2017 (6) TMI 650

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....eposited by him in saving bank account maintained with IndusInd Bank, Gurgaon on 20 occasions totaling to sum of Rs. 17,31,500/-. The assessee was asked to furnish copy of the bank account, statement of affairs / balance sheet for assessment year under appeal as well as of last two years along with house hold withdrawals etc. and fresh investments of property with documentary evidences. The assessee however did not comply with the statutory notices. The AO in the absence of any explanations from the side of the assessee passed ex parte assessment order u/s 144 of the I.T. Act and made the addition of Rs. 17,31,500/- and treated the same as income of assessee from undisclosed sources. The addition was challenged before Ld. CIT(A). The assess....

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....sit of Rs. 17,31,500/- in IndusInd Bank, the appellant has tried to explain the source of such cash in the following way : "Cash Summary from 1.4.2006 to 31.3.2007 Opening balance 325000 325,000.00 Salary 40000   Gift received on marriage 664532 Gift received on birthday 485000 Cash withdrawal from INDUSIND Bank 449550 1,639,082.00 Cash deposits in INDUSIND Bank 623833   Drawings 240249 864,082.00 Cash in hand   1,100,000.00 Cash Summary From 1.4.2007 to 31.3.2008 Opening Balance 1,100,000.00 1,100,000.00 Add : Receipts Birthday gift from parents 50,000.00   Cash withdrawal from Bank 984,968.00   1,034,968.00 1,034,968.00 Less: Payments Cash deposited in Bank 1,731,500.00 &nb....

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....the entries of bank account in detail. The withdrawals have been made in small amounts very frequently during the month, though the monthly summary of' withdrawals show a bigger figure. I fully agree with the AO's remand report on the point that there should not have been any urgency in making further withdrawals from the bank account if the appellant was having sufficient cash balance with him. In fact it is clear from the bank account that withdrawal is fully utilized before making the next withdrawal. Therefore, the appellant's attempt to take benefit of cash withdrawal of Rs. 9,84,986/- for explaining the source of cash deposit is outrightly rejected. Thus, the entire amount of cash deposit of Rs. 17,31,500/- remains unexpla....

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....the authorities below to explain cash deposit in the bank account has not been supported by any evidence. Ld. Counsel for assessee relied upon order of ITAT Delhi bench in the case of DCIT vs. Sunil Bhalla in ITA No. 6689/Del/2013 dated 12th May, 2017 in which departmental appeal in the case of assessee's father has been dismissed in which the AO in the remand report has accepted substantial availability of cash with that assessee and the AO also agreed to the availability of the funds with the assessee and that the cash withdrawals of Rs. 15 lacs post last date of deposit was considered favourably. However in the case of assessee the AO has objected to the explanation of the assessee in the remand report because assessee has made up story ....