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2015 (12) TMI 355 - AT - Income TaxUnexplained source of cash deposit in bank and money used for purchase of FDR - Held that:- The surplus of cash withdrawal from bank during financial year 97-98 over cash deposit in bank in that year, amounts to ₹ 13,59,000/- out of cash in hand shown by the assessee as on 01/04/98 at ₹ 14,16,946/-. The difference being excess opening balance of cash in hand as on 01/04/98 over and above extra cash withdrawal from bank during financial year 97-98 ₹ 13.59 Lacs was only ₹ 57,946/-. In our considered opinion, this much cash in hand is very much possible in the beginning of F.Y. 1997 – 98 for a lady who was 63 years old during the relevant time. Since the excess of cash withdrawal over and above cash deposit in the bank during financial year 97-98 is supported by independent evidence being Bank Account, it cannot be said that this cash was not available with the assessee during assessment year 97-98 and therefore, even if the assessee is not in a position to explain the source of such cash in hand or in bank during financial year 97-98, addition may be made as per law in assessment year 98-99 but the same cannot be considered for making any addition in assessment year 99-2000 and the cash in hand shown by the assessee in present year over and above the surplus of cash withdrawal over cash deposit in bank of ₹ 57,946/- deserves to be accepted being cash in hand with this lady of 63 years old at the beginning of F.Y. 1997 – 98 and therefore,no part of addition made by the A.O. and confirmed by CIT(A) including the enhancement by him is sustainable. We, therefore, delete the same. - Decided in favour of assessee.
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