TaxTMI 
TaxTMI 
2021 (3) TMI 360
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.... of Rs. 33,49,844/- as against the addition of Rs. 35,34,844/- made by the AO as unexplained cash deposits in the bank account. The assessee is an individual. He runs a cinema theatre by name "HMT". He also has cattle form and the poultry business besides deriving income from agricultural activities. In the course of assessment proceedings under section 143(3) of the Income Tax Act, 1961 ('the Act'), the AO noticed the assessee had deposited a sum of Rs. 87,06,500/- in his bank account with Indian Overseas Bank and the further a sum of Rs. 24,16,500/- in IDBI Bank account. All the aforesaid deposits were cash deposits. The total of the cash deposits was a sum of Rs. 1,11,23,000/-. The AO called upon by the Assessee to explain the source of ....
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..../- being the difference is brought to tax as the deposits remains unexplained satisfactorily. The same is brought to tax u/s 69A of the I T Act." 4. On an appeal by the assessee, the CIT(A) confirmed the order of the AO but give a limited relief to the extent of Rs. 1,85,000/-. The relevant observations of the CIT(A) are given in paras 5.1 and 5.3 of the impugned order of the CIT(A) which reads as follows: "5.1 The submission of the appellant has been considered. During the year the appellant has deposited cash of Rs. 87,06,500 in Indian Overseas Bank and Rs. 24,16,500 in IDB1 Bank. This cash deposit of Rs I,11.23.000/- is sought to be explained by the appellant by stating that cash withdrawal from IDBI was Rs. 52,95,000/-- and deposit ....
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.... the learned Counsel for the assessee has filed before us the daily cash summary for the period from 01.04.2015 to 31.03.2016. He highlighted the fact that it is only on 3rd to 5th July that there was a peak credit of Rs. 3,17,500/- and only this amount can be added as unexplained cash under section 69A of the Act. The assessee has filed application for admission of the daily cash summary as additional evidence. In the petition for admission of additional evidence, the assessee has submitted that he had before the lower authorities furnished information of cash withdrawals and deposits. However, daily cash balances showing peak credits for each day were not made available before the lower authorities. The failure to furnish the same during ....