TaxTMI 
TaxTMI 
2018 (8) TMI 1065
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....passed by the Income Tax Appellate Tribunal in ITA No.3612/Del/2016 and relates to Assessment Year 2011-2012. 3. The impugned order upholds addition of Rs. 27,33,333/- made by the Assessing Officer and affirmed by the Commissioner of Income Tax (Appeals) on account of unexplained cash deposits of Rs. 82,00,000/- made on different dates in the joint bank account of the appellant-assessee along with two others. 4. Factum that Rs. 82,00,000/- was deposited in cash in the joint bank account on different dates is not disputed and under challenge. 5. Appellant has drawn our attention to the cash flow chart, enclosed as annexure-4 to the appeal, and submits that Rs. 1,52,00,000/- was withdrawn in cash from the joint bank account on differ....
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....on merit. The Hon'ble Allahabad High Court in the case of Jauhari Mal Goel 201 CTR 54 (.All.) held that deposit in the bank account would amount to investment under section 69 of the I. T. Act. Therefore, there is no merit in the contention of the Learned Counsel for the Assessee that no addition could be made on account of cash deposited in the bank account of assessee and others. The contention of the Learned Counsel for the Assessee is, therefore, rejected. 7. As regards addition on merit, the A.O. has specifically noted that assessee could not proved at the assessment stage that out of cash withdrawn, some payments have been made to the contractors/suppliers and balance cash in hand has been deposited subsequently. The assessee d....
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....re-deposited to Rs. 1 lakh only and used Rs. 5 lakhs for construction only. Similarly, on 11th June, 2010 assessee has withdrawn Rs. 10 lakhs from the bank but it was not used either for redeposit or for construction purpose up to 30th June, 20 10 because on 30th June, 2010 assessee claimed deposit of Rs. 1 lakh only. Similarly, on 29th July, 2010 and 30th July, 2010, no amount have been withdrawn from the bank but assessee claimed redeposit of Rs. 5 lakhs and Rs. 2,50,000 on both the days as well as claimed Rs. 5 lakhs spent for construction. Similarly, from 2nd August, 2010 to 5th August,2010 assessee has withdrawn Rs. 30 lakhs from the bank but claimed construction expenses of Rs. 5 lakhs only on 5th August, 2010. Thereafter, from 7th Au....
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....earned Counsel for the Assessee, would not support the case of the assessee. This ground of appeal is accordingly dismissed." 7. Cash flow statement filed before us as annexure-4 and relied upon by the appellant-assessee is reproduced hereunder:- S.No. Date Amount Withdrawn (Rs.) Utilisation of cash withdrawn Balance (Rs.) Re-deposit Used for Total 1 3.5.2010 5,00,000 5,00,000 5,00,000 2 4.5.2010 8,00,000 8,00,000 8,00,000 3 5.5.2010 12,00,000 ....
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.... 8,00,000 8,00,000 47,00,000 19 10.8.2010 5,00,000 5,00,000 42,00,000 20 17.8.2010 9,00,000 9,00,000 33,00,000 21 18.8.2010 9,00,000 9,00,000 24,00,000 22 18.8.2010 6,00,000 30,00,000 23 20.8.2010 6,00,000 6,00,000 24,00,000 24 1.9.2010 9,00,000 5,00,000 14,00,000 10,00,000 25 16.11.2010 &nb....
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....,000 - 40 7.3.2011 5,00,000 5,00,000 5,00,000 - 41 11.3.2011 5,00,000 5,00,000 5,00,000 - 182,00,000 82,00,000 1,00,00,000 182,00,000 The aforesaid statement reveals that huge amounts were withdrawn in cash on different dates. Rs. 36,00,000/- was withdrawn by way of three bearer cheques of Rs. 12,00,000/- each on 05.05.2010 and Rs. 25,00,000/- was withdrawn in cash by way of three bearer cheques on 05.08.2010. On 16.11.2010, Rs. 10,00,000/- was deposited in cash and on the same day Rs. 10,00,000/- was withdrawn by way of two bearer cheque....