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2013 (6) TMI 522 - ITAT AHMEDABADUnexplained investment - cash deposited in bank - Held that:- As from the bank statements & cash flow statements prepared by the assessee, there was a pattern of regular withdrawals in round figures on several occasions. There were huge withdrawals such as, a sum of Rs.1,80,000/- on 29/05/2007, Rs.1 lac on 6/09/2007, Rs.2 lacs on 25/10/2007, then Rs.70,000/- and Rs.1 lac in the month of December-2007. If those withdrawals have not been found utilized by the assessee towards investments, then naturally those were available with the assessee to be used or redeposited in the bank as per his desire/sweet will. The AO conclusion that it was not humanly possible and against the human tendency was merely a supposition and such a presumption has no cogent legal basis. If the Revenue Department has not established that the cash available with the assessee was not utilized elsewhere, then on the basis of the preponderance of probabilities, it can be assumed that that very cash was redeposited in the bank - in favour of the assessee that the cash to the extent of Rs.17,17,794/- available as on 31/03/2008 was redeposited. But still, there was a slight gap in the cash deposit made during the financial year 2008-09 to the extent of Rs.18,85,945/- That gap of Rs.1,68,151/- remained unexplained. Addition as income from undisclosed sources - Long term capital gain on sale of jewellery - Held that:- Statement of wealth relevant for AY 1988-89 wherein there was a disclosure of jewellery and ornaments as per Valuer's Report of Rs.1,01,275/-. Further, there was a disclosure of ornament of 298 grams and the value of the same at that assessment year was disclosed at Rs.88,893/-. The mention of the gold ornaments was also made in the balance-sheets furnished before the Revenue Authorities as evidenced by few letters placed on record. Thus if the AO has disbelieved the explanation of the assessee, then he should have made enquiries with the said jeweller instead of presuming that the sales bills were simply arranged by the assessee. The AO has also not denied the fact that in the past the jewellery was actually disclosed in the wealth tax return, thus hereby direct to compute the capital gain on sale of gold ornaments and tax in the hands of the assessee - in favour of assessee.
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