TMI Blog2014 (12) TMI 1183X X X X Extracts X X X X X X X X Extracts X X X X ..... ebuttal by the department, we do not find any reason to deviate from such a the finding recorded by the Ld.CIT(A). Accordingly, the order of the Ld.CIT(A) is affirmed and ground raised by the Revenue is dismissed. - Decided in favour of assessee - ITA No. 6091/Mum/2012 - - - Dated:- 22-12-2014 - SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER For the Assessee: M.P. Makhija S.M. Makhija For the Revenue: Shri Vivek Batra PER AMIT SHUKLA, JM: The aforesaid appeal has been filed by the Revenue against order dated 25.06.2012, passed by the Ld.CIT-II, Thane, for the quantum of assessment passed u/s 143(3) for the A.Y. 2009-10. The only issue raised in the grounds of appeal is that, Ld.CIT(A) has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t back in the bank account. The assessee s explanation and the submissions in this regard have been incorporated at pages 2 to 5 of the assessment order. The assessing officer after examining the assessee submissions and details accepted one deposit of ₹ 1,00,000/- in the bank account, which was directly co-related with the cash withdrawal. However, for the remaining deposits of ₹ 16,60,000/-, he disallowed the same after the analyzing bank account details. 3. Before the Ld.CIT(A), the assessee submitted that the assessee has maintained regular cash book in which all the cash has been fully recorded and there was no negative cash balance in the said cash book. All the cash which has been deposited in the bank account were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A), for each and every deposits examined the availability of cash with the assessee as recorded in the cash book. The relevant finding of the Ld.CIT(A) for each and every cash deposit is reproduced hereunder: 4.4 The first cash deposit in the Bombay Mercantile Co-operative Bank of ₹ 5,00,000/- was made on 29.05.2008, which has been deposited out of the cash available in the cash book on that date. The opening credit balance in the cash book on 29.05.2008 is ₹ 8,18,682/- and out of this an amount of ₹ 5,00,000/- is shown to have been deposited in the Bank. 4.5 Next cash deposit is on 31/07/2008 amounting to ₹ 1,00,000/- in the Bombay Mercantile Co-operative Bank, which again has been deposited out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order to establish the unexplained nature of cash deposits in the bank f account, the AO has to prove the same with some independent enquiries and by placing some evidence on record regarding its unexplained nature. In the instant case, the AO did not make any such inquiries or placed any evidence on record to prove that cash is unexplained. The' appellant on his part has submitted the cash summary for the entire period under consideration and also produced the cash book, which clearly reflects all these bank cash deposit entries in the cash book on respective dates. The appellant has discharged the burden cast upon him under the provisions of section 68 by producing the cash summary and the cash books before the AO. The burden thereaft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period, there appears to be no illegality about such redeposit of cash in the bank as long as the same is through books of accounts. 4.11 In view of the facts and circumstances and judicial pronouncements mentioned above, in my opinion, the action of the AO making an addition of ₹ 16,60,000/- as unexplained cash credits, is not in order and hence the addition made is deleted. Thus the Ld.CIT(A) deleted the said addition in the aforesaid manner. 4. After hearing both the parties and on perusal of the finding given in the impugned orders and the material placed on record before us, we find that the assessee has maintained regular cash book and all its account are audited. The Ld.CIT(A) has analyzed each and every deposits m ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
