TaxTMI 
TaxTMI 
2015 (10) TMI 1465
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....ance of the assessee is against the action of the CIT(A) in sustaining an addition of Rs. 19,39,790/- made by the Assessing Officer on account of unexplained cash credit under section 68 of the Act. 3. In brief, the relevant facts are that the assessee is an individual, whose major source of income is by way of salaries from two partnership firms where assessee is partner. For the assessment year under consideration, the assessee filed a return of income declaring a total income of Rs. 4,07,550/-, which was subject to scrutiny assessment. The Assessing Officer noticed that assessee was maintaining saving bank account with three banks, namely, ICICI Bank, HSBC Bank and the Bank of India. It was noticed by the Assessing Officer that assess....
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....nd, has relied upon the order of lower authorities in opposing the plea of the assessee. 6. We have carefully considered the rival submissions. In the Paper Book filed before us, assessee has furnished the cash flow statement of each of the three bank accounts, which inter-alia, shows the amount of cash withdrawn at various dates. On the said basis, it is canvassed that assessee has first withdrawn from either of the three saving bank accounts and then re-deposited the same in either of the three saving bank accounts and on this basis the source of cash deposits are sought to be explained. The factual assertions made by the assessee are borne out of the cash flow statement furnished by the assessee and we find that even the CIT(A) has no....
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....lso for enforcing recovery of loans. Therefore, assesssee used to withdraw whatever funds were available in the bank accounts and kept the cash in hand for running the household expenditure, etc. and the cash was put back into the bank account, as and when it was required to clear any cheques in order to meet liabilities on account of credit card payments, etc. It has been contended by the appellant that because of the aforesaid scheme of things, there was a buildup of cash in hand and the bank balances remained minimal. The aforesaid explanation supports the cash flow statement furnished by the assessee, which does reflect continuous withdrawals and deposit of cash immediately before cheques were issued by the assessee for payment towards ....