2021 (7) TMI 279

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r scrutiny assessment and accordingly statutory notices were issued and served upon the assessee. 4. During the course of the scrutiny assessment proceedings the AO noticed that the assessee has deposited cash of Rs. 14.21 lacs in Kotak Mahindra Bank and has also made the credit card payment of Rs. 3,38,210/-. The AO further noticed that the assessee has purchased a property of Rs. 41 lacs. 5. The AO issued a show cause notice and asked the assessee to explain the source of investment in the property, credit card payment and cash deposited in the bank. 6. On receiving no plausible reply the AO made the impugned additions. 7. Assessee carried the matter before the CIT(A) and explained that the property was purchased by M/s. Nagar....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nha addition of Rs. 41 lacs is directed to be deleted. 12. In so far as the cash deposit in the Kotak Mahindra Bank is concerned. We have carefully perused the bank statement which is part of our record. We find that on every entry of cash deposit the Nomenclature is cash deposit @ Dwarka. The assessment order and also the order of the first appellate authority is completely silent on such entries made by the person mentioned in the bank statements. The AO's finding read as under:- "In view of the above total cash deposit in Kotak Mahindra Bank Limited amounting to Rs. 14.21 lacs is added in his total income under head of undisclosed source of income u/s. 68 as no explanation of cash deposit has been given by assessee" 13....