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TMI Blog2024 (2) TMI 1339X X X X Extracts X X X X X X X X Extracts X X X X ..... AO ought to have examined all these documents and rebutted them with a cogent adverse findings and discernable line of reasoning in order to arrive at conclusion and to make addition on account of unexplained cash credit. We also find merit in the submission of the assessee that since assessee is not maintaining books of accounts, therefore addition made by the AO u/s 68 of the Act, is not tenable. Therefore, we note that AO has just brushed aside the documents and evidences submitted by the assessee, without even a word on why they are not acceptable. It is a well settled law that when assessee has all plausible evidence in support of his claim, they cannot be brushed aside on surmise and conjecture. Hence, we are not inclined to acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e circumstances of the case, the addition of Rs. 5,76,808/- being the cash capital introduced by the partners be deleted. (3) The learned CIT(Appeal), NFAC, has erred in confirming the addition of Rs. 5,76,808/- without considering the substantial income sources of the assessee and his wife who are paying tax at maximum rate slab during the year as well as of all preceding years asstt. Yrs. and would satisfy himself regarding availability of cash at home for all 365 days in a year and ready availability of cash at home. (4) The learned CIT(Appeal), NFAC Delhi, erred in not believing the recorded statement given by the assessee and on that count he could have again record the statement of the appellant as one CIT Appeal is always e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s.142(1) of the Act, the assessee furnished detail as called for. The Assessing Officer noted that assessee is director in M/s ASK EHS Engineering and Consultants Pvt. Ltd. and during the year the assessee has derived income from salary and exempt income from partnership- firm. The details and other documents furnished during the course of assessment proceedings have been perused by the Assessing Officer. 4. On perusal of details made available during the course of assessment proceedings, it was noticed that the assessee has received exempt income on account of profit of partnership firm i.e.,ASK ESH Engineering Consultants in which the assessee is a partner of 33.33% of share. During the course of assessment proceedings, necessary det ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the order of the Assessing Officer, the assessee carried the matter in appeal before Ld. CIT(A), who has confirmed the action of the Assessing Officer. The Ld.CIT(A) has just reiterated the findings of the Assessing Officer and had made addition. Aggrieved by the order of the Assessing Officer, the assessee is in further appeal before this Tribunal. 7. Shri Yogesh B. Shah, Learned Counsel for the assessee, argued that assessee has deposited the amount out of cash balance available with him. The Ld. Counsel submitted before Bench, the position of cash available at home for abnormal requirement, which are reproduced below: From the above the following position of cash available at home for any abnormal requirement which is emerg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deposit with documentary evidences therefore the addition made by the Assessing Officer should be sustained. 10. We have heard both the parties and perused the materials available on record. Before us Ld. Counsel submitted the bank statement of assessee, which is maintained in HDFC Bank, wherein amount so deposited by the assessee and withdrawn by assessee himself has been mentioned clearly. The assessee also submitted his return of income and other details vide paper book pages No. 11 to 62. We note that assessee also submitted return of income and other relevant details of Anuradha U Sharma, vide paper book pages 63 to 82. The assessee also submitted the statement showing cash withdrawals through ATM and bank statement (vide paper book ..... X X X X Extracts X X X X X X X X Extracts X X X X
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