2017 (3) TMI 1253

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....ssessment year 2007-08, claiming following substantial questions of law:- "i) Whether in the present facts and circumstances of the case, the learned ITAT was justified in upholding the addition of Rs. 14,20,212/-? ii) Whether manifest and grave injustice have been done to the appellant by the AO, CIT(A) and/or the ITAT by way of delivering unreasoned and vague order causing him the damage both in terms of monetary as well as non monetary terms, though, earlier, a different decision has been given by ITAT in the similar situation? iii) Whether the Tribunal to pass judgments/orders on the basis of probability and assumptions? iv) Whether in the present facts and circumstances of the case, the order of the learned ITAT is perverse....

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....been deposited after a gap of 2-3 months so the same could not be available for redeposit. Thus, the appeal was partly allowed. Aggrieved by the order, both the assessee and the department filed appeals before the Tribunal. Vide order dated 14.6.2016, the Tribunal dismissed the appeal filed by the assessee. The appeal filed by the revenue was dismissed as not pressed. Hence the instant appeal by the assessee. 4. We have heard learned counsel for the appellant-assessee. 5. After examining the entire evidence on record, the Tribunal has upheld the finding recorded by CIT(A) with regard to cash deposit to the tune of Rs. 14,20,212/- as unexplained. It has been categorically recorded by the Tribunal that out of the 33 withdrawals, only tw....

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....t submitted by the assessee and reproduced at page 7-8 of the CIT(A) order, there were in all 14 instances of cash deposited in the two banks and in the books of CBM Engineering on various dates, while withdrawals from banks was shown in 33 instances. Out of the 33 withdrawals, only two withdrawals of Rs. 2 lacs each from bank of Rajasthan and ICICI Bank was made in cash. The rest were all withdrawals by cheque small amounts made mostly by Shri Dushyant Singh an employee of the assessee. Moreover, as pointed out by the learned CIT(A) in many cases small amounts were withdrawn 2 or 3 times on a single day by different persons. Further the deposits in Bank were made after a gap of 2-3 instances of withdrawals. Considering the totality of f....