TaxTMI 
TaxTMI 
2017 (6) TMI 871
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....ecords and provisions of the Act, unjust, bad in law and without jurisdiction. 2. Sustaining the addition of Rs. 34,60,100/- out of Rs. 39,35,400/- made by the Ld. AO on account of unexplained cash deposits disregarding the facts of the case, settled legal position and explanation submitted by the appellant. 3. Sustaining the addition of Rs. 84,400/- made by the Ld. AO on account of unexplained investment in immovable property disregarding the facts of the case, settled legal position and explanation submitted by the appellant. 2. Ground no. 1 is not pressed by the Ld. Counsel of the assessee hence, the same is treated as dismissed as not pressed. 3. Ground no. 2 relates to sustaining addition of Rs. 34,60,100/- out of Rs. 39,35,400/- made by the AO on account of unexplained cash deposit. 4. Briefly stated the facts of the case are that the assessee is a bank employee in Bank of Baroda posted at Vidisha during the year under consideration. The assessee has filed his return of income on 26.07.2010 disclosing total income at Rs. 1,32,380/-. During the course of assessment proceedings, it was noticed that the assessee has made cash deposits in his various ba....
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....al from BOB, Vidisha account no. 31370400000029 on 20/07/2009- Rs. 1,00,000/- 24/12/2009 2,50,000/- Out of withdrawal from same bank on 22/12/2009- Rs. 1,00,000/-. Withdrawal from Axis Bank on 19/12/2009- Rs. 1,50,000/- 05/01/2010 2,00,000/- Out of withdrawal from same bank on 01/01/2010- Rs. 2,00,000/-. 01/02/2010 2,24,000/- Out of withdrawal from same bank on 01/02/2010- Rs. 44,000/- and cash received from mother Rs. 1,80,000/- 19/03/2010 1,56,000/- Out of withdrawal from same bank on 02/02.2010- Rs. 2,24,000/- 20,200/- Petty cash deposits on different dates. Total 11,25,500/- C-[Bank of Baroda, Habibganj, SB Account No. 18600100005126] There are no cash deposits in the above said bank during the year under consideration. Copy of the bank account is enclosed herewith [annexure-]. The Ld. AO has erratically considered a sum of Rs. 1,84,000/- as 'unexplained cash deposits' in the above said bank. Thus, the addition is erratic on the facts and therefore, is liable to be deleted. D-[Bank of Baroda, Vidisha, OD Account No. 31370400000029] Total cash deposits as per bank statement during the year under conside....
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.... satisfactorily the amounts of cash deposits made in his various bank accounts with the help of supporting documentary evidences in his favour despite being given adequate opportunities in this regard. The assessee has merely stated these amounts as deposits from cash in hand, received from mother- Mrs. Madhu Pesswani, Mr. Naveen Kumar and out of money withdrawn earlier. Mere filing of income tax return of the lender i.e. his mother does not absolve the assessee of his duty to explain these cash deposits found made in his bank accounts. The income declared by his mother is not found commensurate with the amounts given to the assessee nor there have been equivalent withdrawals from her bank account. The assessee's further contention that such frequent deposits and withdrawals of huge amounts have been necessitated for his mother's treatment and certain property deals are also not found acceptable on the basis of evidences produced. The assessee has also failed to prove satisfactorily that the various amounts deposited in these bank accounts are, indeed made from withdrawals as purpose of these withdrawals has also not been proved. Therefore, theory of peak credit is also not found a....
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....s received in cash from his mother on 04.07.2009 . Thus, total cash amount of Rs. 1,48,000 has been received from the mother of the assessee, and same is deposited in the various bank accounts of the assessee and same is reflected in cash flow statement filed by the assessee. Therefore, it was urged to delete the addition made by the AO. 8. On the other hand, the Ld. D.R. submitted that the assessee has sold the property during the year under consideration, hence, there is a possibility that the amount deposited in various bank account is out of on money receipts. Therefore, the explanation of the assessee should not be accepted. 9. We have heard the rival submissions of both the parties and have perused the material available on record. We find that there are four bank accounts of the assessee viz : two are with BOB at Vidhisha , one is BOB Habibganj, and other one is with Axis Bank. It is noticed that the assessee has made withdrawal of cash from one bank account and same is claimed to have been deposited with other bank account in cash. The assessee has filed cash flow statement in respect by merging all four accounts therein which explains the cash deposits. The peak amou....