2012 (11) TMI 934

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....3/-. However, the assessment was completed at an income of Rs.62,27,450/- including the addition of unexplained cash deposit in the partners' account of Rs.10,60,000/- and the addition of unexplained bank deposit of Rs.7,70,000/- vide order dated 19.12.2008 passed u/s 143(3) of the Income Tax Act, 1961( in short the Act). On appeal, the ld. CIT(A) however, deleted both the additions made by the AO. 3. Being aggrieved by the order of the ld. CIT(A) the Revenue is in appeal before us. 4. Ground No.1 is against the deletion of addition of Rs.10,60,000/- added by the AO as unexplained cash deposit. 5. The brief facts of the above issue are that during the course of assessment proceedings, the AO from the capital accounts of the part....

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....and hence, the order passed by the AO be restored. 7. On the other hand, the ld. Counsel for the assessee while relying on the order of the ld. CIT(A) further submits that the assessee has fi led complete details of deposits and withdrawals before the AO and the ld. CIT(A) and the ld. CIT(A) after examining the same has accepted the sources of deposits made by the assessee and therefore, the order passed by the ld. CIT(A) be upheld. 8. We have carefully considered the submissions of the rival parties and perused the material available on record. We find that there is no dispute that the partners of the assessee firm are also partners of the firm M/s Adarsh Octroi Services, Mumbai. We further find that the amount of Rs.5,25,000/- each ....

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....10. The brief facts of the above issue are that the AO noticed that the assessee made unexplained cash deposits of Rs.7,70,000/- i.e. Rs.1,00,000/- on 6.8.2005, Rs.1,49,000/- on 29.8.2005, Rs.1,51,500/- on 30.8.2005 and Rs.1,40,000/- on 31.8.2005 with Union Bank of India and Rs.1,80,000/- on 7.10.2005 and Rs.50,000/- on 10.10.2005 with Bharat Co- operative Bank, therefore he added the same to the total income of the assessee firm. On appeal, the ld. CIT(A) after examining the bank accounts with assessee's cash book, however, deleted the addition made by the AO. 11. At the time of hearing the ld. DR supports the order of the AO. 12. On the other hand, the ld. Counsel for the assessee relied on the order of the ld. CIT(A).   13.....