TaxTMI 
TaxTMI 
2014 (1) TMI 596
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....er noticed that the assessee had not filed any return of income for the AY 2001-02, and therefore, he felt that the cash balance, claimed as opening balance as on 01/04/2001, had no basis. It was also noticed that the Assessee had investments in fixed deposits receipts of Rs. 6,08,396/-, whereas the income admitted for the AY 2002-03 was Rs. 81,990/- only. The Assessing Officer, therefore, opined that the assessee had no sources for the investments made in FDRs and therefore in order to explain the said investments only, he had brought in cash balance as on 01/04/2001 of Rs. 5,21,382/-. In the absence of any proof regarding availability of such cash, the amount of Rs. 5,21,382/- was treated as unaccounted and brought to tax by the Assessing....
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....n the facts and circumstances of the case. 2. The CIT(A) without considering the submissions made by the appellant sustained the addition of Rs. 5,21,283/- towards unexplained initial cash balance. During the course of appeal proceedings submissions made by the appellant was not considered properly and thus this addition is unwarranted and the same may be deleted. 3. The CIT(A) is not justified in sustaining the addition of Rs. 30,000/- as allegedly representing low withdrawals and the addition may kindly be deleted. 4. Any other ground or grounds that shall be urged at the time of appeal hearing." 5. Ground Nos. 1 & 4 are general and hence no adjudicated is required. 6. As regards, ground No. 2, the learned counsel for the assessee ha....
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....nch decision (referred supra) shall apply to the facts of instance case is a debatable one. On merits, we find that the tax authorities have estimated the amount of addition, uniformly at Rs. 40,000/- in all the years. As contended by the learned Authorised Representative, the tax authorities have not given any basis for arriving at the figure of Rs. 40,000/-. Both the Assessing Officer and the learned CIT(A) have tabulated the withdrawals made by the assessee and his family members and we notice that there is some difference in each of the tabulation. AT the same time, the assessee also could not bring any material on record to show that the withdrawals made by him and his family members are sufficient to meet the domestic expenses. Under ....