TaxTMI 
TaxTMI 
TaxTMI 
2025 (8) TMI 943
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....8,800/- as the AO established in his order. 2. During the FY 2013-14, total cash deposit into bank was Rs. 20,63,300/- & total cash withdrawals from bank was Rs. 19,87,650/- this means assessee had deposited the same cash which was earlier withdrawn from bank. But CIT (Appeals) allows only Rs. 3,10,000/- as cash withdrawn. 3. CIT(Appeals) had allowed a cash balance of only Rs. 2,00,000/- out of the previous years savings which seems very much on lower side booking to the status of the assessee. Also assessee is a regular tax payer since last 10 years. 2. The brief facts of the case are that the assessee has not filed his return of income for AY 2014-15 despite having huge transactions. On the basis of information collected by the AO, i....
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....ation/details. Since no response was made by the assessee, the AO completed the assessment under section 144 of the IT Act, 1961 by making an addition of Rs. 1,09,28,800/- as assessed total income of the assessee. Aggrieved by the order of AO, the assessee preferred appeal before the ld. CIT (Appeals). The ld. CIT (Appeals) considering the submissions of the assessee, partly allowed the appeal of the assessee. Now, being aggrieved by the order of ld. CIT(A), the assessee has come in appeal before us. 3. Before us, none appeared on behalf of the assessee. The ld. A/R sent his written submission and requested to consider the same, which are reproduced as under :- "Assessee had filed an appeal with the CIT (Appeals) being aggrieved by the o....
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....10.09.13 2500 10.02.14 910000 24.09.13 6450 11.02.24 755000 01.10.13 7000 28.02.14 38000 05.10.13 20500 2063300 07.10.13 272000 12.10.13 10000 14.10.13 10000 16.10.13 57000 18.10.13 4000 01.11.13 2000 04.11.13 6000 11.11.13 8000 18.11.13 3000 19.11.13 2000 19.12.13 15000 20.12.13 2000 26.12.13 4000 30.12.13 2000 17.01.14 2000 24.01.14 52500 27.01.14 8000 29.01.14 2000 01.02.14 2000 19.02.14 4000 28.02.14 1378000 1980850 This is quite apparent from the above details, that assessee has deposited a sum of Rs. 20,63,300/- while withdrawn Rs. 19,80,850/-. Opening cash in hand in his books of accounts was Rs. 9,04,558.00. Cash flow appears to be as under :- Openin....
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....idered in this regard. The relevant part is reproduced as under for your kind reference : (page no. 4 &5): " I am not able to understand from which & what unknown sources, AO came to the conclusion that I had deposited a sum of Rs. 1,09,28,800. My bank statement is attached herewith for your verification. I deposited only Rs. 20,63,300 & that too out of my earlier withdrawals & savings. Please assess & allow the appeal." (Copy of bank statement of A/c No. 16701587087 of ICICI Main Branch, Jodhpur was also furnished.) Decision: I have given my careful consideration to the rival submissions, perused the material on record, and duly considered the factual matrix of the case as well as the applicable legal position for arriving at the f....
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.... Further, it will be reasonable to give an allowance of Rs. 2,00,000 for past savings. Thus, the amount of cash deposit of Rs. 5,10,000 is considered as explained, being out of cash withdrawals and past savings. Accordingly, the addition will be restricted to Rs. 15,53,300. The grounds of appeal are Partly Allowed. Submission From the above decision, it is evident that despite the appellant's assertion that the total cash deposits amounted to Rs. 20,63,300/-, the AO's findings highlighted discrepancies that the assessee has not declared in the ITR and remained non-complaint throughout the proceedings. C. The following is the submission that may be considered in favour of revenue on account of cash deposits. a. Lack of Filing....
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....e ld. D/R and perused the written submissions of both the parties. All the grounds involved relate to same issue, therefore, the same are being disposed off accordingly. The ld. A/R of the assessee has submitted through written submission that during the year under consideration the assessee has deposited Rs. 20,63,300/- in his bank account maintained with ICICI and has withdrawn a sum of Rs. 19,80,850/- from the same bank account. The ld. A/R has further submitted that as per books of account of the assessee, the appellant assessee was having cash balance of Rs. 9,04,558/- as on 01.04.2013. The ld. A/R has submitted a summary of cash account for the year under consideration which shows that the assessee was having Rs. 9,04,558/- as opening....