2013 (3) TMI 713
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....d person. He filed return of income on 16.06.2009 for A.Y. 09-10 at Rs. 3,56,272/-. The A.O. observed that on going through AIR details, it was noticed that the assessee had made cash deposits amounting to a total of Rs. 10,37,500/- in the Kalupur Commercial Cooperative Bank during the concerned year. The A.O. gave reasonable opportunity of being heard on this issue. The assessee also responded as under: Date Cash Withdrawn from Bank Name of Bank (from where withdrawn) Cash deposited in Bank Name of Bank (where deposited) 10/01/08 2,50,000/- The Kalupur Bank --- --- 16/01/08 2,00,000/- The Kalupur Bank --- --- 13/03/08 2,00,000/- The Kalupur Bank --- --- 17/03/08 2,00,000/- The Kalupur Bank --- --- 28/03/08 50....
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....ion of Rs. 10,37,500/- made by the AO is correct in view of the following reasons: (a) The appellant's claim of withdrawal of cash, predominantly in the month of January and March 2008, again re-deposited in the month of May 2008 is against preponderance of probability. It is unlikely that a substantial quantity of cash was kept at home for about three months and then re-deposited in the bank. (b) The explanation of deposit of cash of Rs. 10,37,500/- offered by the appellant is subjective and the devoid of merits. No detailed cash flow to support cash deposit of Rs. 10,37,500/- is submitted. The claim of the appellant is thus rejected. The ground no.1 raised by the appellant is dismissed." 4. Now the assessee is before us. Ld. Counse....