2021 (9) TMI 1249

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...., AM This is an appeal filed by the assessee against the order of ld. CIT(A)-3, Jaipur dated 19.03.2020 wherein the only ground of appeal relates to confirmation of addition of Rs. 5,16,696/- out of Rs. 13,45,600/- made by the Assessing officer. 2. During the course of hearing, the ld. AR taken us through the order of ld. CIT(A) and it was submitted that as against addition of Rs. 13,45,600/....

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.... declaring income of Rs. 2,93,180/-. Besides that, the assessee has saved money from regular household expenditure which was kept to be used in case of any family requirement and she belongs to a reputed family and had thus kept certain cash in hand which was deposited and not used anywhere else nor the Ld. AO or Ld. CIT(A) brought any adverse material on record. In support, reliance was placed on....

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....ng the peak credit theory. The ld. DR has thus relied on the findings of the ld. CIT(A) and in support, reliance was also placed on the decision of the Hon'ble Supreme Court in the case of Roshan Di Hatti vs. CIT [1977] 107 ITR 938 (SC). 5. We have heard the rival contentions and perused the material available on record. It is a settled legal proposition that onus of proving the source of a....

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....al. In this regard, on perusal of the assessee's bank statement, we find that there is a cash deposit of Rs. 5,00,000/- on 12.11.2010 which was available with the assessee as per her bank statement and which was then withdrawn on 13.01.2011. It is noted that the claim of the assessee regarding frequent cash withdrawal and deposit for the purposes of availing OD limit has been accepted by the A....