TaxTMI 
TaxTMI 
2023 (5) TMI 1175
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.... "1. The ld. CIT(A) erred on facts and in 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....
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....5 Cash deposited 5,00,000 22/01/2015 Cheque transfer 5,00,000 3. 31/03/2015 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 ta....
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...., the contention of assessee was not accepted and entire cash deposit was added to the income of assessee. 3. Aggrieved by the additions in the assessment order, the assessee filed appeal before the ld. CIT(A). Before the ld. CIT(A), the assessee made 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 fi....
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.... the source of cash deposit, the assessee failed to substantiate such huge cash deposits. 6. I have considered the submissions of both the parties and perused the material available on record. The assessing officer made addition of Rs. 24.80 lacs by taking 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 de....