9911796707
TMI Blog2022 (11) TMI 820X X X X Extracts X X X X X X X X Extracts X X X X ..... .03.2022 for the assessment year 2017-18. 2. The grounds of appeal read as under :- "1. That the order of learned CIT (A) is bad in law, against facts of the case and equity. 2. That on the facts and in the circumstances of the case and in law, learned CIT (A) erred in dismissing the appeal of appellant without providing adequate opportunity and against the law of natural justice. 3. That ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of assessment proceedings, AO asked the assessee to explain the following :- "You have stated that following case was withdrawn from the bank on 05.11.2016 :- 1000 x 200 = 200000/- 500 x 2500 = 1250000/- 100 x 500 = 50000/- You have stated that same cash was redeposited in the bank account on 10.11.2016 whereas you have made cash deposit of Rs.15,00,000/- as per details given below : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s.25,000/- during years. In view of the nature of source of income, the assessee was not having cash-in-hand after meeting out the household expenses. Thus, the unexplained cash deposit comes to Rs.75,000/- (50000+25000). The assessee has failed to furnish any explanation with supporting documentary evidence regarding the source of deposits made. Thus, the assessee has failed to discharge his onus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00/-, therefore, penalty proceedings u/s 271AAC(1) of the Income-tax Act, 1961, are being initiated separately alongwith penalty notice u/s 274 read with section 271AAC(1) of the Income-tax Act, 1961." 5. Upon assessee's appeal, ld. CIT (A) noted the AO's order and thereafter he held that he has given several opportunities but assessee has not tuned up. That he has given careful consideration an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee had not appeared before him. The assessee had sufficient income and has duly withdrawn the amount from the bank and the same was redeposited. Hence, in my considered opinion, orders of the authorities below are not sustainable and accordingly, the same are set aside and the issue is decided in favour of the assessee. 8. In the result, the assessee's appeal stands allowed. Order pronou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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