TaxTMI 
TaxTMI 
2020 (5) TMI 592
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....s out of the withdrawals from SBI savings bank account and ICICI bank account made from 09.06.2012 onwards which is tabulated as under:- Bank Name Account No. Date Amount withdrawn Amount deposited SBI 10447408042 09.06.2012 2,50,000 -- SBI 10447408042 10.06.2012 4,10,000 -- SBI 10447408042 27.06.2012 -- 4,67,000 SBI 10447408042 26.07.2012 4,50,000 -- SBI 10447408042 14.08.2012 3,50,000 -- ICICI 16901006061 14.08.2012 11,00,000 -- ICICI 16901006061 08.09.2012 2,00,000 -- SBI 10447408042 10.10.2012 8,00,000 -- ICICI 16901509902 03.11.2012 -- 20,00,000 3.1 According to the Assessing Officer, as per the above table, the assessee is explaining the sources as withdrawals made from 09.06.2012 onwards from SB account of SBI and ICICI bank, which was deposited in one lump sum on 03.11.2012 at ICICI bank. The A.O. was of the opinion that the explanation offered by the assessee is not acceptable being a tech-savy person who is highly conversant in transferring money on-line is not expected to withdraw the monies in various denominations on different dates even prior to six months and keep it at home and subsequently deposit the lump sum on a....
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....the CIT(A) upheld the view taken by the Assessing Officer. 3.3 Against the same, the assessee went in appeal before the Tribunal. The Tribunal vide its order dated 15.03.2018, restored the matter back to the file of the A.O. with following observations:- "I have considered the rival submissions. I find that only dispute is regarding explanation of assessee in respect of source of cash deposit of Rs. 20.80 lakh on 03.11.2012 in ICICI Bank. The finding of CIT(A) is this that the assessee has made an attempt to reconcile the cash withdrawals and cash deposits but could not do it. But there is no comment about this document which is available on page no.10 of the paper book which is a certificate of CA and as per the certificate given by the assessee in the paper book, this document was also made available before the AO and CIT(A) both. Hence I feel it proper to restore the matter back to the file of CIT(A) for fresh decision after examining this document and even if he is not satisfied with this, he should give reasoning for rejecting this document as reconciliation of cash withdrawals and cash deposits. The CIT(A) should pass necessary order as per law in the light of above discuss....
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....at the amount deposited to bank account on various dates were the earlier withdrawals from banks, hence, it should be considered as properly explained by the assessee. The learned DR relied on the order of the CIT(A) and submitted that the assessee has not properly reconciled the withdrawals from the banks as used for the purpose of redeposit to bank account. According to the learned DR, the withdrawals made by the assessee on various dates for specific purpose is not available to the assessee to redeposit with bank. Further, it was stated that there was long time gap between the withdrawals and redeposit to bank account and hence it cannot be considered as source of deposits into bank account. 5. I have heard the rival submissions and perused the material on record. In the present case, the assessee has deposited a sum of Rs. 25.47 lakh into assessee's bank account with SBI Indiranagar Branch and ICICI Bank. Schedule of the transactions made with the said banks from 09.06.2012 to 03.11.2012 is as follows:- Bank Name Account No. Date Amount withdrawn Amount deposited SBI 10447408042 09.06.2012 2,50,000 -- SBI 10447408042 10.06.2012 4,10,000 -- SBI 10447408042 27....
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....o cash deposit of Rs. 32.5 lakhs into the various bank accounts of the assessee. The main plea of the assessee is that the assessee had withdrawn cash of Rs. 50 lakhs on 26/09/2014. The assessee had withdrawn cash on various dates at Rs. 68 lakhs as narrated in para 5 of this order. 10.1 These amounts were redeposited into Bank accounts on various dates as follows: 02/04/2014 Rs. 3,00,000/- 27/08/2014 Rs. 1,50,000/- 26/09/2014 Rs. 50,00,000/- 11. The Assessing Officer has given credit of Rs. 23.50 lakhs towards cash in hand for depositing it into Bank account of the assessee. The Assessing Officer treated Rs. 28.5 lakhs as unexplained sources. Thus, he treated the following amounts as unexplained cash deposits of the assessee: Rs. 3 lakhs Rs. 1 lakh Rs. 28.5 lakhs Total: Rs. 32.5 lakhs 11.1 The assessee explained that during the assessment year 2012-13, the assessee had an ailment of cancer and he could not attend to business and financial matters and kept the cash withdrawn from Bank on 31/12/2013 for medical treatment and other expenses and deposited the amount in Bank only on 26/09/2014. In support of his claim, the assessee has produced discharge summary dated 06/11/2013 fr....