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TMI Blog2022 (12) TMI 535X X X X Extracts X X X X X X X X Extracts X X X X ..... en totally arbitrary in allowing part addition without any basis. Hence, the assessee deserves to succeed on this count only and in my considered opinion that the cash flow statement submitted which has been duly recognised by the Ld. CIT(A) also is covering the cash deposits in the bank account. The authorities below have made part disallowance only on presumption about the personal expenses of the assessee, which is totally based on surmises and cannot be sustained. Hence we set-aside the order of the Ld. CIT(A) and decide the issue in favour of the assessee. - ITA No.23/DEL/2022 - - - Dated:- 23-11-2022 - SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER Assessee by Sh. Ajay Wadhwa, Adv. Sh. Bharti Sharma, CA Revenue by Sh. Rajiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd without sufficient material and evidence on record. 4. That the penalty initiated under section 271 AAB(1 A) and thus interest charged under section 234A/B/C is thus illegal and bad in law. 3. Brief facts of the case are that there was a search and seizure operation u/s 132 of the Act was carried out on the premises of the assessee comprising of Ajay Kumar and other group of companies. In the return of income declared, income was Rs.12,68,180/-. The Assessing Officer noted that in the case of the assessee, there was certain cash deposits totalling Rs.19,45,000/- during the year under consideration. The assessee was asked to submit the details. From the details filed by the assessee, the Assessing Officer observed that during ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has duly submitted the cash flow showing adequate cash available for deposits. He submitted that there is no basis according to which the Ld. CIT(A) arbitrarily sustained Rs.8 lakhs addition. 8. Per contra, the Ld. DR relied upon the orders of the authorities below. 9. Upon careful consideration, I find that the assessee has duly submitted the cash flow statement and cash balance adequate to cover the deposits was reflected therein. On the ground of inadequate withdrawal for personal purpose, the Assessing Officer did not give any credit and added entire deposit. However, the Ld. CIT(A) gave relief of Rs.11,45,000/- and sustained the addition of Rs.8,00,000/- on ad-hoc basis. Upon careful consideration, I find that as regards ..... X X X X Extracts X X X X X X X X Extracts X X X X
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