2022 (11) TMI 779

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....epartment : Shri Sanjai Kumar Yadav, Addl.CIT-DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER:- This appeal by the assessee is preferred against the order dated 26.05.2021 framed by the National Faceless Appeal Centre FAC] pertaining to A.Y. 2017-18. 2. Since Ground No. 1 has not been pressed by the ld. counsel for the assessee, the solitary grievance of the assessee revolves around the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... opinion that other than the opening cash in hand of Rs. 8,34,821/-, the assessee could not explain satisfactorily the source of cash deposit of Rs.11,90,179/-. 6. The Assessing Officer completed assessment proceedings by accepting the opening cash in hand of Rs. 8,34,821/- and made addition of Rs.11,90, 79/- under section 69A r.w.s 115BBE of the Act. 7. The assessee carried the matter befor....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....monthly expenses at Rs.30,000/- per month and estimated availability of cash as under: PARTICUALRS AMOUNT [Rs.] Cash deposited 20,25,000/- Cash withdrawal 15,20,000/- Less: Drawings for house expenses 3,60,000/- Balance remains to be explained 8,65,000/- 11. Giving the benefit of Rs.1 lakh, as opening cash in hand, addition of Rs.7.65 lakhs was confirmed by the ld.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ook clearly explains the cash deposit in the impugned bank account. Exhibit 13 is the statement of affairs as on 31.03.2017. 16. We fail to understand as to when availability of opening cash in hand amounting to Rs. 8,34,821/- has been verified and accepted by the Assessing Officer, then, why the ld. CIT(A) estimated the same at Rs.1 lakh. Further, when cash withdrawals have been duly reflected....