2015 (10) TMI 1449

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....nd confirming the addition of Rs. 7,51,499 made by the Assessing Officer as unexplained income from undisclosed sources. 2. That the learned Commissioner of Income-tax (Appeals) has erred in confirming the contention of the Assessing Officer in treating the cash deposits in the bank account as income of the assessee, thereby not giving the benefit of cash withdrawals, which amounts were also used for redeposits in the bank account especially when the Assessing Officer failed to point out any investment out of cash with drawals from the bank account." 2. Briefly, the facts of the case are that the assessee has made deposits of Rs. 13,48,838 in the bank account. He has made various withdrawals from the bank account and closing bal....

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....he assessee. His findings in para 4.2 of the appellate order are reproduced as under : "4.2 In the counter comment, sent vide letter No. 261 dated September 19, 2012, the Assessing Officer simply relied on the assessment order. I have considered the submissions made. The contention of the appellant is that the withdrawals made in small amounts over a period of time has been rotated in the bank account on regular basis. I am unable to accept the argument as it defies com mon sense as appellant failed to give any reason for keeping the cash withdrawn on various dates in safe custody for depositing again in the bank account on a later date e.g. the appellant has withdrawn Rs. 5,000 on April 3, 2007, Rs. 1,000 on April 4, 2007, Rs. 7,0....

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....e. The hon'ble Punjab and Haryana High Court in the case of Shiv Charan Dass v. CIT [1980] 126 ITR 263 (P&H) held as under (headnote) : "Held, that since both the daughters had attained majority at the time when the money was deposited in their names, the amount of Rs. 20,000 was not found mentioned in the books of the assessee nor the same was found to have been deposited in the accounts of the assessee or that of the Hindu undivided family and there was nothing on the record to show that the amount was utilised by the assessee or the Hindu undivided family in any other manner than the one which was represented by the assessee, the onus lay on the Department to show that the explanation offered by the assessee should not be ac....