TaxTMI 
TaxTMI 
2022 (9) TMI 721
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....the Act") relevant to the Assessment Year 2008-09. 2. The assessee has raised the following grounds of appeal: "1. That, the Ld. CIT(A0 has wrongly confirmed addition of Rs. 72,96,000/- on account of Unexplained Cash Credit U/s. 68 of the I.T. Act. 2. That, the findings of the learned CIT(A) are not justified and are bad-in-law. 3. That, the appellant craves to add, amend, alter or delete any of the above grounds of appeals." 3. The only interconnected issue raised by the assessee is that the Ld. CIT(A) erred in confirming the addition of Rs. 72,96,000/- under the provision of section 68of the Act treating the cash deposits in the bank as unexplained cash credit. 4. The facts in brief are that the assesse....
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....k in support of her contention. Therefore, merely because there were cash withdrawalsin one bank account it cannot be assumed that they were re-deposited in other bank account particularly when there were facilities to transfer fund from the one bank account to other bank account. Similarly, regarding cash withdrawal from account of M/s Jenus Shipping Pvt. Ltd., and depositing in assessee's account, the company did not file return of income for AY 2009-10 and the creditworthiness of the company was unproved. Besides, no nexus was established between the cash withdrawal from bank account of the company and deposit in the account of the assessee. The AO has also contended that no books of accounts or cash book of the assessee wer....
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....lable with the assessee in his cash book which was utilized for deposit in the bank account. Thus, in view of the above the Ld. A.R. contended that the assessee has discharged her onus by furnishing the details of the identity and creditworthiness of the parties as well genuineness of the transaction. Thus, no addition under section 68 of the Act is warranted in the given facts and circumstances. 9. On the other hand, the Ld. DR vehemently supported the order of the authorities below. 10. We have heard the rival contentions of both the parties and perused the materials available on record. The provisions of Section 68 of the Act fastens the liability on the assessee to provide the identity of the lenders, establish the genuineness of ....
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.... the assessee, the transactions recorded in the bank statement of M/s Genus Shipping Pvt. Ltd.were matching with the bank account of her. The necessary details have been furnished in the paper book. ii. There was cash withdrawal from the bank account of the company namely M/s Essar Shipping on different occasions which has been used for the deposit in the bank account of the assessee. The assessee in support of her contention has filed the copy of the bank statement M/s Essar Shipping. As per the assessee, the transactions recorded in the bank statement of M/s Essar Shipping Pvt. Ltd. were matching with the bank account of her. The necessary details have been furnished in the paper book. iii. The assessee also submitted th....