2014 (1) TMI 488

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... bank, but were totally new/different money brought into assessee's bank accounts could be seen that the withdrawals were very less and deposits were huge. 2. The appellant craves leave to amend or alter all or any of the aforesaid grounds of appeal and add any other ground of appeal." 2. The brief facts of the case are that assessee filed his return of income declaring an income of Rs.96,492/- on 13.07.2007. The case was selected for scrutiny under CASS. During assessment proceedings, the AO observed that assessee had deposited cash amounting to Rs.12,40,000/- in his account with Corporation Bank, Mundka. The assessee was required to explain the source of deposit and it was explained by assessee that deposits were made out of withdrawals....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....withdrawal from bank accounts on different dates but simply without giving any reason has added the amount as income. (v) That there was no evidence before AO to disbelieve or disprove the fact that sufficient cash was available in the bank account. 4. The ld. CIT(A) after going through the submissions of the assessee and after going through the withdrawals and deposits in the bank account arrived at an amount of Rs.12,28,000/- which was withdrawn from bank account on various dates out of which he considered Rs.60,000/- withdrawals for household expenses and gave relief of the balance amount to the extent of Rs.11,68,000/-. As regards, deduction u/s 80C, Ld. CIT(A) observed that assessee was a government employee and on the basis of form....