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TMI Blog2018 (8) TMI 2117X X X X Extracts X X X X X X X X Extracts X X X X ..... y on the surmise that it would not be probable for the Assessee to keep the money unutilized. If the revenue wants to disbelieve the plea of the Assessee then it must show that the previous withdrawal of cash would not have been available with the Assessee on the date of deposit of cash in the bank account. The AO and CIT(A) have proceeded purely on assumption and surmises that cash would not be lying idle with the Assessee for such a long time - Decided in favour of assessee. - ITA No.257/Bang/2018 - - - Dated:- 24-8-2018 - SHRI N.V. VASUDEVAN, JUDICIAL MEMBER AND SHRI A.K. GARODIA, ACCOUNTANT MEMBER For the Appellant : Shri B.S. Balachandran, Advocate For the Respondent : Shri M. Narasimha Raju, Jt.CIT(DR)(ITAT), Bengaluru. ORDER Per N.V. Vasudevan, Judicial Member This is an appeal by the Assessee against the order dated 19.12.2017 of the CIT(Appeals)-3, Bengaluru relating to assessment year 2014-15. 2. The Assessee is an individual. She derives income under the head Income from House Property and Income from Capital Gains. The Assessee filed return of income for AY 2014-15 declaring total income of Rs.3,00,18,930/-. In the course of asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same also does not retied the true state of affairs. The cash flow statement shows that huge cash is being withdrawn continuously during period 08.04.2013 to 17.09.2013 (these withdrawals are in addition to the withdrawal of Rs.30,000/- per month being made from the hank account and shown as personal drawings) and then the same is being deposited during period 03.10.2013 to 28.02.2014. Here the issue is why a person would keep on withdrawing money from its bank account when the money from earlier cash withdrawals is already lying with it. These aspects show that the cash withdrawn had been consumed by the appellant and cash deposited was from some unexplained sources of income. 4.5 The appellant has tried to take shelter of the theory of peak credit, however the same cannot be applied blindly without appreciating facts of the case. Whether to apply the peak credit theory or not and to which entries it is to be applied depends on facts of each case and material on record. In the case under consideration, the facts as discussed above clearly show that the deposits in the bank account are from undisclosed sources and the appellant has not given any reasonable cause which requires ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Personal Drawings 30,000 1,888,181 1.8.13 Personal Drawings 30,000 1,858,181 19.8.13 Cash Drawn 396168 200,000 2,058,181 31.8.13 Cash Drawn 396169 200,000 2,258,181 2.9.13 Personal Drawings 30,000 2,228,181 7.9.13 Cash Drawn 396170 50,000 2,278,181 10.9.13 Cash Drawn 396171 150,000 2,428,181 13.9.13 Personal Drawings 28,659 2,399,522 17.9.13 Cash Drawn 672539 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 50,000 78,522 1.2.2014 Personal Drawings 22,500 56,022 25.02.14 Cash Deposited - 10,500 45,522 28.02.14 Cash Deposited 35,000 10,522 24.3.14 Cash Drawn 552028 25,000 35,522 29.3.14 Cash Drawn 552030 11,100 46,622 30.3.14 Personal Drawings 20,000 26,622 31.3.14 Closing Balance 26,622 Total 2,864,281 2,864,281 6. W ..... X X X X Extracts X X X X X X X X Extracts X X X X
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