2013 (7) TMI 1087

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.... RAO, JM This appeal by the assessee is directed against the order dated 2.12.2011 of Commissioner of Income Tax(Appeals) for the assessment year 2008-09. 2. The assessee has raised the following grounds in this appeal: "1, The order of the learned Commissioner of Income Tax(A)-24, Mumbai confirming the addition of Rs. 37,42,000/- made by the Income Tax Officer in computing the busi....

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....d letter dated 26.11.2010 and explained that the source of deposit of cash is the withdrawal of cash from the bank and vice-versa. It was explained that the assessee was doing the business of brokerage as well as investments in land. Since the land is situated in the village, the assessee has to keep cash-in-hand ready for the deal when the opportunity comes. However, if the deal does not take pla....

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....tion made by the AO on the ground that the assessee's explanation is not tenable because the cash claimed to have withdrawn for making investment in lands but during the entire year the assessee has not invested a single rupee in land out of the cash withdrawn on as many as on 17 occasions. Further the CIT(A) has observed that there is no co-relation with the cash deposit and cash withdrawn. 4.....

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....aterial on record. The AO and CIT(A) has proceeded on the premises that the assessee has failed to co-relate deposits and withdrawal of the cash from the bank account, however we note that some of the transactions are through cheque and between the two accounts of the assessee. Further some payment and receipts are also through cheques and from the third parties. Therefore at least the sources of ....