TaxTMI 
TaxTMI 
2015 (10) TMI 582
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....asons and hence the same kindly be deleted. 2. The ld. CIT(A) erred in law as well as on the facts of the case in confirming the addition of Rs. 6,00,000/- on account of the deposit made on 4-4-207 with the firm M/s. Jai Hanumant, as unexplained income. The addition so made by the AO and confirmed by the ld. CIT(A) being contrary to the provisions of law and facts, the same kindly be deleted. 3. The ld. CIT(A) erred in law as well as on the facts of the case in confirming the addition of Rs. 1,00,000/- on account of alleged low withdrawals. The addition so made by the AO and confirmed by the ld. CIT(A) being contrary to the provisions of law and facts, the same kindly be deleted. 4. The ld. AO further erred in law as well as on the facts....
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....tions have been reflected. Moreover, the assessee has not produced the books of accounts for the relevant periods and only extracts of cash books and bank books were filed. There was no specific reason with the assessee to hold such use cash in hand stated in the cash flow statement. The practice shown by the assessee is very abnormal. Cash in hand also form part of wealth chargeable to tax as per Wealth Tax Act, 1957 but no return of wealth declaring such cash in hand charged to wealth tax has been filed. Moreover, it is also found that no expenditure has been incurred by the assessee for house hold withdrawals despite the fact that he was the eldest member of his family consisting of self, wife, son, daughter-in-law and others. Under th....
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....fore, no regular books of account were kept. Further appellant is an old man who is not supposed to keep such huge cash even from safety angle. Appellant only mentioned that the firm was dealing in real estate and payment in cash was required to be made at time. With this purpose of cash withdrawal from the bank, how can appellant keep the same cash for more than 10 months and introduce the same in the partnership firm. Further appellant has not shown any withdrawal for personal expenses. All these facts clearly indicate that the cash withdrawals from the bank in June 2006 was not at all available with the appellant in April 2007 for introducing in partnership firm. The claim of the appellant is beyond any preponderance of probability. In....
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....made by the Assessing Officer is confirmed.'' 5.5 I have considered the facts of the case; assessment order and appellant's written submission. Assessing Officer found that there was no withdrawal for personal expenses and therefore, he estimated the same at Rs. 1 lakh. Appellant submitted that his sons were meeting all his expenses and they were having sufficient withdrawals to meet these expenses. However, it is difficult to believe that a person who is active and partner in two firms will not require any money for his personal expenses apart from house hold expenses which might have been met by his family members. There are many personal expenses which are required to be incurred by a person who is earning. Therefore, it is difficult t....
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.... is placed on following case laws:- (i) CIT vs. Daulat Ram Rawatmull (1973) 86 ITR 349 (SC) (ii) CIT vs. Kulwant Rai (2007) 210 CTR 380 (Del.) (iii) Anand Prakash Soni vs. DCIT (2006) 101 TTJ 97 (Jodhpur.) (iv) CIT Vs. Smt. P.K. Noorjahan, 237 ITR 570 (SC) 3.4 Apropos house hold withdrawals, it is contended that two sons were meeting all the household expenses and they were having sufficient withdrawals. There was no necessity for assessee in this behalf. The assessee was not required to contribute any share in house hold expenses. Therefore no withdrawals were shown, the addition is not justified. 3.5 The ld. DR supported the orders of the lower authorities. 3.6 We have heard the rival contentions and perused the materials available....