2017 (8) TMI 333

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.... CIT (Appeals) erred in confirming the addition of Rs. 21,25,000/- made by the Assessing Officer on the facts and circumstances of the case. 2. The Ld. CIT (Appeals) erred on the facts of case is not appreciating the correct perspective regarding the deposit of cash in the bank account and as such the order confirming the addition of Rs. 21,25,000/- is bad in law and liable to be deleted. 3. The Ld. CIT (Appeals) erred in stating that a sum of Rs. 21,25,000/- was introduced by the assessee in cash in his books of accounts which remained unexplained on the facts and in the circumstances of the case and as such the addition is liable to be deleted. 4. The authorities below erred in not appreciating that the total wi....

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....an Bhurarai & Associates and withdrawn from M/s Bhuraria Consultant Ltd. The assessee has not utilized the money withdrawn from these sources for the purpose other than utilization of deposits in syndicate bank, repayment of mortgage loan of State Bank of Mysore, deposits in Raman Bhuraria & Associates, payment to M/s Shivam Chits Pvt. Ltd. Chits Pvt. Ltd. and utilization of drawings for household expenses. No other income was earned by the assessee from Rs. 25,57,500/-." From the said reply Assessing Officer inferred that the cash withdrawals made by the assessee have been utilized somewhere else and assessee's claim that the cash deposits were partly funded from withdrawals of Rs. 21,25,000/- is not correct. If the cash have been utili....

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....e by the Assessing Officer. 4. Before us the Learned Counsel, Shri K. Sampath submitted that if assessee has been found to be maintaining regular books of account and also maintained cash book of the bank account, then the entire source of deposits stands explained from the cash book itself and therefore, without rejection of books of account, no addition could have been made. 5. On the other hand the ld. DR strongly relying upon the order of the Learned CIT(Appeals) submitted that, onus was upon the assessee to prove the nexus between the cash withdrawals and cash deposits in the bank account and also to explain the source thereof. Since the assessee has failed to give proper explanation, therefore, the cash deposits have rightly bee....