2015 (5) TMI 710

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....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   12-1-2010 Cash withdrawal   3,50,000 15-1-2010 Cash deposited 2,00,....

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.... 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 - 15-1-2010 To cash deposited OBC - 2,00,000 18-1-2010 By Ch. self OBC 4,00,000 - 18-1-2010 To cash deposited OBC - 3,00,000 19-1-2010 To cash deposited OBC - 4,40,000 23-1-2010 To cash deposited OBC - 1,10,000 26-2-2010 To cash deposited OBC - 2,00,000 17-3-2010 To cash deposited OBC - 20,00....

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....ther 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 duly reflected in the wealth-tax return and this return has been accepted by the Department. He further filed copy of the return and the assessment order for the assessment year 2007-08, through which income of Rs. 1 crore 3 lakhs was surrendered in the form of receivable. He submitted that this return has also been accepted by the Department. The amount surrendered was on account of recoverable which has been received over a period o....

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....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 appellant have been claimed to be from the available cash in hand which has been duly accepted by the Department as detailed above both in the Income-tax as well as wealth-tax returns. In the circumstances, there is no logical basis for the Assessing Officer to reject the contention of the appellant on the issue merely on the ground that it could be improbable for the assessee to keep cash to the tune of Rs. 80,00,000 in cash for two year or so.....