9911796707
TMI Blog2025 (4) TMI 584X X X X Extracts X X X X X X X X Extracts X X X X ..... d to as 'the Act'), dated 07.10.2024,which in turn arises out of an assessment order passed by the Assessing Officer u/s143(3) of the Income Tax Act, 1961, vide order dated 04.12.2019. 2. The grievances raised by the assessee in the appeal are as under: "(1) That the Ld. CIT(A), NFAC has grievously erred in law and on facts in upholding the action of the ld. Assessing Officer, in making the addition of Rs. 17,92,000/- u/s.69A of the Act, by treating the cash deposits as unexplained money." 3. The facts of the case which can be stated quite shortly are as follows: The assessee, before us, is an in individual, and has filed his return of income for the assessment year (A.Y.) 2017-18, on 07.07.2017, through e-filling system, declaring tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer, the assessee carried the matter in appeal before the Ld. CIT(A) who has confirmed the action of the Assessing Officer. During the appellate proceedings, the assessee has submitted written submissions before ld. CIT(A), as well as details and documents, such as, cash book, bank book, pass-book, proof of withdrawal from the PF etc. The assessee also submitted various income tax returns filed by the assessee, wherein adequate amount has been disclosed by the assessee, as cash in hand, and opening cash balance. The assessee submitted that he had sufficient cash balance of Rs. 23,12,190/- on 18.11.2016, out of which, the amount of Rs. 21,98,000/- was deposited in SBI bank account. However, the Ld. CIT(A) rejected the assessee's contenti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tuation, therefore, the amount was kept by him for the purpose of construction of residential house, has been re-deposited in the bank account. The assessee has also withdrawn cash from the bank account for medical emergency, just before the demonetisation period and the same was kept by the assessee for medical emergency, and the said amount was also deposited in the bank account. Therefore, the amount deposited in the bank account has been properly explained by the assessee, hence, addition made by the assessing officer may be deleted. 8. On the other hand, Learned DR for the Revenue, submitted that assessing officer, as well as, Ld. CIT(A) passed a detailed order and reasonable relief was already granted to the assessee, by the assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as a heavy cash withdrawal and the same was re-deposited in the bank account. We also find that cash book maintained by the assessee, since long period, demonstrates that the assessee has sufficient cash in hand which were deposited in the bank account. Therefore, we find that the Assessing Officer did not discredit any evidence or documents filed by the assessee, and did not point out any mistake or error in the documents, so submitted by the assessee, except to say that the documents and explanation submitted by the assessee are not acceptable. Therefore, it is not justifiable on the part of the assessing officer that where the assessee has all the possible evidences, to prove his claim, and therefore, these possible evidences should not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o income of assessee were to be deleted. The findings of the Coordinate Bench are reproduced below: "10. We have heard the rival submissions. After considering the facts and material on record and on perusal of the bank statement, we find that the assessee had been making huge withdrawals from time to time. The assessee is having huge income from rent which is Rs. 2,58,750/- per month which the assessee has been receiving through cheque in his bank account and such rental income has been disclosed in the return of income of Om Prakash Nahar, HUF. Apart from that, assessee is also getting pension from Government of India. Besides this, the assessee has no source of income or is involved in any business or profession. From the perusal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e material it cannot be presumed that the cash deposited by the assessee is out of some his undisclosed source. Accordingly, the addition of Rs. 44,13,000/- as sustained by the CIT (Appeals) is deleted." 11. Thus, we find that assessee has submitted all the possible evidences to substantiate its cash deposit in the bank account. However, we find that assessee has not been able to prove all its personal expenditure and drawings, which was utilized by the assessee, out of cash withdrawals from bank and balance was re-deposited by him in the bank account. That is, a reconciliation was not submitted by the assessee to that effect. We therefore take into account all these peculiar facts to restrict the impugned disallowance @ 5% of Rs. 17,98,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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