2012 (2) TMI 753

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....y allowing appeal of the assessee without appreciating the facts of the case. 2 On. the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in giving relief of Rs. 18,29,261/- by accepting assessee's plea that the same cash was rotated whereas the A.O. has rightly made addition on account of unexplained cash credits in assessee's bank account. 3. On the facts and circumstances of the case the CIT(A) has erred in holding that the assessee was entitled to exemption u/s 11 of the IT Act in view of the facts that the assessee was not maintaining separate books of account as required by section 11 (4A)of the I.T. Act, 1961. 4. It is prayed that the order of the Ld. CIT (A) be set asi....

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....,00,000/- 14.12.2007 5,00,000/- 15.12.2007 1,00,000/- 14.1.2008 7,00,000/- 15.2.2008 35,000/- 6. The Assessing Officer added the entire amount of Rs. 24,04,700/- to the income of the assessee as 'income from undisclosed sources'. 7. Aggrieved by the order of Assessing Officer, the assessee carried the matter in appeal before the CIT(A). Before the CIT(A), the assessee took the following line of arguments:- (i) that the assessee wanted to visit a real sister in USA. For providing visa, the US Embassy required that her bank account should have some transactions and so the assessee rotated the same cash number of times to show transactions in her bank account; (ii) that the cash was rotated in th....

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....used the materials available on record. Shri Ravi Shankar, Ld. Counsel for the assessee reiterated the submissions made before the lower authorities. On the other hand, Shri Akhilesh Gupta, Ld. DR submitted that assessee being employee with Punjab School Education Board and having only income from salary at Rs. 1,35,974/- during the relevant period, cannot have such huge cash deposits in her bank account No. 12967 from disclosed sources. The assessee was asked to explain the source of these cash deposits but the assessee did not file any satisfactory reply in this regard. He, therefore, submitted that the Assessing Officer was justified in making the addition of Rs. 24,04,700/-. Shri Akhilesh Gupta, Ld. DR However, submitted that order of t....