2021 (2) TMI 470

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.... reasons for belated filing of this appeal. The learned Departmental Representative was duly heard on the delay condonation petition. We have perused the reasons stated in the Affidavit for belated filing of this appeal. The delay in filing of this appeal cannot be attributed to any latches on the part of the assessee and there is sufficient cause for condonation of delay. Accordingly, we condone the delay in filing of this appeal and proceed to dispose of the appeal on merits. 3. The solitary issue that is raised is whether the CIT(A) has erred in confirming the addition made by the Assessing Officer u/s 68 of the I.T.Act amounting to Rs. 81,48,424. 4. The brief facts of the case are as follow: The assessee is an individual. Fo....

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....y. Before the CIT(A), the assessee furnished written submissions along with respective bank accounts in support of his case that cash deposits were made in the saving bank account represented the amounts withdrawn from various current accounts as well as OD account. The CIT(A), however, did not appreciate the submissions made by the assessee and dismissed the appeal of the assessee. The relevant finding of the CIT(A) reads as follow:- "8. The AO has brought to tax those cash deposits which were not adequately explained by appellant. The appellant has sought to explain the same in during appellate proceedings but has failed to demonstrate that the deposits were made out of withdrawals from other declared bank accounts belonging to h....

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.... and there was periodical deposits and re-deposits into the Canara Bank Saving Bank account. The assessee also furnished current account maintained by the assessee with Canara Bank for his business transactions. 7. The learned Departmental Representative, on the other hand, submitted that there has been long delay between the period of withdrawal of cash and deposit in assessee's SB account. Consequently, it was stated that there was no proper explanation with regard to the source of cash deposits. Therefore, it was contended that the ITAT should not interfere with the order of the CIT(A). The learned DR also relied on the order of the Hyderabad Benches of the Tribunal in the case of Mir Basheeruddin Ali Khan v. ITO reported in [2014]....