2016 (9) TMI 304

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....nil Sharma, Sr. DR ORDER This appeal filed by the assessee is directed against the order of the CIT(A) dated 18.9.2014 for the assessment year 2009-10. 2. The assessee is an individual and is in the business of property dealing and trading. He filed his return of income on 28.7.2009 declaring income of Rs. 1,49,540/-. As certain cash deposits were found in her savings bank account, the AO....

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....nging the addition made of Rs. 20 lac. The ld.CIT(A) upheld the addition on the ground that the assessee had made a surrender. The AO in this case had also doubted the opening balance claimed by the assessee. The ld.CIT(A) came to a conclusion that the assessee had taken into account the opening balance while surrendering the amount of Rs. 20 lac. Aggrieved, the assessee is in appeal before us. ....

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....8-09. The assessee, in his detailed explanation, had explained monthwise, the cash deposits made in the savings bank account along with the corresponding sources. This explanation runs into ten pages. Cash memos with regard to the sales made of MS BARS was also furnished. The AO has not pointed out any defect or discrepancy in these details submitted by the assessee. The entire addition was based ....

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.... in Mathuraprasad & Sons vs. State of Punjab (1962) 13 STC 280 (SC), it is held that an admission made is only a piece of evidence and cannot by itself be a cause of action and that an amount cannot be assessed merely on admission. The worth of the admission has to be considered along with other material. In the case of CIT vs. Bharat General Insurance Company Ltd., 81 ITR 303 (Del), it is laid do....