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TMI Blog2021 (4) TMI 1343X X X X Extracts X X X X X X X X Extracts X X X X ..... es only. Unexplained cash added u/s 69A - HELD THAT:- We find that there is withdrawal from the bank accounts of the assessee as well as other family members as reflected in their respective bank statements. Considering the same, the finding of the orders of the authorities below are set aside and the issues are restored back to the Assessing Officer to verify the availability of funds at the time of search. If the Assessing Officer finds that the withdrawal was made prior to the search and the amount withdrawn was not utilized for any other purpose, he would delete the addition. - ITA No.838/Del/2017 - - - Dated:- 8-4-2021 - SHRI G.S. PANNU, VICE PRESIDENT AND SHRI KUL BHARAT, JUDICIAL MEMBER Appellant by : Sh. Rakesh Gupta, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e issued. In response to the notices, Authorized Representatives of the assessee atended the assessment proceedings and the issues were discussed with him. The Assessing Officer while framing the assessment, noted that during the course of search, statement of brother of the assessee, Sh. Sunil Jindal was recorded. The Assessing Officer further recorded that jewellery amounting to Rs.1,04,08,109/- belong to the assessee was found during the course of search. However, no documentary evidence was produced in support of the source of purchase of jewellery. The assessee filed explanation regarding the source of jewellery. However, the Assessing Officer did not accept the explanation fully offered by the assessee and proceeded to make additions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... did not consider the same. He drew our attention to para 4.2 of the impugned order in support of the contention that a specific submission was made before the Ld.CIT(A), to consider the evidences so filed before him. He further contended that in the interest of justice, matter to be restored back to the Assessing Officer to decide the issue afresh in the light of the additional documents filed by the assessee and he further submitted that even the authorities below has not given effect to the CBDT Circular in letter and spirit. 5. Ld. DR opposed these submissions. He fairly conceded that he has no objection, if the matter is restored back to the file of Assessing Officer, for verifying genuinity of the claim of the assessee. 6. We ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the finding of the orders of the authorities below are set aside and the issues are restored back to the Assessing Officer to verify the availability of funds at the time of search. If the Assessing Officer finds that the withdrawal was made prior to the search and the amount withdrawn was not utilized for any other purpose, he would delete the addition. Ground No.3 of the assessee s appeal is allowed in the terms indicated herein above. 10. Ground No.4 raised by the assessee is general in nature and needs no adjudication. 11. In the result, the appeal of the assessee is allowed for statistical purposes as per terms indicated above. Above decision was pronounced on conclusion of Virtual Hearing in the presence of both the parties ..... X X X X Extracts X X X X X X X X Extracts X X X X
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