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2013 (6) TMI 623 - AT - Income TaxUnexplained cash credit - cash deposits could not be considered out of the sale proceeds of agricultural land because of time gap between the withdrawals from the bank account with Gurgaon Gramin Bank and deposits in the bank account with Punjab National Bank - CIT(A) deleted the addition - Held that:- It is not disputed that the sale proceeds of the agricultural land were deposited in Gurgaon, Gramin Bank, Account No. 3136 and this amount was withdrawn from the account from 11/12/2008 to 20/12/2008. In the cash flow statement reproduced these entries have been shown as cash received from bank account no. 3136 between 11/12/2008 to 20/12/2008. The amount was deposited in PNB account no. 3415 from 22/01/2009 to 18/03/2009. These amounts are also reflected in the cash flow statements which are in conformity with the information obtained from PNB by issuing notice u/s 133(6) by AO. Therefore, the cash flow statement submitted by assessee was rightly not treated as additional evidence by CIT(A) because the primary evidence in the form of bank statement had already been submitted by assessee before the AO. Therefore, do not find any merit in the submission of ld. DR regarding no opportunity being provided to AO by ld. CIT(A). Admittedly, the AO had not pointed out any other investment being made by assessee out of the withdrawals made form Gurgaon, Gramin Bank. Therefore, merely because of the gap of 1 to 3 months between the date of withdrawal and date of deposits, it could not be inferred that the source of deposits in PNB remained unexplained. In favour of assessee.
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