions submitted that the AO has nowhere mentioned about the FDRs made by him. As such, the AO has ignored the fact that these FDRs were made in the bank account of different parties in earlier assessment years. But at the time of maturity, the bank account of the assessee was credited. As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sidered instead of entire proceeds of FDS is not acceptable as the same is not applicable in this case as the amount once withdrawn is not re-deposited. Each time there is new credit entry in bank account in the form of FD maturity. The appellant plea that whole proceeds of FDRs cannot be considered as income of assessee and only the net income from FDRs wilt be the income of the assessee is not acceptable as proceeds of benami FDs have been credited in bank account of the assessee, it is a case where unaccounted funds have been introduced in regular books of the assessee. During appellate proceedings also appellant could produce any concrete evidence to establish his claim. In absence of any justification and any reply from the appellant t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the bank account of the assessee was credited for the amount of Rs. 23,91,095/- on account of maturity of the deposit in the year under consideration. These Fixed deposits were created in the earlier year in the bank account and in the name of different parties. The details of the parties along with the amount and date of fixed deposit are available pages 20 to 22 in the appellate order. On perusal of the details of the FDR, I find that these FDR were created in the earlier year and therefore if any addition is warranted then it can only be in the year in which such FDRs were created and not in the year of the maturity of fixed deposit. It is for the reason the investment was made in the earlier year and which was matured in the year under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r re-opening recorded by the Ld.AO 4. The Ld.CIT(A) has erred in law and fact in upholding addition made by the Ld.AO u/s.69 of Rs.38,16,900/- 5. The appellant craves liberty to add, amends, alter or modify all or any grounds of appeal before final appeal. 14. At the outset we note that the issues raised by the assessee in his grounds of appeal for the AY 2009-10 are identical to the issues raised by the assessee in ITA No. 1360/AHD/2019 for the assessment year 2008-09. Therefore, the findings given in 1360/AHD/2019 shall also be applicable for the year under consideration i.e. AY 2009-10. The appeal of the assessee for the assessment 2008-09 has been decided by us vide paragraph No. 13 of this order partly in favour of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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