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TMI Blog2024 (2) TMI 1166X X X X Extracts X X X X X X X X Extracts X X X X ..... eak theory. However, how the peak amount was arrived at is not discernible from the order of FAA - we are inclined to restore this issue to the file of the AO for examining afresh and decide it after providing due and reasonable opportunity of being heard to assessee. Penalty u/s 271(1)(c) - HELD THAT:- While dealing with the quantum appeal of assessee (supra), we have deleted few additions and restored back to the AO for deciding afresh. Thus, at present, there is no surviving additions against the assessee. That being the factual position on record, the penalty imposed u/s 271(1)(c) of the Act cannot survive. Accordingly, we delete the penalty imposed u/s 271(1)(c). Addition cash deposits in bank account - HELD THAT:- As the proximity between cash withdrawal and deposit is quite close. Further, the Departmental Authorities have not brought any material on record to establish that the cash withdrawals were utilized for any other purpose and not available with the assessee for re-deposit. Thus we hold that the source of cash deposit has been explained by the assessee. Accordingly, we delete the addition. Penalty imposed u/s 271AAA to be deleted. - Shri Saktijit D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that too in the proceedings u/s 153A of the Act. 7. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in making addition of Rs. 22,98,414/- on account of alleged investment in shares out of alleged undisclosed sources is bad in law and against the facts and circumstances of the case. 8. That having regard to the facts and circumstances of the case, Ld. CIT (A) has erred in law and on facts in confirming the action of Ld. AO in passing the impugned order without giving adequate opportunity of being heard. 4. Briefly the facts are, the assessee is a resident individual. A search and seizure operation under section 132 of the Act was carried out on assessee on 09.05.2012. Consequent upon search and seizure operation, proceedings under section 153A of the Act were initiated. In course of assessment proceeding, the Assessing Officer observed that as per the bank statement of the assessee, cash deposit of Rs. 17,20,000/- were found to have been made during the year. Therefore, he called upon the assessee to explain the source of such cash deposit. Though, the assessee explained that such deposits were out of earlier w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Hon ble Supreme Court in case of Abhisar Buildwell (P.) Ltd.(supra), we delete the additions. 10. In so far as, the addition of Rs. 22,98,414/- is concerned, ld. Counsel for the assessee has submitted before us that in course of proceedings before learned First Appellate Authority, an enhancement notice was issued, wherein, based on certain documents furnished by the assessee, learned First Appellate Authority has worked out peak amount of Rs. 46,56,796/- as on 24.03.2008 and considered the same for addition. It is the specific contention of learned counsel for the assessee that neither in the enhancement notice nor anywhere else in the order, learned First Appellate Authority has discussed in detail or furnished any working of the peak amount of Rs. 46,66,796/-. He submitted, the assessee is completely in dark regarding the working of the peak amount of Rs. 46,66,796/-. Thus, he submitted, the issue may be restored back to learned First Appellate Authority for providing the detail working of the peak amount added to the income of the assessee. 11. Learned Departmental Representative agreed for restoration of the issue to learned First Appellate Authority. 12. Having ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g, the Assessing Officer, on examination of bank account statement noticed that in the year under consideration, the assessee had deposited cash aggregating to Rs. 13,50,000/- in bank account. Therefore, he called upon the assessee to explain the source of cash deposits. In reply, the assessee submitted that cash deposits were made out of earlier withdrawals. The Assessing Officer, however, was not convinced with the submission of the assessee and proceeded to treat the amount of Rs. 13,50,000/- as income from undisclosed sources and accordingly, added back to the total income of the assessee. 19. Though, the assessee contested the aforesaid addition before learned First Appellate Authority, however, learned Commissioner (Appeals) confirmed the same. 20. Before us, learned counsel for the assessee reiterated the stand taken before the authorities below. He submitted the assessee had sufficient cash withdrawals from the bank account to explain the source of cash deposit. He further submitted that Departmental Authorities have not established on record that the cash withdrawals were utilized for any other purpose. Therefore, the cash deposits have to be telescoped in to the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 26. At the outset, learned counsel for the assessee, on instructions, submitted that he does not want to contest the addition of Rs. 10,090/- on account of interest from savings bank account as raised in ground nos. 5 and 6. Accordingly, ground nos. 5 and 6 are dismissed as not pressed. 27. The only surviving addition is of Rs. 7,22,000/- made on account of cash deposits in the bank account. 28. Briefly the facts are, in course of assessment proceeding, while examining the bank account statement of the assessee, the Assessing Officer noticed that in the year under consideration, the assessee has deposited cash amounting to Rs. 7,22,000/- in the bank account. Though, the assessee explained that the said deposits were made out of opening cash balance and earlier withdrawals, however, the Assessing Officer remained unconvinced and proceeded to treat the amount of Rs. 7,22,000/- as undisclosed income and added back to the income of the assessee. 29. The addition so made was also sustained by learned First Appellate Authority. 30. Before us, learned counsel appearing for the assessee submitted that the cash deposits were made out of opening cash balance and earlier cash ..... X X X X Extracts X X X X X X X X Extracts X X X X
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