TaxTMI 
TaxTMI 
2019 (2) TMI 1512
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....Catholic Syrian Bank and SBI. 3. The facts of the case are that the Assessing Officer called for information u/s. 133(6) from Catholic Syrian Bank and State Bank of India wherein the assessee was maintaining banks accounts. The banks supplied the statements and the Assessing Officer found that the assessee had deposited Rs. 49,22,000/- on 06/03/2014 and 07/03/2014 as under: Sl. No. Date Amount Name of Bank Nature of deposit 1 06.03.2014 20,00,000/- CSB 2 06.03.2014 5,00,000/- CSB FD 3 06.03.2014 5,00,000/- CSB FD 4 06.03.2014 4,72,000/ - SBI FD 5 07.03.2014 14,50,000/- SBI Total 49,22,000/- 3.1 Th....
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....f the Act. 4. Before the CIT(A), the assessee filed a letter dated 02/01/2018, contents of which are reproduced below: "Sir, Sub : Regarding Source in case : ITU/W-1(3)NGAFTPV5949R/16-17 I had withdrawn the following amount from the Banks : 25.11.13 30,000 IDBI 30.11.13 50,000 IDBI 16.12.13 1,00,000 Federal Bank 23.12.13 1,00,000 IDBI 30.12.14 60,000 IDBI 7.1.14 50,000 IDBI 7.1.14 7,00,000 IDBI 10.1.14 50,000 IDBI 16.1.14 5,000 IDBI 17.1.14 78,00,000 IDBI 30.1.14 90,000 IDBI 5.2.14 50,000 SIB 17.2.14 50,000 SIB 18.2.14 68,000 SIB 25.2.14 30,000 SIB 7.3.14 5 Lakhs SIB 7.3.14 ....
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.... under: i) The source of cash deposit is agricultural and professional income. ii) He had sold land and sale consideration of the same were deposited in the Bank. iii) He has substantial rubber cultivation and paddy cultivation. iv) He also had ground nut cultivation. v) He had taken agricultural loan amounting to Rs. 1.25 crores from Arakkunnam Branch of District Co-operative Bank Ltd. vi) He had taken personal loans of Rs. 1 lakh each from 3 people. (v) The assessee had substantial cash withdrawals from his bank accounts, which were re-deposited . 4.2 Before the CIT(A) , the assessee also contended that, his old father and mother were not keeping well and therefore he had t....
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.... source of cash deposits cannot be explained through sale of this land. iv) The explanations given by the assessee was vague and not supported with evidences. v) The assessee is a senior Advocate and it is presumed that he would be well versed with legal proceedings and should have co-operated with the assessment proceedings and should have co-operated with the assessment proceedings. 4.3 After considering the contentions of both, the Assessing Officer and the assessee, the CIT(A) found that the explanation had not been furnished properly. On the other hand, the CIT(A) observed that the Assessing Officer had concentrated on deposits made only on 06.3.2014 and 07.3.2014 and he had chosen to ignore deposits and withdrawal....
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....It was observed that no prudent person would take loan, when he already has substantial money with him. Since the assessee had also not expressly stated whether these were cash loans or not to explain the source of the deposits, the CIT(A) doubted the genuineness of transaction. 4.4 Thus, taking an overall view of the matter, the CIT(A) treated the claim of Rs. 3 lakhs, which was obtained as personal loans as unexplained cashcredits and confirmed the addition of Rs. 3 lakhs. 5. Against this, the assessee is in appeal before us. 6. After hearing both the parties, we are of the view that the assessee had not been able to explain the sources for Rs. 3 lakhs out of Rs. 49,22,000/- deposited in various Bank accounts. In view of the unsa....