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TMI Blog2023 (6) TMI 965X X X X Extracts X X X X X X X X Extracts X X X X ..... g the FY 2014-15 from the period 29.05.2014 to 21.03.2015 and the amount of cash deposit to UCO bank i.e. Rs. 9,99,000/- and lesser than the amount of cash withdrawals by the assessee during the same financial period. AO was not correct in considering the available cash out of cash in hand of Rs. 3,24,500/- for the purpose of adjudication the issue keep aside the factum of huge cash withdrawals from the bank account of the assessee with State Bank of India. Addition made by the AO and sustained by CIT(A) is not sustainable as the factual position stated by the assessee in her submission before the ld CIT(A) as well as before the AO have not been controverted neither by the authorities below nor by the Sr. DR before us as noted above. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Faceless Appeal Centre (NFAC) dated 28.06.2022 for AY 2015- 16. 2. The assessee has raised the following grounds of appeal:- On the facts and in the circumstances of the case and in law the NFAC. CIT (A). Delhi (Qua) erred in confirming the following additions made by the AO:- i. Rs.6.74.500/- on account of cash deposited in bank treating the same as unexplained: ii. Rs. 6,00,000/- on account of stamp duty paid on purchase of property on the ground that it has been paid out of alleged unexplained sources. Both actions being arbitrary, fallacious, unwarranted and illegal must be quashed with directions for appropriate relief. 3. In the result, the appeal of the assessee is allowed. 4. Apropos ground No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount was treated as undisclosed income from undisclosed source. The ld counsel submitted that the assessee had some rental income also received in cash which was spent in household expenditure and the copy of the cash book along with bank statement of both the account clearly revealed that the assessee had sufficient cash in hand from the corresponding cash withdrawals made by her from her SBBJ/ SBI account which was deposited with the UCO Bank account for repayment of housing loan. Ld counsel also submitted cash flow statement and submitted that during the FY 2014-15 the assessee deposited Rs. 9,99,000/- with UCO Bank out of total withdrawals of Rs. 24 lakhs from her SBI Account and balance cash in hands of Rs. 14,01,000/- was cash flow to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nk and State Bank of India and from the copy of the passbook with SBI it is clear that the assessee has withdrawn Rs. 24 lakhs during the FY 2014-15 from the period 29.05.2014 to 21.03.2015 and the amount of cash deposit to UCO bank i.e. Rs. 9,99,000/- and lesser than the amount of cash withdrawals by the assessee during the same financial period. The AO was not correct in considering the available cash out of cash in hand of Rs. 3,24,500/- for the purpose of adjudication the issue keep aside the factum of huge cash withdrawals from the bank account of the assessee with State Bank of India. Therefore, in my humble view that the addition made by the AO and sustained by the ld CIT(A) is not sustainable as the factual position stated by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her submitted that regarding stamp duty of Rs. 6 lakhs the assessee explained that the said amount was saved by her right from her marriage till date purchase of property which cannot be denied as the assessee got married much earlier from the date of purchase of property. Ld counsel further submitted that the ld CIT(A) has dismissed the appeal of the assessee without properly considering the explanation and documentary evidence of the assessee. Ld counsel submitted that the ld CIT(A) has deleted the part addition of Rs. 3,14,400/- by observing that it was paid during the immediately previous AY 2014-15 but restricted the disallowance to the tune of Rs. 6 lakhs without any basis therefore, the same may kindly be deleted. 9. Replying to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er return of income from 20 to 25 years. It was also submitted that the assessee has been saving her income and has also given loan to her husband s brother firm and other known persons from where she was also earning interest income during relevant period. The assessee also submitted her state of affairs as on 31.03.2014 and 31.01.2015 showing all the loans and advances given by her. It was submitted by the assessee that the stamp duty of Rs. 6 lakhs was paid out of sufficient cash in hands driven from past savings and said known and declared sources and this fact can be verified from the cash book submitted before the authorities below explaining the payment of entire stamp duty made in cash towards purchase of property in Vasundhara. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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