2025 (6) TMI 1758

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....ted the contention of the assessee that assessee was having sufficient cash withdrawal from the bank account but failed to accept the same to the full extent. AO has added Rs. 13,50,000/- as unexplained money only on the assumption/presumption that no man will keep such a huge cash. Even the assessee has explained and produced the books of account and shown the same as opening cash balance as on 01.04.2016. Moreover, AO/CIT(A) also failed to mention that what is the general cash which a prudent man will keep in hand. This addition is based on his assumption/presumption only and without any jurisdiction and therefore, has to be deleted. 2. Later on aggrieved by the assessment order appellant filed an appeal with CIT(A). CIT(A) parti....

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....; 07/09/2016 Withdrawal from SBI 3,00,000       17/09/2016 Withdrawal from SBI 2,500       14/10/2016 Withdrawal from SBI 80,000       15/10/2016 Withdrawal from SBI 2,00,000       09/04/2016 Agricultural Income 1,40,240       05/09/2016 Agricultural Income 1,60,340 Total   28,69,000 Total   28,80,580       Cash Available after Deposit 11,580 4. The year wise opening and closing balance as mentioned by the assessee is given here below:- Financial Year Opening Balance Closing balance 2015-16 ....

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....hest Court of India in order to check the genuineness of the transactions entered into the books of account of the assessee." Therefore CIT(A) has relied upon a judgement of Apex Court which has specifically stated that it is a human tendency who possesses a large amount of cash in hand which deposit the same in sand A/c immediately, once he same to know about that the currencies which he holds/possesses are banned by the prescribed authorities from circulation and that too, he will deposit all the currencies in on a single day as one time deposit and not in piece-meal at different dates. "Human Probability Test" is one of the important tests laid down the highest Court of India in order to check the genuineness of the transactions....

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.... 10. That the AO has ignored the explanations and documents submitted by the assessee and passed the order u/s 143(3) of Income Tax Act, 1961. 11. That on the facts and circumstances of the case and in law, the learned AO has passed order u/s 143(3) of Income Tax Act.1961, which is Bad in Law and against the principles of natural justice. 12. That the learned A.O has erred in not considering actual facts and circumstances of the case and also not considering/appreciating the evidences, supporting details and documents submitted by the appellant. His act is totally based on presumption, assumption, surmises, conjectures and suspicions. 13. That the ld. Assessing officer grossly erred in deliberately ignoring....

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.... The Assessing Officer observed that during the demonetization period, the assessee had deposited cash of Rs. 20,20,000/- in account maintained with SBI Rs. 6,53,000/- maintained with Oriental Bank of Commerce and Rs. 1,96,000/- with Bank of Maharashtra. On being asked about the source of cash deposits, the assessee stated that the cash deposits is from cash withdrawals made during the year and related to the agricultural sales. The assessee submitted the cash book as well. After taking cognizance of the same, the Assessing Officer held that there is no land documents furnished by the assessee. No details of agricultural sale bills were produced and hence the Assessing Officer held that the agricultural income of Rs. 2,75,680/- is bogus and....