2012 (11) TMI 1216

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....appeal filed by the assessee is against the order of the Commissioner of Income-tax (Appeals), Panchkula dated 2.4.2012 relating to assessment year 2008-09 against the order passed u/s 143(3) of the Income Tax Act, 1961 (in short 'the Act'). 2. The only issue arising in the present appeal is against the addition of ₹ 15 lacs on account of cash deposits. 3. The brief facts of the case are t....

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....assessee and Shri Akhilesh put in appearance on behalf of the assessee and put forward their contentions. 5. The learned A.R. for the assessee took us through the facts of the case with reference to the tabulated details of cash as reproduced in the order of CIT (Appeals). Reliance was placed on the ratio laid down by the Hon'ble Punjab & Haryana High Court in CIT-II Vs. Parneeta Goyal, 278 o....

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....ee claimed to have withdrawn cash from its bank account for the purpose of utilizing the same in the investment in immovable property and as the transaction did not go through, part of the cash withdrawn was redeposited in the bank account and balance was utilized for household purpose. Admittedly, the assessee had withdrawn cash from its bank account which in turn was redeposited in the bank afte....