2015 (10) TMI 1455

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....VEK VARMA, JM: Instant appeal is filed by the assessee against the order of CIT(A) 23, Mumbai, dated 14.07.2011, wherein the solitary issue pertains to sustaining the addition of Rs. 8,52,000/- u/s 68 of the Income Tax Act, 1961. 2. The facts are that the assessee received AIR information with regard to cash deposits made with HSBC Bank by the assessee. In the course of assessment proceeding....

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....ntertained, as sufficient opportunity was provided to the assessee to lead evidence. 4. The CIT(A), the proceeded on merits and sustained the addition of Rs. 8,52,000/-, but deleted Rs. 2,00,000/-. The CIT(A) basically held that the assessee could not have held cash in hand for a longer time and he therefore, held that Rs. 7,50,000/- was a made up story as opening balance, coming from assessmen....

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....at it was an opening balance. The reason that the assessee cannot hold this much amount in hand for such a long period of time, is, basically a bald observation made by the CIT(A). The CIT(A) has seen from the facts that the amount was actually pertaining to preceding year is not controverted even by the DR. In such a case, we cannot sustain the addition of Rs. 7,30,000/-. 10. Coming to the sma....

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....ing though the order of the CIT(A), we feel that the CIT(A) has held the issue dispassionately, because during ceremonies like this, some kind of gift, which is either in cash or kind is received by the person, who is performing the ceremony. In such a case, we reverse the order of the CIT(A) on this issue. 12. Coming to addition of Rs. 2,00,000/-, which is explained by the assessee/AR that it ....