2013 (3) TMI 713

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.... undisclosed. 2. The assessee is a salaried 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 The assessee also responded as under: Date Cash Withdrawn from Bank Name of Bank (from where withdrawn) Cash deposited in Bank Name of Bank (where deposited) 10/01/08 2,50,000/- The Kalupur Bank --- --- 16/01/08 2,00,000/- The Kalupur Bank --- ---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 B....

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....he assessee carried the matter before the CIT(A), who has also confirmed the addition by observing as under: "4.3 I have considered the submissions made in this regard, the order of the AO and I am of the view that an addition 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 th....

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....tion, merely because there was time gap between withdrawal of cash and cash deposits, explanation of assessee could not be rejected and addition on account of cash deposit could not be made [Block period 1-4-1996 to 24-9-2002] [In favour of assessee]." At the outset, Ld. Sr. D.R. vehemently relied upon the orders of CIT(A) & A.O. 5. We have heard the rival contentions and perused the material on record. The assessee has withdrawn cash from the Kalupur Commercial Cooperative Bank in the month of January and March, 2008, which was redeposited in the same bank account in the month of May 2008 at Rs.Rs.8,50,000/-. These were the cash withdrawal made by the appellant from his own account maintained with the same bank, namely, the Kalupur C....