TaxTMI 
TaxTMI 
2018 (9) TMI 1016
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....case are that the Assessing Officer observed that the assessee has deposited cash of Rs. 11,89,000/- in S.B. account No. maintained with State Bank of India, Forest Park, Bhubaneswar. In reply to show cause notice, the assessee submitted that the cash deposited in SBI Account No. 30374416512 was out of the previous year's withdrawals from the assessee's bank account and cash loan repayment by the following persons on different dates, who had taken the loans from the assessee: Sl. No. Name of the person Date Loan amount taken Loan amount repaid 1. Raunak More 7.11.2014 1,20,000 7.11.2014 1,20,000 2. Yasodadevi Mara 2.6.2014 1,50,000 &n....
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....ore 2. Yasodadevi More 3. Sunil More 4. Rekha More 5. The Assessing Officer being satisfied after receiving the replies from four persons from whom, the assessee claimed to have received Rs. 5 lakhs in cash and deposited the same in the bank account, accepted the same as genuine. 6. With regard to 14 persons from whom, the assessee received loan below Rs. 20,000/- aggregating to Rs. 2,60,000/-, the Assessing Officer made addition on the ground that the assessee did not file confirmation with complete addresses. Further, the Assessing Officer also did not accept the explanation of the assessee that balance amount of Rs. 4,29,000/- deposited in the bank account where the assessee claimed that they were deposit....
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....nce cash deposit of Rs. 4,29,000/- claimed to be out of earlier years was not accepted on the ground that the assessee during the year, the cash deposit of Rs. 4,29,000/- is an afterthought and that there was no evidence for entries in the cash book and that the assessee has not given reasons as to why the cash was withdrawn in the first place and that the assessee has not explained his family expenses for household expenses. Thus, he confirmed the order of the Assessing Officer making the addition of Rs. 6,89,000/. 10. Before us, ld A.R. reiterated the submissions which were made before the lower authorities. He filed statement together with bank statement of SBI, showing deposit and withdrawals of cash in the bank account and submitted....
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....ssessee regarding the source of deposit, which was explained to be Rs. 4,29,000/- out of earlier withdrawals from the bank account and Rs. 2,60,000/- being loan advanced in earlier years to 14 persons, which was received back in cash. 13. On appeal, the CIT(A) confirmed the action of the Assessing Officer. 14. Being aggrieved by this order of the CIT(A), the assessee is in appeal before us. 15. Ld A.R. of the assessee submitted that the assessee has withdrawn Rs. 5,30,000/- in cash during the year out of which Rs. 4,29,000/- was deposited back in the bank account. The Assessing Officer as well as the CIT(A) were of the view that if the entire withdrawals were deposited back in the bank account, then the assessee did not have suffic....
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....rs is accepted and, therefore, we set aside the orders of lower authorities and delete the addition of Rs. 4,29,000/. 18. With regard to balance amount of Rs. 2,60,000/- explained to be out of receiving back of loans advanced to 14 persons, which were advanced below Rs. 20,000/-, we find that the Assessing Officer has observed that no confirmation or details were filed before him during the course of assessment proceedings. 19. On appeal before the CIT(A), the assessee filed confirmations of the said 14 persons which were not accepted by the CIT(A) on the ground that they are additional evidences filed before him and the assessee could not explain why they were not filed before the Assessing Officer when the assessment order is dated ....