2019 (5) TMI 1902

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....order passed by the CIT(A)-1, Aurangabad on 05-10-2018 in relation to the assessment year 2010-11. 2. The only issue raised in this appeal on merits is against the confirmation of addition of Rs. 14,84,500/- in respect of cash deposits in Savings Bank account. 3. Succinctly, the facts of the case are that the assessee filed her return declaring total income of Rs. 84,150/- and agricultural i....

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....ee that she encashed FDRs and kept the amount in her home to be deposited in the bank after 24 months could not be accepted. He, therefore, made an addition for a sum of Rs. 14,84,500/-, which got confirmed in the first appeal. 4. Having heard both the sides and gone through the relevant material on record, it is seen that the assessee is a regular Income-tax assessee. A copy of her Income-tax ....

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....in hand with closing cash in hand standing at Rs. 17,72,617/-. A copy of her return for the A.Y. 2009-10 has been placed at page 23 of the paper book. In the accompanying balance sheet, cash in hand of Rs. 18,33,155/- has been shown. It is this cash balance available with her as on 31-03-2009, out of which she deposited a sum of Rs. 14,84,500/- in her Savings Bank account which has been inclu....

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....me with her in the form of cash and then deposited it in the bank account. The view point of the AO in not accepting the genuineness of the source of deposits in the bank account on the ground that the cash was allegedly kept in hand for a long period of two years, in my considered view is not tenable. Once a particular amount has seen the light of the day, its later utilization has to be accepted....