2015 (5) TMI 710

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....e-tax (Appeals) erred both in law and on facts while deleting the addition of Rs. 94,40,180 without appreciating the facts and detailed reasons recorded by the Assessing Officer in the assessment order that the assessee has failed to prove the source of these deposits. 3. After hearing both the parties we find that during assessment proceedings the Assessing Officer noticed that the assessee has deposited total sum of Rs. 94,40,180 in cash in Savings Bank Account No. 05332010006640. The details of deposits are as under : Date Particulars Deposit Credit /withdrawal (Rs.) 25-8-2009 Cash deposited 90,180   22-12-2009 Cash withdrawal   3,00,000 26.12.2009 Cash deposited 3,00,000 &nbsp....

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.... for marriage exp. - 1,70,000     81,70,000 1,70,000 31-3-2009 By Balance - 80,00,000 Total 81,70,000 81,70,000   Cash flow Statement financial year 2009-10  Date Particulars Receipts (Rs.) Payments (Rs.) 1-4-2009 Opening cash in hand on account of income surrendered under section 132(4) for the assessment years 2007-08 and 2008-09 80,00,000 - 20-8-2009 By rent received C. Ex 90,180 - 25-8-2009 To cash deposited OBC - 90,180 22-12-2009 By Ch. 352397 Self OBC 3,00,000 - 28-12-2009 To cash deposited OBC - 3,00,000 8-1-2010 By Ch. self OBC 3,00,000 - 12-1-2010 By Ch. self OBC 3,50,000 ....

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..... 80 lakhs was available out of the surrender made during the search and cash was duly reflected in the wealth-tax return and, therefore, there is no justification in the addition. 7. The learned Commissioner of Income-tax (Appeals) found force in these submissions and decided the issue in favour of the assessee. 8. Before us the learned Departmental representative strongly supported the order of the Assessing Officer and further submitted that how the amount surrendered in 2007 could be available and the assessee has not shown any justification in keeping such a huge amount with him. 9. On the other hand learned counsel of the assessee referred to the Wealth-tax return in the paper book and showed that amount of Rs. 80 lakhs was d....

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....sing Officer without any variation thereof. (ii) The appellant had shown these 'receivables' as having received as on March 31, 2008 in the form of cash in hand in his wealth-tax return for the assessment year 2008-09. The said assessment had been framed under section 16(3) after due scrutiny without any variation on the issue. (iii) The wealth-tax return for assessment year 2009-10 had also been filed by the assessee disclosing the impugned cash in hand to the tune of Rs. 80,00,000 as on March 30, 2009 and the due wealth- tax on the same had been paid. This return of wealth-tax had also been assessed under section 16(1) and no adverse cognizance thereof was taken. The amounts deposited in the financial year 2009-10 by the app....