2014 (3) TMI 258

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..... after 01.06.2001 (Finance Act 2001). 3. The assessee in the C.O. has raised objection in regard to CIT(A)'s order in acceding the jurisdiction in directing the A.O. to make such inquiry as he deem fit. More so, when Ld. CIT(A) accepted the contention of the assessee and deleted the addition, the assessee has sought direction given by Ld. CIT(A) to be expunged. 4. At the very outset, Ld. counsel for the assessee submitted that similar issue was raised in the case of ITO Vs Surjeet Singh & Sons (HUF) in I.T.A. No. 5698/Del/2012 for assessment year 2009-10 and 'G' Bench of the Tribunal vide its order dated 18.01.2013 has decided the identical issue in favour of the assessee which not only covers the Departmental appeal but also covers ....

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....de form time to time, as available with the assessee in the form of cash in hand. Rejecting this explanation of the assessee, the A.O. treated the entire cash deposits of Rs.33,60,000/- as unexplained. 3. By virtue of the impugned order, the Ld. CIT(A) partly allowed the assessee's appeal, observing as follows:- "1.3 The submission has been considered. Unless the A.O. is able to show that the cash withdrawn by the assessee from its bank account or received by it from any other verifiable source was spent by it elsewhere, the assessee's contention that it was available with it as cash at hand cannot be rejected. The assessee's contention that, considering its turnover, it was entitled to presumptive determination of its income u/s 44AD....

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.... cash deposit or part thereof as unexplained if he is able to establish that: i) The cash shown as received by the assessee had no explained source, or ii) The cash withdrawn from bank or received by the assessee from any other verifiable source which is claimed to be available as a source of subsequent cash deposit was actually spent by the assessee and was not available for the deposit, or iii) The cash applied (by way of impugned deposit or otherwise) on any occasion exceeded the cash available on that date. It is clarified that the finding is based on the premise that considering its turnover, the assessee was entitled to presumptive determination of its income. If, in course of his examination, the A.O. is bale to give a posit....