2019 (11) TMI 1752

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.... addition of Rs. 26,75,100/- u/s 69 for cash deposited in Yes Bank on various dates is absolutely un-justified and un-sustainable in law as well as merits." 3. Brief facts of the case shows that assessee is an individual who filed her return of income on 31/3/2012 declaring income of INR 87,000/-. There was AIR information and therefore the case of the assessee was selected for scrutiny. The assessee is a partner with M/s Prince plastics and has derived income from partnership firm and other sources and also loss from house property. 4. The assessment u/s 143 (3) of the act was passed on 21/3/2013 by the Learned Income Tax Officer Ward 22 (4), New Delhi determining the total income of the assessee at INR 6861203/-. The assessee prefer....

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....h deposited bank accounts are not investment and therefore there cannot be in addition u/s 69 of the income tax act. 8. On the merits of the issue he submitted that the source of cash deposit is out of cash in hand available with the assessee which was withdrawn from the same bank. The cash withdrawn from bank remained unutilized and was deposited in the bank again. The AO has not brought on record any material to show the utilization of cash withdrawn other than the amount deposited in the bank account. He submitted that there was a special reason to keep the cash in hand because the assessee has given post dated cheques to various parties however to ensure that these parties deposit the cheques only as per the instruction of the assess....

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....oposition he relied upon the decision of the honourable Bombay High Court in Kamal Kumar Bhola 5781/2010 . 10. The learned departmental representative vehemently supported the orders of the lower authorities and submitted that assessee has shown the source of cash deposit in the bank account being the withdrawal of cash from the same bank account in earlier period. It was submitted that there is no justification given by the assessee for keeping such cash in hand. It was further stated that it is not the responsibility of the revenue to show that whether the above cash has been utilized for some other purposes or not. 11. We have carefully considered the rival contention and perused the orders of the lower authorities. In the present ....