9911796707
TMI Blog2024 (11) TMI 566X X X X Extracts X X X X X X X X Extracts X X X X ..... id submissions made by the Appellant are not supported by any material on record. As observed by the CIT(A), the summary of cash deposits and withdrawals on which reliance was placed by the Learned Authorized Representative for the Appellant is not supported by corresponding supporting documents such as bank statement, income tax return pertaining to Assessment Year 2015- 16, and financial statements. On the other hand we note that the Orders passed by the authorities below are silent on this issue. The details of cash deposits and withdrawals for the relevant previous year 2015-16 have been reproduced by the CIT(A) in the order impugned according to which cash-in-hand was available with the appellant as on 01/04/2015. Accordingly, given fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irming the above addition without properly appreciating the fact that cash deposit were made out of cash balance available with the Appellant as also the cash withdrawals made by the Appellant. 3. not considering the cash summary tendered by the Appellant (and produced on page 14-19 on the Appellant order dated 15.5.2024) in its proper perspective which would have shown that all the cash deposits were duly explained. 4. not considering the fact that the accounts of the Appellant were duly audited u/s. 44AB of the Income Tax Act, 1961 and the books of accounts were not rejected by the assessing officer. 5. confirming the above addition by making observations which were not related at all to the case of the Appellant displaying the haphazard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h was not corroborated by documentary evidence, the Assessing Officer formed a belief that income had escaped assessment and therefore, re-assessment proceedings under Section 147 of the Act were initiated in the case of the Appellant. The aforesaid re-assessment proceedings culminated into Assessment Order, dated 06/12/2019, passed under Section 143(3) read with Section 147 of the Act wherein the Assessment Officer made addition of INR 96,00,000/- under Section 69A of the Act in the hand of the Appellant. The Assessing Officer was of the view that the Appellant had failed to explain the cash deposits in the joint account held by her with her husband since the Appellant had failed to furnish supporting evidence to discharge the primary onus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led to substantiate the source of cash deposits. However, vide order dated 15/05/2024, the CIT(A) granted partial relief to the Appellant by applying peak credit theory and thereby restricting the addition of INR 96,00,000/- made by the Assessing Officer to the extent of INR 79,53,025/- holding the same to be maximum cash available to the Appellant for circulation during the relevant previous year. 5. Being aggrieved with the order passed by the CIT(A). the Appellant is before Tribunal on the grounds reproduced in paragraph 2 above. 6. We have heard both the sides and perused the material on record. The primary contention advanced on behalf of the Appellant hinges upon the submissions that the Appellant had opening cash balance of INR 52,47 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o adjudicate the same a fresh after granting Appellant reasonable opportunity of being heard. The Appellant is directed to file all documents/details and supporting evidence explaining source of cash deposits of INR 96,00,000/- including relevant financial statements, bank statement, ledger accounts and return of income to substantiate the availability of cash in hand of amounting to INR 52,47,711/- as on 01/04/2015. It is clarify that in case the Appellant fails to furnish the aforesaid documents/supporting evidence and/or fails to enter appearance before Assessing Officer, the Assessing Officer at liberty to decide the issue on merits on the basis of material forming part of the assessment record. In terms of aforesaid, Ground No.2 and 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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