2018 (6) TMI 406

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....nts in the name of assessee in Bank of India, Gulbarga totaling Rs. 1,16,80,800. The assessee was asked to explain the source of funds out of which the cash deposits were made in the bank account. The assessee tried to explain that the cash deposits were out of previous withdrawals from the very same bank account, receipts from sub-contract work carried out by the assessee, agricultural income of assessee and agricultural income of father and other relatives. The assessee could not produce any evidence to substantiate the claim made by him as aforesaid. In the circumstances, the AO treated the unexplained deposits in the bank account as receipts from undisclosed business transactions and applied the profit earned by the assessee in his disc....

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....lain the source of funds, out of which cash deposits are made into his bank account. The addition made by the AO was accordingly confirmed by the CIT(Appeals). 4. The assessee, aggrieved by the order of CIT(Appeals), has preferred the present appeal before the Tribunal. The grounds of appeal raised by the assessee reads as follows:- "1. The order of Hon'ble CIT(A) is bad in law and without considering the fact of the case. 2. The Hon'ble CIT(A) erred in not considering and corelating the withdrawals with deposits in the bank statement. In the case of ITO Vs Shri Rajeev Kumar Gupta ITA No 273/Agra/2013, it was held that entire deposits made in the bank account cannot be said to be unexplained, because after deposit of ca....

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.... 02-05-2013 1,00,000 27-12-2013 50,000 08-05-2013 1,50,000 03-01-2014 50,000 28-05-2013 15,000 13-01-2014 1,50,000 29-05-2013 1,00,000 21-01-2014 1,20,000 30-05-2013 3,00,000 01-02-2014 2,00,000 04-06-2013 1,00,000 08-02-2014 5,00,000 05-06-2013 85,000 24-02-2014 1,00,000 08-06-2013 1,00,000 10-03-2014 1,00,000 20-06-2013 3,00,000 17-03-2014 2,00,000 20-06-2013 1,00,000 21-03-2014 60,000 Total (A) 18,00,000 Total (B) 29,20,000 Cash Withdrawals with Bank of India A/c 848510100006664:     07-10-2013 1,00,000   09-10-2013 30,000 . 21-11-2013 22,00,000   02-1....