2015 (3) TMI 1236

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....credit. 2. The assessee in the present case is an individual who is engaged in the business of dealing in medicine and other products on retail basis in the name and style of his proprietary M/s. C.P. Medical and Fancy Store. The return of income for the year under consideration was filed by him on 31.03.2010 declaring total income of Rs. 1,60,490. During the course of assessment proceedings, the bank account maintained by the assessee with State Bank of India was verified by the A.O. and on such verification, he found that there were cash deposits made from time to time aggregating to Rs. 33,75,000. Although it was explained by the assessee that the said amount was deposited out of cash withdrawals made from the same account on earlier ....

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....08. There was no reason for the appellant to make the repeated withdrawals if he had the amounts withdrawn earlier available with him. Indeed the transactions follow a similar pattern through the year. 4.3. Similarly, the appellant had made a deposit of Rs. 21,00,000 on 24.12.2008. There was a withdrawal of Rs. 13,00,000 on 17.12.2008 before the deposit and of Rs. 16,00,000 on 30.12.2008 after it. The appellant has failed to explain why a substantial sum of Rs. 13,00,000 was withdrawn from the bank merely to keep it idle as cash only to redeposit it a week later. The appellant has also failed to explain why the appellant needed to continue withdrawing cash even when apparently large cash balance were available with him. 4.....