TaxTMI 
TaxTMI 
2014 (3) TMI 151
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....T is erroneous and perverse and bad in law and facts in so far as it accepts the CIT (A)'s order despite it being admitted position on record that neither the source of funds in the cash book have been examined and corroborated by any authority nor any reason or correlation being established between the repeated withdrawals and deposits and the deletion are made based on the uncorroborated explanation of assessee ?" {C} "Whether the ITAT erred in not adjudicating the factual issue of nonreflection of certain properties in the Balance sheet of the assessee files before it which was raised by the DR and not setting aside the case where the case to Assessing Officer to examine all issues particularly in view of the specific facts of the case where the assessee has not filed all details before the Assessing Officer and incomplete examination of the case by the CIT {A} ?" {D} "Whether the ITAT erred in not setting aside the case to the Assessing Officer for de novo examination of the source of funds particularly the cash deposits in Banks which came to light through information returns, cash payment of Rs. 59,73,000/- to the seller of property in Satyagarah Chhavani, payment of Rs....
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.... of CIT [A]. The order of CIT [A] being more elaborate, we may record the contents thereof "4.3 Decision : I have carefully considered the assessment order and the submission filed by the appellant. The addition has been made on account of cash deposit of Rs. 1,04,05,460/- in Kalupur Commercial Bank Limited, Ahmedabad. The appellant has submitted that the cash deposit is duly accounted for in the personal books of account of the appellant. Further, the appellant has claimed that the cash deposited in Kalupur Commercial Bank Limited is only Rs. 21,80,480/- and the other deposit which is mentioned in the AIR is with HDFC Bank Limited which is amounting to Rs. 60,44,500/-. The appellant has explained the position of cash as per the AIR and as per the books as under : Sr No. Name of Bank Cash Deposited as per AIR Cash Deposited as per Books Difference 1 Kalupur Commercial Cooperative Bank Ltd 43,60,960/- 21,80,480/ - 21,80,480/- [Excess in AIR] 2 HDFC Bank Limited 60,44,500/- 60,96,500/ - 52,000/- [Less in AIR] Tax Filter Amount 1,04,05,460 The appellant has submitted that the cash has been deposi....
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....sh book which the appellant has submitted under Rule 46A. Therefore, without commenting on the source of funds, the entries are explained on the basis of cash book submitted by the appellant. Now let us examine the source of various cash or funds which has been brought in the cash book and deposited in various bank accounts maintained by the appellant. The appellant has received funds from the following sources:- Source of Funds Amount Opening Balance : as on 01.04.2008 Cash in Hand 517414 Kalupur Bank 1390 HDFC Bank NIL Axis Bank 141953 SBI 21120 OBC 210783 8,92,660/- Agricultural Land Sold (assessee's share) 25,50,000/- ½ share of Agricultural Land sold of husband [Deposited in Bank account of assessee with HDFC Bank 25,50,000/- Rent Income of assessee, her minor son and HUF 18,84,095/- Rent Deposit for ITC [received during the year] 1,20,000/- LIC Money Bank [Received during the year] 7,00,000/- Agricultural Land sold situated at Survey No. 416/2/ Fathewadi, Ahmedabad 4,06,720/- Cheques received from Shri Subhashchandra P Bhatti [PAN No. AIXPB 1539J] 34,81,767/- House Loan from GRUH Financ....
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.... of cash deposited in various bank accounts show withdrawal from the bank account and only the above instances are in cash. Closer examination of the cash book show that the amount of Rs. 45,000/- which is shown to have been received from her husband has been shown as the appellant was having shortage of cash on hand near that date. As per the cash book given by the appellant, there was a cash on hand of Rs. 3,15,714/- on 01/05/2008. However, cash totalling to Rs. 3,20,000/- has been deposited from 01/05/2008 to 06/05/2008. Therefore, to cover this shortage, the appellant had to show this cash as received from her husband. Similarly, the cash of Rs. 10,00,000/- which is claimed to have been received on account of her share of property from her father on 25/12/2008 is also shown in the cash book as received as the appellant has deposited huge cash in the bank accounts in the month of January 2009. The cash balance as on 01/01/2009 was Rs. 25,42,266/- whereas it has gone down to Rs. 2,40,416/- on 29/01/2009. Therefore, the cash of Rs. 10,00,000/- is also shown as received from her father to cover the cash deposits in the bank. In view of these facts, the source of cash of Rs. 10,45,0....