TaxTMI 
TaxTMI 
2023 (5) TMI 1175
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....law in sustaining addition of unexplained cash credit amounting to Rs. 24,80,000/- by invoking provisions of Income Tax Act, 1961 as unexplained income. 2. The ld. CIT(A) erred in fact and in law in sustaining addition of Rs. 24,80,000/- as unexplained cash credit and decided the appeal without giving the opportunity, where the appellant requested at the time of submission on dated 01/09/2022 that it is a partial submission but ld. CIT(A) decided the appeal which is breach of principle of natural justice. 3. Appellant craves leave to add, alter and/or amount all or any of the ground before the final hearing of the appeal." 2. Brief facts of the case are that the assessee is Hindu Undivided Family (HUF), filed its return of income for A....
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....3/2015 Cash deposited 9,80,000 02/04/2015 Cheque transfer 9,80,000 The assessee also made withdrawals in the following manner: Sr. No. Date Description Withdrawal 1. 30/08/2014 Cash withdrawal 10 ,00,000 2 30/09/2014 Self-withdrawal 9,52,000 3. 24/12/2014 Self-withdrawal 12,80,000 4. 10/02/2015 Self-withdrawal 5,00,000 On the basis of aforesaid summary, the Assessing officer was of the view that there was no cash withdrawal prior to deposit of Rs. 10.00 lacs on 28/08/2014. Further the details shown in the above tables clearly establishes that the cash was deposited from withdrawal is baseless. Thus, the assessee has no cash in hand for deposit as claimed. Therefore, the contention of assess....
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.... similar submission as made before the Assessing Officer. The assessee reiterated that the cash withdrawal was more than the cash deposit. The ld. CIT(A) confirmed the action of Assessing Officer by taking a view that the assessee has not furnished the bank statement nor the source of details of cash deposit. In absence of such evidence, summary prepaid by assessee about cash flow statement cannot be relied and confirmed the action of Assessing Officer. Further aggrieved, the assessee has filed present appeal before this Tribunal. 4. I have heard the submissions of learned Authorised Representative (ld. AR) for the assessee and the learned Senior Departmental Representative (ld. Sr. DR) for the revenue and have also perused the orders of t....
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....view that the only source of income shown by the assessee is agriculture income , which may have been used for house hold purpose. The assessee failed to give any satisfactory explanation and evidence of cash deposit, so cash deposit of Rs. 24.80 lacs was treated as unexplained income. The ld CIT(A) confirmed the addition by holding that source of cash deposit is not explained. Further cash flow summary cannot be relied as the assessee has not furnished the source of cash and cheque deposits. Before me, the ld AR for the assessee except contending that the assessee has sufficient cash balance for making deposit in bank, has not explained the real source of cash and cheque deposits. I find that the assessing officer in his summary has clearl....