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TMI Blog2022 (11) TMI 1245X X X X Extracts X X X X X X X X Extracts X X X X ..... is Allowed. - I.T.A. No.1838/Mum/2022 - - - Dated:- 30-9-2022 - SHRI AMIT SHUKLA, JM Appellant by: Shri Nimesh Chotani Laxmi Gupta, AR Respondent by: Ms. Neeta Jeph, DR ORDER Per Amit Shukla, Judicial Member: The aforesaid appeal has been filed by the assessee against the order dated 20/05/2022, passed by National Faceless Appeal Centre (NFAC) for the quantum of assessment passed u/s 143(3) of the Income Tax Act, 1961 (the Act) for AY 2017-18. The assessee has raised the following grounds:- 1. In the facts and in circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeal), NFAC has erred in disposing the Appeal without affording adequate opportunity to the Appellant which is bad in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tre, M/s D Signo and M/s Deccan Cloth Centre, engaged in the business of retail trading of clothes, garments and sarees. Assessee has filed his return of income on 13.10.2017 for AY 2017-18 declaring the total income amounting to Rs.4,69,210/-. The Assessing Officer noted that assessee has made cash deposits into bank account during demonetization period i.e. from 9th November, to 13th November, 2016. The details of cash deposits had been incorporated at page 2 and 3 of the assessment order. In response to show cause notice, the assessee submitted that the source of deposits were from withdrawals from his capital account from the aforesaid partnership firm during the AY 2015-16 to AY 2016-17. The detail of cash account summary was also give ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s worth mentioning here that the assessee has made frequent cash deposits prior to demonetization period with each deposit just below Rs. 50,000/-. Had there been any excess cash-in-hand, the assessee could have deposited the same on that time also. 5. The amount of cash deposits made by the assessee on each occasion i.e. just below Rs. 50,000/- to avoid compulsory quoting of PAN also demonstrates the intention of the assessee. 6. It is further seen that there is NO/MEAGRE CASH WITHDRAWALS made from the bank. This again raises doubt as to how the assessee was managing his personal household expenses. 7. Prior to demonetization period the assessee has deposited Rs. 5,65,500/- on 13 occasions. 8. Therefore, the sourc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. Assessing Officer/CIT (Appeals). Thus there was sufficient cash withdrawal as to justify the source of deposits. He further submitted that the total cash withdrawals of all partners from all Firms for AY 2015-16 was Rs. 90,37,000/-; for AY 2016-17 it was Rs. 46,92,926/-; and for AY 2017-18 was it Rs. 13,96,204/-; which was not considered by the Ld. Assessing Officer. He further pointed out that as per the capital account the assessee had utilized the following amounts for meeting his daily/household expenses: Particulars/ AYs AY 2015-16 AY 2016-17 AY 2017-18 Total Drawings (Cash) 1,45,750.00 1,58,000.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 016 to 30th Dec 2016 for some aggregating to Rs. 21,41000/-. The source of cash deposits have been explained from the withdrawals made by him from his capital account from partnership firm. Before me details of combined cash withdrawal made by the partners from AY 2015-16 to AY 2017-18 has been filed and the total withdrawal by the 5 partners aggregated to Rs. 1,51,26,130/- and for the AY 2016-17, the withdrawal was Rs. 46,92,926/- and from the month of 1st April 2016 to 30th March 2017, the aggregate withdrawal was Rs. 13,96,204. In so far as assessee is concern the total cash availability from withdrawals for the past assessment 3 years including AY 2017-18 that is FY 2016-17 is as under. Shrinivas Vijay Tandale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from Deccan Cloth Centre Rent 8,860 3,17,200 84,000 50 1,33,634 86,000 4,50,834 1,70,000 8,910 Total Cash Accumulation (B) Less: Withdrawals 9,13,860 12,21,250 3,57,920 24,93,030 Drawings Cash deposited into Bank Advance Tax profession Tax Other 1,45,750 333 3,500 1,58,000 3,500 20,000 2,500 10,430 1,70,500 21,41,000 10,846 4,74,250 21,44,833 20,000 2,500 24,776 Total Withdrawals (C) 1,49,583 1,94,430 23,22,346 26,66,359 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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