9911796707
TMI Blog2023 (7) TMI 274X X X X Extracts X X X X X X X X Extracts X X X X ..... AY"] 2008-09, the assessee has filed this appeal. 2. Heard the learned Representatives of both sides at length and case records perused. 3. Briefly stated the facts are such that the assessee is a retired employee of Oriental Insurance Company Limited and earning income from pension. Ld. AO issued notice u/s 148 followed by notice u/s 142(1) and interrogated the assessee to assess the source of cash-deposits of Rs. 16,21,000/- made in SB A/c, Dena Bank, Bhopal, during the previous year 2007-08 relevant to AY 2008-09 under consideration. In response, the assessee submitted that he retired from service during the previous year 2003-04 and received a total sum of Rs. 16,08,504/- as retirement benefits. Further, he sold a residential property ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tment and travel to keep handy and re-deposit the same in the bank account, if not utilized. 6. Then Ld. AR drew our attention to the copy of Bank Pass-Book placed in Paper-Book and demonstrated that the assessee has made frequent withdrawals as well as deposits from/in Bank A/c.Ld. AR has compiled a statement for the period 01.04.2007 to 31.03.2008 (being the previous year 2007-08 relevant to AY 2008-09 under consideration) as well as for the period 01.04.2006 to 31.03.2007 (being the immediately preceding year) on the basis of entries of cash withdrawals and deposits in Bank A/c. Drawing our attention to this working and correlating it with the Bank Pass-Book, Ld. AR demonstrated that the assessee has not made a single cash deposit of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of assessee and should not have made any addition. 7. Ld. AR also relied upon the following decisions wherein the cash deposits made by the assessee in bank account out of withdrawals from bank account have been accepted as genuine and the additions made by AO have been deleted:- (i) Shri Narayan Shibaroor Shibaraya vs. ITO, Ward 3(3)(3), Bengaluru, I.T.A.No. 684/Bang/2022 dated 23.11.2022. (ii) Om Prakash Nahar vs. ITO, (2022) 135 Taxman.com. 377 (Del. Trib) dated 27.01.2022. (iii) Shri Girigowda Dasegowda vs. ITO Bengaluru, I.T.A.No. 360/Bang/2022 dated 10.08.2022. (iv) Dheeraj Thakran vs. ITO Ward 1(4), Gurgaon, (2021) 129 taxmann.com 169 (Delhi - Trib) dt. 28.05.2021. 8. With these submissions, Ld. AR very humbly prayed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he reason behind cash withdrawals and re-deposit in bank a/c, which is the medical exigencies caused by Bhopal Gas Tragedy. On perusal of various decisions cited by Ld. AR, we find that the Hon'ble Courts/Benches of ITAT have vehemently accepted that if the sources of deposits are explained from prior cash withdrawals and the department has not disputed prior cash withdrawals, subsequent deposits cannot be treated as explained and no addition could be made. At the cost of repetition, we may mention that the assessee has not made a single deposit of Rs. 16,21,000/- (or huge deposits constituting Rs. 16,21,000/-); the sum of Rs. 16,21,000/- is a mere mathematical aggregation done by AO for the whole year. The assessee has in fact made smaller ..... X X X X Extracts X X X X X X X X Extracts X X X X
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