TaxTMI 
TaxTMI 
2018 (12) TMI 583
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....ome Tax Appellate Tribunal ('Tribunal' for short) dated 26th March, 2018. 2. The appeal being belated and delayed by 59 days, an application C.M. No. 46157/2018 has been preferred by the appellant-assessee for condonation of delay. However, before issuing notice on this application, we have deemed it appropriate to examine the appeal on merits. 3. Findings in the impugned order of the Tribunal affirming addition of Rs. 26,25,000/- sustained by the Commissioner of Income Tax (Appeals) are entirely factual. 4. Learned counsel for the appellant-assessee challenging the findings submits that they are perverse. The appellant-assessee had made withdrawals of more than Rs. 75,50,000/- from her bank account in cash between 3rd June....
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.... 25.05.2009 2,00,000/- 6 26.05.2009 4,00,000/- 7 03.06.2009 9,00,000/- 8 06.06.2009 1,00,000/- 9 09.06.2009 8,00,000/- 10 25.06.2009 11 07.07.2009 9,00,000/- 12 08.07.2009 9,00,000/- 13 10.07.2009 9,00,000/- 14 30.07.2009 2,00,000/- 15 14.08.2009 9,00,000/- 16 18.08.2009 7,50,000/- 17 08.09.2009 9,00,000/- 18 12.11.2009 4,00,000/- 19 1....
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....he assessee was countered with these questions during the proceedings but no explanation was offered in this regard. 3.1.9 Assessee was also asked, can she produce the real estate agent with supporting proofs regarding property deal? AR responded they can produce him but he will not be able to verify and establish the facts of property deal. Since assessee herself submits that the agent will not be able to prove anything in this regard, exercise would have been futile only. 3.1.10 Thus, it's quite apparent & logical to draw the conclusion that all these withdrawals were not meant for any property transaction. But these withdrawals were for some other purpose which assessee does not want to reveal for the obvious reasons. Hence, th....
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....,000.00 5,996.47 Cr 19.05.2010 Cash Deposit at: Delhi Radhey Puri 5,00,000.00 5,05,996.47 Cr 19.05.2010 PKG Mkt 5,00,000.00 5,996.47 Cr *********************************************************** Cummulative Totals: 19,73,65,317.0019, 73,71,323.47 5,996.47 Cr *********************************************************** 23.10.2010 By CLEARING 714 200.00 7,090.41 Cr 04-11-2010 By CLEARING 535125 120.00 7,210.41 Cr 08-11-2010 By CLEARING 120420 1,525.00 8,735.41 Cr 18*1....
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....s. 18,25,000/- in the month of May and Rs. 8,00,000/- in the month of November. Now for time being if we accept the explanation of the assessee that she had accumulated cash for purchase of property. Following questions still remains: i. The question remains when the deal was not materialized why did she deposit the cash first in the month of April, then in May & then in almost end of the year i.e. in the month of November? Why not in one or two lots in the month ofApril? ii. Why the accumulated cash was deposited in very specific amounts like, Rs. 9,00,000/- in April, Rs. 8,50,000/-, Rs. 4,75,000/- & Rs. 5,00,000/- in the month of May and then, Rs. 8,00,000/- in the fag end of the year, in the month of November ? iii. On 31.03.201....
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.... Income Tax (Appeals) upheld the addition to the extent of Rs. 26,25,000/-. Addition to the extent of Rs. 9,00,000/- was deleted noticing the small time gap between the withdrawal of Rs. 9,00,000/- on 3rd March, 2010 and deposit of Rs. 9,00,000/- in cash on 5th April, 2010. Explanation of the appellant-assessee connecting the other cash withdrawals to cash deposits was rejected noticing the time difference between the withdrawals and deposits. The dates of withdrawal and deposits in cash, we observe, are not disputed and challenged. This reasoning has merit in view of rather illusionary explanation given by the appellant-assessee for making withdrawal of more than Rs. 99,00,000/- in cash during 12 months from April, 2009 to March, 2010. Per....