2015 (8) TMI 971

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.... account of unexplained cash credit in the bank account of the assessee. Moreover, Ld. CIT(A) has also erred in relying upon the assessee's claim that source of some deposits was earlier cash withdrawal, for which no evidence was produced by the assessee. 2. Whether in the facts and circumstances of the case, the Ld. CIT(A) has erred in law in deleting the addition of Rs. 1,70,000/- which was made by the AO because the source of investment in the NSC purchased during the year had not been explained by the assessee. 3. That the appellant craves leave to add, modify and/or delete any ground(s) of appeal. 4. In the facts and circumstances of the case, the order of the CIT(A) may be set aside and that of the AO restored." 3. Vide gr....

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....All amount deposit in bank account are withdrawal from another account e.g. 17/12/2008 withdrawal from Allahabad bank a/c no. 20195777461 Rs. 6,00,000/- & from PNB a/c no. 4442009300010229 Rs. 4,70,00/- total Rs. 10,70,000/- which are deposit in ICICI bank a/c no. 097501500725. 17.02.2009 withdrawal from ICICI bank a/c no. 097501500725 Rs. 1,50,000/- which are deposit in Allahabad bank a/c no. 20195777461. 02.03.2009 withdrawal from ICICI bank a/c no. 097501500725 Rs. 4,50,000/- out of which Rs. 4,00,000/- are deposit in PNB a/c no. 4442009300010229. 12.03.2009 withdrawal from ICICI bank a/c no. 097501500725 Rs. 1,00,000/- which are deposit in PNB a/c no. 4442009300010229 etc." These withdrawals and deposits are verifiable from bank stateme....

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.... Rs. 5,00,000/- deposited in PNB and Rs. 6,00,000/- deposited in Allahabad Bank on 02.08.2008) has been found verifiable by Addl. CIT, Range-2, Meerut, from the bank statement of the assessee, as evident from the extract reproduced above. As regards Rs. 5,00,000/- deposited in PNB on 02.08.2008 and Rs. 6,00,000/- deposited in Allahabad Bank on 02.08.2008, nothing specific has been reported by the Addl. CIT even though no adverse comments have been given. In fact, the Addl. CIT, Range-2, Meerut has categorically states that the submission made at the appellate stage "supports his earlier submission". It was explained that the assessee had availed loan/overdraft of Rs. 4,50,000/- and Rs. 5,50,000/- from Allahabad Bank and PNB which had been d....

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....was not justified. 8. In his rival submissions the ld. Counsel for the assessee reiterated the submissions made before the authorities below and strongly supported the impugned order passed by the ld. CIT(A). 9. We have considered the submissions of both the parties and carefully gone through the material available on the record. In the present case it is noticed that the AO in his remand report had stated that the withdrawals and deposits were verifiable from the bank statements of the assessee. He had not made any adverse comments to the submissions of the assessee and the ld. CIT(A) after verifying from the various bank accounts came to the conclusion that the explanation given by the assessee during the appeal proceedings that the....