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TMI Blog2023 (6) TMI 279X X X X Extracts X X X X X X X X Extracts X X X X ..... und to be fair enough in showing the sufficient drawings of Rs. 26,35,980/- and Rs. 2,46,122/- during the period from the 01.04.2016 to 30.12.2016 leaving cash balance of Rs. 5,18,559/- therefore there is no scope of any addition in the hands of assessee on account of cash deposit to his bank account. Accordingly, grounds of assessee are allowed. - ITA No.390/Del/2022 - - - Dated:- 31-5-2023 - Shri Chandra Mohan Garg, Judicial Member And Shri Pradip Kumar Kedia, Accountant Member For the Assessee : Shri Sanjeev Jain, CA For the Revenue : Ms. Meenakshi Dohre, Sr. DR ORDER PER CHANDRA MOHAN GARG, J.M. This appeal has been filed against the order of CIT(A)-23, New Delhi dated 31.01.2022 for AY 2017-18. 2. The g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ete and verifiable explanation regarding the cash in hand available with him and the CIT (Appeals) ought to have deleted the whole of the addition which was arbitrarily made by the Assessing Officer. 4. Further elaborately the facts of the case the ld. counsel submitted that the assessee during FY 2016-17 deposited Rs. 36,40,000/- to his bank account out of opening cash balance of Rs. 39,26,681/- as on 09.11.2016 in the hands of assessee. The ld. counsel submitted said cash balance was accrued to the assessee out of cash in hand as on 01.04.2016 of Rs. 27,62,661/- and cash withdrawal from the bank account of Rs. 38,00,000/- from 01.04.2016 to 08.11.2016 after deducting drawings of Rs. 26,35,980/-. He also submitted that the copy of balan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt 0 Less: Drawings 26,35,982 Cash in hand as on 08.11.2016 39,26,681 Particulars Amount Opening balance 09.11.2016 39,26,881 Add: cash withdrawal from bank accounts (after 09.11.2016) 4,78,000 Less: Cash deposit in bank account 36,40,000 Less: Drawings 2,46,122 Closing balance as on 30.12.2016 5,18,559 Note: out of cash withdrawal of Rs. 42,47,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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