9911796707
TMI Blog2024 (11) TMI 1095X X X X Extracts X X X X X X X X Extracts X X X X ..... old that the amount withdrawn from the Bank account by cash, should be treated as available for the subsequent deposits in the bank account, in the absence of any evidence on record to show the utilization of the withdrawn amount. Thus, the lower authorities, i.e. the AO as well as the learned CIT (A) should have given the benefit of telescoping of withdrawals against the subsequent deposits. Therefore, the approach adopted by the AO as well as the learned CIT (A) is totally unjustified and unreasonable. In order to meet the ends of justice, we deem it proper to remand the matter back to the file of the AO with a direction that the amount withdrawn from the Bank Account by way of cash should be treated as available against the subsequent de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /2018 passed u/s 143 of the I.T. Act, 1961 and added the total income of the assessee at Rs. 48,46,500/-. While doing so, the Assessing Officer made the entire addition of cash deposits in the savings bank account maintained by the assessee with ICICI Bank Account No.020101524775 at Rs. 44,84,000/- treating it as unexplained money, by holding that the appellant had failed to discharge the onus of proving the source of cash deposits. 3. Being aggrieved, the assessee preferred an appeal before the learned CIT (A) who, vide the impugned order dated 17/05/2019, dismissed the appeal filed by the appellant. On further appeal before the Tribunal, the Tribunal, vide order dated 30/09/2019 remitted the matter back to the file of the Assessing Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business, the Assessing Officer was justified by making the entire cash deposits as unexplained money of the appellant. 7. I have heard both the parties, perused the material available on record and gone through the orders of the authorities below. The solitary issue in the present appeal is whether the Assessing Officer was justified in making addition of the entire cash deposits as unexplained money of the appellant by holding that there was no proof of the assessee carrying on the business of the appellant dealing with stationery and general stores. I carefully perused the copy of the statement of the bank account held by the appellant with ICICI Bank. From the perusal of the said statement, it would reveal that there was cash deposits f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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