9911796707
TMI Blog2021 (7) TMI 1412X X X X Extracts X X X X X X X X Extracts X X X X ..... ified from the bank account of the assessee as well as from the entries made in the books of account. In the instant case, the books of account maintained by the assessee have not been rejected and it is the submission of the assessee that the cash withdrawals have been recorded in the books of account. In that case, if the cash has been deposited into the bank account from the cash balance available in the books of account, then it should be held that the cash deposits have been explained. However, as noticed earlier, the tax authorities have not examined books of account also. This issue needs to be set aside to the file of the AO for the limited purpose of examining as to whether the impugned cash deposits have been made out of cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d amount of Rs.35,32,500/- by observing as under:- The submission of the assessee has been carefully perused but the same is not acceptable. The assessee in his submission has furnished copy of cash book and bank statement. From the same, it can be seen that the assessee has deposited cash in his bank account and no evidences of cash withdrawal can be seen in the same. Further, the assessee has failed to furnish any documentary evidences that the cash deposited in the bank were out of the cash in hand of the assessee and the assessee has not explained the reason for holding such huge balances in cash. Since the onus was on the assessee to prove and explain the source of the said cash which he has failed to do so, the entire cash deposi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explained. The Ld D.R, on the contrary, supported the orders passed by the tax authorities. 5. There should not be any dispute that the cash deposits made out of book balance should be considered as explained when the books of accounts of the assessee were not rejected. I notice that neither the AO nor Learned CIT(A) has examined the cash book of the assessee. I notice that both the authorities have rejected the claim of the assessee that the cash deposits have been made out of earlier cash withdrawals made from the bank account on the reasoning that the earlier cash withdrawal has not been proved. However, the cash withdrawal could have very much been verified from the bank account of the assessee as well as from the entries made in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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