9911796707
TMI Blog2023 (10) TMI 696X X X X Extracts X X X X X X X X Extracts X X X X ..... ntries which are recorded in the assessee s books of accounts. See SMT. TEENA BETHALA [ 2019 (9) TMI 3 - ITAT BANGALORE] held where the entries are recorded in the assessee's books of account, addition made u/s 69A of the Act is bad in law. In the case of ACIT vs Baldev Raj Charla [ 2008 (12) TMI 241 - ITAT DELHI-C] also held that merely because there was a time gap between withdrawal of cash and cash deposits explanation of the assessee could not be rejected and addition on account of cash deposit could not be made particularly when there was no finding recorded by the assessing officer or the Commissioner that apart from depositing this cash into bank as explained by the assessee, there was any other purposes it is used by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. In response thereto, the assessee produced the cash book and explained the source of deposits thereon as follows: Sr. No. Amt. Rs. Remarks of Credits in Bank Accounts 1 1007000 Total Cash Deposit during 2011-12 2 929.5 Dividend Income (Exempt Income already shown in IT Return filed u/s. 148) 3 569664 Refund For Mcx Ipo Applied on 29-02-12 4 11290 Saving Bank Interest Income (Already Considered in IT Return filed u/s. 148) 5 7500 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee u/s. 69A of the Act and demanded tax thereon. 4. Aggrieved against the same, the assessee filed an appeal before Commissioner (Appeals). The Ld. CIT(A) held that only cash book was filed before him, but balance sheet, profit and loss account, capital account, business of bank transaction and proof of source of cash was not produced with bills and vouchers. Further the sale of land was made on 29.12.2010 during the Financial Year 2010- 11, whereas the cash deposits in the bank accounts are during the Financial Year 2011-12 thereby there is a gap of one year in cash deposits. Hence, the explanation of the assessee was not acceptable and thereby confirmed the entire cash deposit of Rs. 14,43,684/- remains unexplained and ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pearing for the Revenue supported the orders passed by the Lower Authorities and pleaded to uphold the same does not require any interference and the appeal filed by the assessee is liable to be dismissed. 8. We have given our thoughtful consideration and perused the materials available on record including the Paper Book filed by the assessee. It is seen from the Paper Book filed by the assessee and the reply submitted before the A.O., the assessee has clearly explained cash deposits and other transactions in the bank accounts. The assessee has filed its Return of Income admitting an income of Rs. 1,78,476/- in which Rs. 1,63,357/- is business income from Jagdish Centring Center and Rs. 15,119/- is interest income. Though the assessee pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the AO has not made out a case calling for an addition under section 69A of the Act. Probably, an addition under section 68 of the Act could have been considered; but then that is not the case of the AO. The assessee, apart from raising several other grounds, has challenged the legality of the addition being made under section 69A of the Act. In support of the assessee's contentions, the learned AR placed reliance on the decision of the ITAT - Mumbai Bench in the case of DCIT Vs. Karthik Construction Co. in ITA No. 2292/Mum/2016 dated 23.02.2018, wherein the Bench at para 6 thereof has held that addition under section 69A of the Act cannot be made in respect of those assets/monies/entries which are recorded in the assessee's books ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be made particularly when there was no finding recorded by the assessing officer or the Commissioner that apart from depositing this cash into bank as explained by the assessee, there was any other purposes it is used by the assessee of these amounts. In view of above facts, the ground number 1 of the appeal of the assessee is allowed and orders of lower authorities are reversed. 9. Respectfully following the above decisions of the Co-ordinate Benches of this Tribunal, we have no hesitation in deleting the additions made by the Assessing Officer. Thus the grounds of appeal raised by the assessee is hereby allowed. 10. In the result, the appeal filed by the Assessee is allowed. Order pronounced in the open court on 11 -10-2023 - ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
