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TMI Blog2023 (11) TMI 446X X X X Extracts X X X X X X X X Extracts X X X X ..... found that during the course of assessment proceedings the inquires were made and it was found that the cash deposit was deposited by the assessee in his Savings Bank Account wherein the assessee was a joint holder with a son-Saral Kothari. When an explanation was rendered by the assessee as a set out in the order of the Tribunal, it cannot be said that the authorities could have exercised powers u/s 263 as the assessment order cannot be said to be erroneous or prejudicial to the interest of revenue. Tribunal has arrived at finding of fact that the assessing officer accepted genuineness of the claim of the assessee after inquiries and consideration of material placed on record. As clarified that we have not gone into the question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed by the Income Tax Appellate Tribunal, Rajkot in ITA No.163/RJT/2021 for the Assessment Year 2011- 2012. 4. The facts in brief indicate that the respondent-assessee filed his return of income on 13.09.2011 for the year under consideration declaring the total income of Rs.4,22,240/-. The case was re-opened under Section 147 of the Act. This was done specifically to verify source of a huge cash deposit of Rs.21,57,400/- in the accessee s Saving Bank Account No.08310110006741 with Kotak Mahindra Bank. The assessment was finalised determining the total income of Rs.4,22,240/-. The notice under Section 263 of the Act was issued on 24.02.2021 based on the assessment order passed on the ground that the assessment was to be treated as err ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... son has deposited cash of Rs.21,57,400/- in Kotak Mahindra Bank savings bank account wherein the assessee is joint holder. He has further submitted that the source of cash deposited in savings bank account with Kotak Mahindra Bank are cash withdrawals of Rs.2,69,742/- and other cash receipts of Rs.1,57,298/-. The Plea of the assessee that the amount of Rs.17,30,360/- withdrawn from Kotak Mahindra Bank of various dates, was again deposited in Kotak Mahindra Bank seems to be after cook story. The assessee has not given any valid reason for said withdrawal and then depositing the same in the savings bank account again. It cannot be accepted that on various dates money is withdrawn and then the same is deposited again in the bank account. Hence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ugust 21,000 September 2,93,300 October 1,70,960 November 4,53,500 December 89,800 January 46,600 February 54,200 March 59,400 Total 17,30,360 Source of cash deposit are as under : Particular Amount Cash Withdrawal 17,30,360 Opening Cash Balance ..... X X X X Extracts X X X X X X X X Extracts X X X X
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