TaxTMI 
TaxTMI 
2016 (11) TMI 958
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.... and in Law, the Ld Commissioner of Income Tax (Appeals) [here-in-af ter referred to as Ld. CIT (Appeals)] was not justif ied and erred in upholding addition of Rs. 13.91771/- made by the Assessing Officer u/s 68 of Income Tax Act. 2. On the facts and in the circumstances of the case and in Law, the Learned CIT (Appeals) was not justified and erred in upholding addition of Rs. 98,507/- made by the Assessing Officer u/s 68 of Income Tax. 3. On the facts and in the circumstances of the case and in Law. the Learned CIT (Appeals) was not justified and erred in sustaining addition to the extent of Rs. 20,000/- made by the Assessing Officer u/s 68 of Income Tax Act. 4.Without prejudice to any of the grounds raised above, the Learned CIT(App....
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....tered Bank was Rs. 13,91,771/-. In respect to the same, it was explained that the assessee has been time to time withdrawing cash for her family needs from her another bank account maintained with the Corporation Bank, Matunga, Mumbai, on various dates and when the cash could not be properly utilized the same was deposited back into another bank account maintained with Standard Chartered Bank, Indore, for some family needs. The AO was not satisfied with the justification of withdrawing and keeping cash idle and therefore the entire amount deposited in the Standard Chartered bank was found unexplained, and therefore same was added u/s 68 of the Act. 3.2. Being aggrieved, the assessee filed an appeal before the Ld. CIT(A) and furnished vario....
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....have gone through the orders of the lower authorities as well as submissions made by both the sides before us. Before us, Ld. DR fairly submitted that nothing is there on record to show that cash has been utilized elsewhere. Thus, in our view, the assessee has been able to successfully show the availability of cash. The requisite cash flow statement, etc. have been filed before the lower authorities. Nothing is there on record to show that cash withdrawn from the Corporation Bank has been utilized elsewhere. In case the AO was keen to allege that the cash withdrawn from Corporation Bank might have been utilised somewhere else, then the burden was upon the revenue to prove the same. The assessee cannot be asked to prove the negative. In othe....
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....essee submitted that out of the total amount, a sum of Rs. 23,150/- was on account of reimbursement received from Imperial Academy for which admittedly no evidences could be submitted. But with regard to amount received from Ms. Sheetu Luthra, confirmation letter duly signed by her was submitted before the lower authorities. But, the same has been rejected after finding some faults therein that too without confronting the same with the assessee. 4.2. Per contra, Ld. DR relied upon the orders of the lower authorities. 4.3. We have gone through the orders of the lower authorities carefully and find that there is no evidence at all with respect to sum of Rs. 23,150/- claimed to be received on account of reimbursement from M/s. Imperial Acade....
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....During the course of assessment proceedings it was noted by the AO that aggregate amount of Rs. 2,00,000/- was received by the assessee from Imperial College of Professional Studies(ICPS), out of which a sum of Rs. 1,80,000/- was received by way of cheque and balance amount of Rs. 20,000/- was received in cash. The total outstanding balance receivable from the said College was Rs. 1,91,332/-. The AO made aggregate addition of Rs. 2,00,000/-. The Ld. CIT(A) deleted the addition of Rs. 1,80,000/- and sustained the balance amount of Rs. 20,000/-. Before us, Ld. counsel submitted that when all the transactions from the said College were accepted by the Ld. CIT(A), there were no basis to disbelieve transactions of Rs. 20,000/- that too without a....