2017 (6) TMI 690

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....l Member This appeal by revenue has been directed against the order of Ld. CIT XII New Delhi dated 12th August, 2013 for assessment. Year 2008- 09, challenging the deletion of addition of Rs. 54,90,116/- on account of cash deposit and credit card expenses. 2. Briefly the facts of the case are that return declaring an income of Rs. 2,00,000/- and agricultural income of Rs. 1,82,000/- was filed o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e impugned order (copy also filed by Ld. Counsel for assessee) and noted that Assessing Officer has accepted the evidences filed by assessee and has drawn no adverse opinion regarding the following : 1. Mutual fund investment of Rs. 30,00,000/- out of 40,00,000/- 2. Entire credit card payment of Rs. 11,76,616/- 3. Cash deposit of Rs. 28,42,300/- 3. Ld. CIT(A) therefore noted that out of ad....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... states that withdrawals was for repayment of loans which is evidence that he has borrowed money and deposited the same into his account. Accordingly, argument of the assessee was found to have merit and the withdrawals of Rs. 15 lacs post last date of deposit in the opinion of the Ld. CIT(A) should be considered as source of making cash deposits. Therefore, cash withdrawals of Rs. 15,00,000/- pos....