TaxTMI 
TaxTMI 
2015 (1) TMI 1211
X X X X Extracts X X X X
X X X X Extracts X X X X
....thout any reasons from his bank account when he already had sufficient cash balance in his hands. 2. The facts in brief borne out from the record are that from the AIR and CIB information generated from the Departmental network, it was noticed that a cash of Rs. 25.75 lakhs were deposited in Citi Bank and Standard Chartered Bank. The assessee was asked to explain the source of deposits and in response thereto, it was stated that the deposits were made out of personal savings, receipts and withdrawals from the bank account. Being not convinced with the explanations of the assessee, the A.O. has made an addition of Rs. 2575 lakhs as unexplained income of the assessee. 3. Assessee preferred an appeal before the ld. CIT(A) and the assessee has....
X X X X Extracts X X X X
X X X X Extracts X X X X
....,54,293 06.10.2008 10,49,293 ... 3,50,000 6,99,293 27.10.2008 9,13,893 ... 3,00,000 6,13,893 11.09.2008 10,74,293 .... 2,50,000 8,24,293 Under lined amounts represent the unexplained deposits in the bank account. The above statement clearly reflects that the assessee had sufficient cash in hand to deposit the same in the bank. I also find that even after incorporating the house hold withdrawals there is always positive cash balance in cash flow statement. I also find it implausible that only the deposits mentioned in AIR information have been added by the AO where as there are a number of other cash deposits in the bank accounts which have been treated as explained on the basis of the same cash flow statement. I also agree ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... preferred an appeal before the Tribunal and has placed reliance upon the order of the Assessing Officer; whereas the ld. counsel for the assessee, besides placing heavy reliance upon the order of the ld. CIT(A), has contended that the assessee has demonstrated through cash flow statement that at every point of time when even cash was deposited in the bank, the assessee was having sufficient cash balance. Copy of the cash flow statement is also placed on record. Once the assessee has discharged his onus by placing cash flow statements, the onus shifts upon the Revenue to demonstrate that the cash withdrawn by the assessee was consumed or utilized for his own purposes and deposits were made out of undisclosed sources. In the absence of any e....