TaxTMI 
TaxTMI 
2018 (4) TMI 1364
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.... has deposited cash of Rs. 10,70,000/- in saving bank account of Indian Overseas Bank during the assessment year under consideration. The Assessing Officer required the assessee to explain the source of cash deposits. However, the assessee did not appear before the Assessing officer and did not submit relevant documents to explain the source of cash deposits. Therefore, the Assessing Officer treated the cash deposit of Rs. 10,70,000/- from undisclosed source and added back to the total income of the assessee. 4. On appeal before the CIT(A), the assessee stated that the accountant of the assessee appeared before the assessing Officer and produced cash book before him. It was his submission that there is opening balance of Rs. 10,91,257/- in....
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....ore the Assessing Officer, the assessee could not submit any relevant document to explain the source of deposit and, therefore, the Assessing Officer added the same to the income of the assessee as deposit from undisclosed sources. 7. On appeal before the CIT(A), the assessee contended that the cash deposits made in his bank account with Indian Overseas Bank was out of his opening cash balance. Since the assessee could not produce any evidence to substantiate his claim, the CIT(A) rejected the explanation of the assessee. The other explanation of the assessee was that out of deposit of Rs. 10,70,000/-, deposit of cash of Rs. 1,70,000/- on 9.5.2013 was out of withdrawals of Rs. 2,57,360/- made during the period from 9.4.2013 to 6.5.2013. Th....
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....the cash deposits of Rs. 10,70,000/- made during the year under appeal are out of his opening cash balance for the year ending on 31.3.2013 is without any basis. Further, we find that before the Assessing Officer and the CIT(A), the assessee has not filed copy of bank statement for the financial year 2012-13, which has now been filed before us for the first time. By filing this bank statement, the contention of the assessee is that it has withdrawn cash of Rs. 14,43,149/- in the financial year 2012-13 and has made cash deposit of Rs. 5,00,000/- during the said year and hence, it had cash balance of Rs. 9,43,149/- at his disposal as at the beginning of the financial year 2013-14, which was utilised for deposit of cash in this year in the ban....