TaxTMI 
TaxTMI 
2014 (6) TMI 220
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....is against addition under S.69 to the extent of Rs.16,92,176 sustained by the CIT(A). 3. Facts of the case in brief are the assessee is an individual deriving income from the business of confectionery and namkeen items, apart from income by way of interest and items of miscellaneous nature. He filed his return of income for the assessment year 2009-10 on 21.8.2009, admitting taxable income of Rs.1,57,200, after claiming deduction u/s. 80C for Rs.1,00,000. During the course of assessment proceedings, the Assessing Officer observed that there were credits into the bank account maintained with ICICI Bank, Begumpet Branch, in the names of himself and his mother, Smt.Padma Bai, wherein the total credits for the year under consideration as qua....
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....yed for fresh opportunity of examining the information/evidence related to such credits by treating the submissions as additional evidence or submissions. The CIT(A) accordingly gave opportunity to the assessee before the Assessing Officer, and after considering the remand report of the Assessing Officer, proceeded to dispose of the appeal, observing at the outset that as could be seen from the remand report, business receipts of the assessee and the sources for cash deposits which were shown as cash withdrawals made earlier are reported to be verified and no objections were raised by the Assessing Officer, as against the disbelieving of such explanations at the time of assessment proceedings. 5. The CIT(A), further, considering the elab....
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....(A) has drawn the following conclusions- - Assuming that all the above mentioned credits as claimed by the assessee were available against the deposits of Rs.29,70,000, the unexplained balance amounts remain at Rs.12,45,076 - If the closing balance of Rs.4,47,100 as indicated in the statement of affairs for FY 208-09, is reduced from the opening balance, the actual amounts available for depositing into the bank account would get reduced to Rs.5,33,526 (Rs.9,80,626 - Rs.4,47,100) and accordingly, the balances to be explained would stand increased to Rs.16,92,176 (Rs.12,45,076 + Rs.4,47,100) - The total amounts to be explained through the cash withdrawals thus stand at Rs.16,92,176. 6. The CIT(A) thereafter noted that the cash wit....
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....could explain all the deposits made into the bank account, whereas the CIT(A) has accepted only part of the explanation of the assessee and granted relief. It is submitted that the CIT(A) ought to have considered the explanation of the assessee in its entirety and deleted the entire addition made by the Assessing Officer, treating the deposits made into the bank account as unexplained. 9. The Learned Departmental Representative, on the contrary, strongly relied upon the order of the CIT(A) and submitted that the CIT(A) has granted reasonable relief considering the explanation of the assessee, and it is only in respect of the amounts of deposit which could not be satisfactorily explained, that the CIT(A) sustained the addition. 10. We ....