TaxTMI 
TaxTMI 
2018 (8) TMI 2117
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.... Income from Capital Gains. The Assessee filed return of income for AY 2014-15 declaring total income of Rs.3,00,18,930/-. In the course of assessment proceedings, the AO noticed that there were cash deposits in the Bank A/c. No.2476101000898 maintained by the Assessee with Canara Bank. There were also withdrawals of cash from the very same bank account by the Assessee. The details of the deposit and withdrawal in the bank account was as follows:- 3. The AO called upon the Assessee to explain the source of funds out of which the cash deposits were made by the Assessee in his bank account. The Assessee explained the source of funds for cash deposits as from and out of the withdrawals made from the very same bank account. The total of the ca....
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.... 4. On appeal by the Assessee, the CIT(A) confirmed the order of the AO. The following were the reasons given by the CIT(A) for confirming the order of the AO:- 4.4 The appellant has tried to explain the cash deposits by means of cash flow statement for FY 2013-14, however the same also does not retied the true state of affairs. The cash flow statement shows that huge cash is being withdrawn continuously during period 08.04.2013 to 17.09.2013 (these withdrawals are in addition to the withdrawal of Rs.30,000/- per month being made from the hank account and shown as personal drawings) and then the same is being deposited during period 03.10.2013 to 28.02.2014. Here the issue is why a person would keep on withdrawing money from its bank acc....
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....sp; 403,181 2.5.13 Personal Drawings 30,000 373,181 2.5.13 Cash Drawn 385295 400,000 773,181 2.5.13 Cash Drawn 385296 300,090 1,073,181 3.5.13 Cash Drawn 394581 500,000 1,573,181 4.5.13 Cash Drawn 394582 500,000 2,073,181 7.5.13 Cash Drawn 394585 25,000 2,098,181 18.5.13 Cash Deposited 150,000 1,948,181 1.6.13 Personal Drawings 30,000 1,918,181 2.7.13 Personal Drawings 30,000 1,888,181 1.8.13 Personal Drawings 30,000 1,858,181 19.8.13 Cash Drawn 396168 200,000 2,058,181 31.8.13 Cash Drawn 396169 200,000 2,258,181 2.9.13 Personal Drawings &nb....
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....22 29.3.14 Cash Drawn 552030 11,100 46,622 30.3.14 Personal Drawings 20,000 26,622 31.3.14 Closing Balance 26,622 Total 2,864,281 2,864,281 6. We have heard the submission of the learned counsel for the Assessee and the learned DR. The learned counsel for the Assessee reiterated plea of the Assessee as put forth before the AO and CIT(A). The learned DR relied on the order of the CIT(A). 7. We have carefully considered the rival submissions. It is seen that the cash deposits in the bank account are preceded by withdrawal from the very same bank account. The cash flow statement filed by the Assessee explaining availability of cash on the various dates of ....