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TMI Blog2024 (8) TMI 814X X X X Extracts X X X X X X X X Extracts X X X X ..... nquiry or bringing any contrary material held that the assessee has deposited own unexplained cash in her bank account. The Hon ble Supreme Court in the case of CIT vs. P. Mohanakala [ 2007 (5) TMI 192 - SUPREME COURT] while dealing with scope of provision of the section 68 held that the opinion of the AO that the explanation furnished by the assessee as not satisfactory is required to be based on proper appreciation of material and other attending circumstances available on record. The opinion of the Assessing Officer is required to be formed objectively with reference to the material available on record. Application of mind is the sine qua non for forming the opinion . Once the assessee submits primary evidence regarding source of cash, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee in the present case is an individual and working in the garment factory. The assessee in the year under consideration deposited a sum of Rs. 26,79,000/- only in cash in the bank. The source of cash deposit was explained by the assessee as detailed below: PAN NUMBER NAME OF THE PARTY RELATION AMOUNT BPEPV9S7IE VINOD V SON Rs. 6,00,000/- BARPV7550E ARUN V SON Rs. 5,00,000/- CZAPR9853H RUKMINI M SISTER IN LAW Rs. 4,00,000/- ADGPV7333M UMAVATHIM SISTER IN LAW Rs. 5,00,000/- ARSPA4999B KRISHNA BROTHER Rs. 5,00,000/- TOTAL 25,00,000/- OWN SAVINGS Rs. 1,79,000/- TOTAL CASH DEPOSIT FY 2016-17 Rs. 26,79,000 4. The assessee has also submitted the complete address along with confirmation of the parties from whom the loan was taken. Howeve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the ld. CIT(A) deserves to be deleted. 8. On the other hand, the ld. DR vehemently supported the order of the authorities below. 9. We have heard the rival contentions of both the parties and perused the materials available on record. The assessee in the year under dispute has made deposits in cash of Rs. 26,79,000/- only. The source of cash was justified by the assessee stating that it was received from the relatives discussed above. The assessee established the source of loan credit as required under the provision of section 68 of the Act, provided the name, address, and PAN confirmation letter and bank statement of the parties. However, the AO doubted the genuineness of loan and creditworthiness of the parties for reason that the par ..... X X X X Extracts X X X X X X X X Extracts X X X X
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