9911796707
TMI Blog2024 (1) TMI 1269X X X X Extracts X X X X X X X X Extracts X X X X ..... cash withdrawals from bank accounts , which are undisputed, and the opening cash balance a t the beginning of the year , which is also undisputed since the same tallies with the cash balance as on 31.03 .2016 as per the ITR for A .Y. 2016-17 filed on 12.10 .2016 i.e . prior to demonetization. Hence, we decline to inter fere with the order of the ld. CIT(A). Appeal of the Revenue is dismissed. - Dr. B. R. R. Kumar, Accountant Member And Sh. Yogesh Kumar US, Judicial Member For the Assessee : Sh. Akshit Jain, CA For the Revenue : Sh. An Application for Adjournment ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the Revenue against the order of ld. CIT(A)-30 , New Delhi dated 14.11.2022 for the A.Y . 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee filed return of income on 31.10 .2017 declaring income of Rs .1,37 ,06,470/-. 4. The assessee company had deposited Rs.77 ,96,000/- during demonetization period in bank account(s) out of cash in hand as on 08 .11 .2016 of Rs. 78 ,01,248/-. A survey u/s 133A of the Income Tax Act, 1961 had taken place on Omaxe Limited on 22.11 .2016 where certain documents were impounded. These documents showed cash balances as on 08 .11 .2016 in cash books of some of the companies of the Omaxe Group. As per the aforesaid detail cash balance in cash sheets appearing in the document related to the appellant company was Rs. 2,66,863/-. However , the details of cash books in the impounded document was incomplete . 5. The assessee company had total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion. In response , the assessee submitted that the said deposit had been made out of cash available as per cash book balance on 08 .11.2016. I t was also pointed out that the said cash balance had been built up through cash withdrawals from bank accounts of the assessee . The assessee has also furnished details of cash withdrawals in F.Y. 2015-16 and 2016-17 along with cash book and bank statements to demonstrate that such withdrawals and deposits were a part of routine business exercise of the assessee even in the period prior to the demonetization. The assessee also stated that it was engaged in the real estate business and needed to maintain sufficient cash balances for various exigencies at various sites payment of wage s and land deal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. 14. We find that the ld. CIT(A) has considered the financials for the F.Y . 2015-16 and F.Y . 2016-17 with regard to the cash sales , cash withdrawals, cash deposits and cash expenditure. The ld. CIT(A) has also examined the cash balance, ITR , audit report filed before the demonetization and held that there were no scope for manipulation as the audit report has been filed much before . The ld . CIT(A) held that there were cash withdrawals to the tune of Rs.50 ,00,000/- in May , Rs.1,00 ,00/- in July and Rs.3 ,00,000/- in September which proves that the assessee is always having high levels of cash at hand and there was no unusual trend of cash deposits. The ld. CIT(A) has also held that substantial cash withdrawal of Rs.25 ,00,000/- was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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