9911796707
TMI Blog2022 (11) TMI 1112X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee against the order dated 24.06.2022 of NFAC, Delhi, relating to Assessment Year 2017-18. 2. The assessee in this case, is an individual and is a retired bank employee and earns income in the form of pension. He deposited cash of a sum of Rs.15 lakhs in his bank account with Vijaya Bank on 13.11.2016. The AO called upon the assessee to prove the source of cash deposited in the bank accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ggrieved by the order of the CIT(A), the assessee has preferred the present appeal before the Tribunal. Learned Counsel for the assessee placed reliance on the decision of the SMC of ITAT, Bengaluru Bench, in the case of Col.Rajan in ITA No.101/Bnag/2022, order dated 01.06.2022 wherein this Tribunal on a similar plea taken by the assessee accepted the plea of the assessee and observed that if ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cash was not explained by the Assessee. The legal position in this regard is that if the deposit of money in the bank account is preceded by withdrawal of money from the very same bank account, then the source of funds is prima facie demonstrated or explained by the Assessee. The Honourable Karnataka High Court in the case of S.R.Ventakaratnam Vs CIT, Karnataka-I & Others 127 ITR 807 has held tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een available with the Assessee on the date of deposit of cash in the bank account. The AO and CIT(A) have proceeded purely on assumption and surmises that cash withdrawn was not available to the Assessee on completely extraneous factors. In our view, the Assessee has satisfactorily explained the source of funds out of which deposit of cash was made in the bank account. I therefore delete the addi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
