2013 (4) TMI 970

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.... the learned CIT(A) has erred in deleting the addition of Rs. 30,15,089/- on account of cash deposits made in the bank held as unexplained investments in the bank account.  iii. That the order of learned CIT(A) be vacated and that of the A.O. be restored. iv. The appellant craves leave to add or amend or more grounds of appeal at the time of hearing of appeal. 2) Facts narrated by Revenue Authority are that the assessee enjoying salary income amounting to Rs. 1,49,376/- [net salary return at Rs. 1,12,530/- after deduction u/s 80-C of the I.T. Act on a/c of GPF and agricultural income of Rs. 1,54,700/-]. The assessee has filed his return of income on 23.07.2009 and the case fell under scrutiny under CASS and it was followed ....

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....ther assessee nor his authorized representative appeared to prosecute the matter in dispute nor filed any application for adjournment. Keeping in view the facts and circumstances of the present case and the orders passed by the Revenue Authority, we are of the view that no useful purpose would be served to issue notice again and again to the assessee. Therefore, we are deciding the issue in dispute ex parte after hearing learned D.R. 4) Learned D.R. relied upon the order passed by the Assessing Order. 5) After hearing learned D.R., perusing the orders passed by the Revenue Authority specially the impugned order, we are of the view that learned First Appellate Authority has passed a well reasoned order after considering the documentary....

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.... year and gets rotated from one bank to other, representing by corresponding bank withdrawals inter se. Further, the appellant has furnished cash flow statement, statement of affairs in support of his contentions. It has been all along the appellant's case that as per copy of cash book the same explains the source of cash deposits on different bank account during the period 01.04.2008 to 31.03.2009. The appellant has admittedly stated that he has not made any investment in any immovable/movable during the year under consideration. Even he owns a residential property jointly in co-ownership with his brother after taking bank home loan, for which he has forgotten to claim corresponding deduction u/s 80-C and 24 of the I.T. Act, 1961 amounting....

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.... f) Smt. Shanti Devi V. CIT reported in 171 ITR 532 [P&H] I have no hesitation in holding that it is fit case of granting benefit of recycled telephonic contra entries appearing in all the three bank accounts vis-à-vis appellant's cash flow statement. It is seen that except making cuts and past in respect of bank deposits appearing in the appellant's three bank accounts, the A.O. has not endeavored to keenly consider the appellant's submission and has utterly failed to give credit for corresponding and contra bank withdrawals and the appellant has been deprived of the benefit of telescopic rotation of the same bank withdrawals, cash book withdrawals re-deposited into his bank accounts in a rotational manner having been recyc....