TaxTMI 
TaxTMI 
2024 (11) TMI 1366
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.... concerned bank u/s 133(6). On the basis of entries found in bank-statement, the AO made addition of Rs. 2,47,881/- on account of salary income and addition of Rs. 11,61,000/- on account of unexplained deposits in bank a/c and thereby completed assessment u/s 147/144 determining total income at Rs. 14,08,880/-. Aggrieved, the assessee carried matter in first-appeal whereupon the CIT(A) granted a part-relief of Rs. 22,748/- in the matter of addition of Rs. 2,47,881/- made by AO on account of salary income and thereby upheld remaining addition of Rs. 2,25,133/-. Further, the CIT(A) upheld fully the addition of Rs. 11,61,000/- made by AO on account of unexplained deposits in bank. Now, the assessee has come in this appeal before us. 3. The assessee has raised following grounds: 1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in confirming the addition of Rs. 2,25,133/- on account of salary out of total addition of Rs. 2,47,881/- made to the income of the assessee. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in upholding the action of the AO in making an addition of Rs. 11,61,603/- to t....
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....flow of cash, had continue to keep cash in hand of Rs. 3,40,000/- as calculated in the submission made during the appellate proceedings. Apart from all the factual details against the appellant, the appellant also had not complied to any of the notices before the AO. Further, the natural disaster etc. of submergence of the Narmada River Basin, in my opinion, cannot be the due explanation for the sudden cash deposit after 38 years and not the gradual deposits from year to, year of Rs. 11,61,000/- in the bank account. I, therefore, hold that the AO had correctly passed the assessment order u/s 144 r.w.s. 147 of the Act following all the provisions of the Act and so also rightly added the amount of Rs. 11,61,000/- on account of undisclosed cash deposits as unexplained investment in bank u/s 69 of the Act. No interference in AO's order is called for. The addition made of Rs. 11,61,000/- is therefore confirmed." 7. Thus, before CIT(A), the assessee filed a cash flow statement showing opening cash balance of Rs. 3,80,000/- as on 01.04.2010 and the deposits/withdrawals made into/from bank during the financial year 2010- 11 to show that there was no shortage of cash at any point of time....
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....once opening balance of Rs. 3,80,000/- and the deposits and withdrawals made during the financial year 2010-11 as shown in 1st statement are considered, there remains no shortage of cash. Hence, the entire addition made by AO purely on the basis of deposits without having regard to the funds available with assessee, is not tenable and deserves to be quashed. 10. Ld. DR for revenue though dutifully supported the order of AO yet fairly agreed to leave the matter for the wisdom of bench while expressing that the assessee is aged about 75 years and a retired person from Govt. service. 11. We have considered submissions of both sides and perused the documents to which our attention has been drawn. Admittedly, the AO has made impugned addition of Rs. 11,61,000/- by just aggregating various credit/deposits made by assessee throughout the financial year 2010-11 in bank a/c. On perusal of bank statement, we find that the assessee has made frequent deposits in bank a/c and it is not a case of one time sudden deposit. Further, the assessee has also made frequent cash withdrawals from the very same bank a/c. Therefore, looking at the pattern of deposits and withdrawals, the assessee shou....
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.... 25/08/2010 BOI 980810100009988 23000.00 219000.00 01/09/2010 BOI 980810100009988 5000.00 224000.00 01/09/2010 BOI 980810100009988 15000.00 239000.00 23/09/2010 BOI 980810100009988 32000.00 207000.00 13/10/2010 BOI 980810100009988 32000.00 177000.00 18/10/2010 BOI 980810100009988 32000.00 147000.00 19/10/2010 BOI 980810100009988 35000.00 182000.00 21/10/2010 BOI 980810100009988 5000.00 187000.00 26/10/2010 BOI 980810100009988 200000.00 387000.00 29/10/2010 BOI 980810100009988 20000.00 367000.00 02/11/2010 BOI 980810100009988 26000.00 393000.00 09/11/2010 BOI 980810100009988 10000.00 403000.00 13/11/2010 BOI 980810100009988 7000.00 410000.00 19/11/2010 BOI 980810100009988 235000.00 175000.00 24/11/2010 BOI 980810100009988 27000.00 148000.00 30/11/2010 BOI 980810100009988 5000.00 153000.00 02/12/2010 BOI 980810100009988 7000.00 ....