TaxTMI 
TaxTMI 
2022 (11) TMI 1245
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..... Commissioner of Income Tax (Appeal), NFAC has erred in disposing the Appeal without affording adequate opportunity to the Appellant which is bad in law and against the principles of natural justice. 2. In the facts and in circumstances of the case and in law, the Ld Commissioner of Income Tax (Appeal), NFAC has erred in not adjudicating several grounds raised by the Appellant. 3. In the facts and in circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeal), NFAC has erred in confirming the additions made u/s. 69A of the Act without appreciating the law that addition of alleged cash deposit cannot be made under section 69Aas the same was duly recorded in the books of accounts of the Appellant. ....
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....om withdrawals from his capital account from the aforesaid partnership firm during the AY 2015-16 to AY 2016-17. The detail of cash account summary was also given. The learned Assessing Officer noted that total capital withdrawal by the partners from the firm M/s D Signo and M/s Deccan Sharee Centre amounted to Rs.22,86,967/- for AY 2017-18, whereas the total aggregate deposit of cash by the assessee in his bank account was Rs.21,38,000/-. He further noted that during AY 2016-17, the capital withdrawal from the firm was Rs.15,43,674/-. The Assessing Officer noted that the firms have four partners and since the books of account of firms were not audited, therefore it is difficult to draw individual partner wise capital statement from the ret....
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....essee was managing his personal & household expenses. 7. Prior to demonetization period the assessee has deposited Rs. 5,65,500/- on 13 occasions. 8. Therefore, the sources of cash deposits cannot be from withdrawals from firm as claimed by the assessee due to the reasons discussed above. Thus, it is clear that the cash deposited on various successive occasions during the year including demonetization period represent undisclosed cash of the assessee." 4. Accordingly, AO made addition of Rs.21,41,000/- u/s 69A of the Act on account of cash deposits made by the assessee in Kalyan Janta Sahakari bank Ltd & Bharat Co-cooperative bank. 5. The Learned First Appellate Authority confirmed the reasoning of the Learned Assess....
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....-17 AY 2017-18 Total Drawings (Cash) 1,45,750.00 1,58,000.00 1,70,500.00 4,74,250.00 Drawings (Bank) 51,479.24 1,550.00 2,130.00 55,159.24 Payments through/for Credit Cards 2,23,593.72 2,88,167.55 5,79,572.01 10,91,333.28 Gymnasium Fees 16,000.00 25,000.00 20,000.00 61,000.00 School Fees - 10,000.00 79,990.00 89,990.00 LIC / Mediclaims 35,986.00 58,253.00 37,647.00 1,31,886:00 Total 4,72,808.96 5,40,970.55 8,89,839.01 19,03,618.52 7. Thus, as per the records and books of account, cash in hand available with the Assessee as on 31.03.2016 was Rs. 21,81,141/-. Thus, the entire source stands explained. 8. On the other hand,....
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.... 11,54,321 21,81,141 3,90,044 Add: Cash withdrawals from Deccan Saree Centre 3,30,000 6,00,000 1,36,505 10,66,505 D'Signo 5,75,000 2,20,000 1,780 7,96,780 Cash withdrawals from Bank Salary from Deccan Cloth Centre Rent 8,860 3,17,200 84,000 50 1,33,634 86,000 4,50,834 1,70,000 8,910 Total Cash Accumulation (B) Less: Withdrawals 9,13,860 12,21,250 3,57,920 24,93,030 Drawings Cash deposited into Bank Advance Tax profession Tax Other 1,45,750 333 3,500 1,58,000 3,500 20,000 2,500 ....