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TMI Blog2022 (8) TMI 1396X X X X Extracts X X X X X X X X Extracts X X X X ..... essee. This is so, because, AO neither in course of assessment proceedings nor during remand has been able to dislodge assessee s claim by making any inquiry. Cash deposits in the account maintained with Central Bank of India stands explained. Balance amount deposited in the account maintained with Kotak Mohindra Bank, Rohtak, before rejecting the affidavits as false, the Assessing Officer must make reasonable enquiry with the persons filing affidavits. This has not been done by the AO in the present case. On an analysis of the bank statement, it is observed that the assessee has not only made cash deposits but has also made cash withdrawals on various dates - AO also accepted the aforesaid factual position. However, he didn t make addition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee furnished his reply explaining the source of the cash deposits. It was submitted by assessee that the cash deposits were made out of advances received from various individuals. After considering the submission of assessee, the Assessing Officer called upon the assessee to produce the persons from whom money was received and also to prove their creditworthiness and genuineness of the transaction. As observed by the Assessing Officer, assessee not only failed to produce the concerned parties but did not file any evidence to prove the identity, creditworthiness of the persons advancing money as well as the genuineness of the transaction. Alleging that the assessee failed to explain the source of cash deposits in the bank accounts, the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... could have been made on the basis of savings bank account statement as, it cannot be considered to be books of accounts maintained by the assessee. Therefore, the conditions of section 68 of the Act are not fulfilled. In support of such contentions, he relied upon the following decisions: * CIT vs. Mayawati [2011] 338 ITR 563 (Delhi High Court); * Baladin ram vs. CIT [1969] 71 ITR 427 (Supreme Court); * CIT vs. Bhaichand N. Gandhi [1983] 141 67 [Bombay High Court]; * Sh. Om Prakash vs. ITO, ITA No.1325/Del/2011, Date of decision: 11.08.2016 (Delhi - Trib.); * Amitabh Bansal vs ITO [2019] 175 ITD 401 (Delhi - Trib.). 5. Learned Departmental Representative strongly relied upon the observations of the Assessing Officer and learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00 in the account maintained with Central Bank of India stands explained. 8. As regards, the balance amount of Rs.15,20,000 deposited in the account maintained with Kotak Mohindra Bank, Rohtak, on an analysis of the bank statement, it is evident that assessee has deposited cash on various occasions during the year under consideration. In fact, the details of such cash deposits are depicted in the assessment order. It has been explained by assessee before the departmental authorities that cash was received from various persons for making payment to Paras Finance Co. Though, in course of assessment proceedings assessee could only furnish the name of the persons from whom the amounts were received, however, in course of proceedings before the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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