2015 (10) TMI 2845

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.... CIT(A)-XI, Abad upholding the addition of Rs.18.25 lakh as unexplained cash deposits in bank account u/s.68 made by AO is wholly illegal, unlawful and against the principles of natural justice. 1.2 The Ld. CIT(A) has grievously erred in law and or on facts in not considering fully and properly the submissions made and evidence produced by the appellant with regard to the impugned additions. 1.3 The Ld. CIT(A) ought to have allowed the opportunity to the appellant to produce additional evidence by way of cash book etc. instead of rejecting the same on technical grounds. 2.1 The Ld. CIT(A) has grievously erred in law and on facts in confirming that the cash deposits of Rs.18.25 lakh made in bank account with ICICI Bank was unexplain....

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....e authorities below ought not to have made addition on the entire amount. The ld.counsel for the assessee drew our attention towards the bank statement of the ICICI bank to buttress the argument that there are deposits by cash as well as withdrawal by the assessee. The ld.counsel for the assessee submitted that as per this statement, it can be seen that the assessee has withdrawn on 04/08/2007 through ATM a sum of Rs.25,000/- and deposited on 06/08/2007 a sum of Rs.25,000/- Further, the ld.counsel for the assessee submitted that the assessee on 10/08/2007 had withdrawn a sum of Rs.10,000/- and deposited into the bank account of Rs.45,000/- on 11/08/2007. Similarly, on various dates the assessee had withdrawn through ATM and deposited into t....

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....submissions. It is seen that during the assessment proceedings appellant explained that the deposits made by him are from three sources namely, sale proceeds from retail business, unsecured loans and cash withdrawals from the same bank account. However, during the appellate proceedings appellant had relied only on one source i.e. cash withdrawal from the same savings bank account. It is submitted that appellant had withdrawn a sum of Rs.13,30,000/- from the same, savings bank account on various dates. However, perusal of appellant's bank account maintained with ICICI Bank reveals the cash withdrawals of Rs.9,50,040/- only. Many times these cash withdrawals are not before cash deposits and accordingly source of cash deposits cannot be ac....