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2017 (1) TMI 1293 - AT - Income TaxCash credit - source of cash deposited in the bank accounts - Unexplained cash withdrawn - unexpanied payment - Held that:- The assessee has filed a certificate from IDBI Bank contained at page 7 of Paper Book, reproduced earlier, which clearly shows that the amount had been withdrawn in cash of ₹ 6,00,000/- from account of assessee and the cheque was in the name of Shri Rakesh Sharma. Under such circumstances, without further enquiries it could not be inferred that the payment was made to Shri Rakesh Sharma. He was the person who had withdrawn the cash. Many times a cheque is drawn in the name of the person who is sent for withdrawing the cash. The fact whether the amount was towards any payment due from the assessee to Shri Rakesh Sharma or no is not coming out from the records and, therefore, this aspect needs verification by Assessing Officer. The Assessing Officer will also verify the contents of bank’s certificate. Accordingly, the matter is restored on this count to the file of Assessing Officer for verification. As far as the addition out of opening balance is concerned, since the opening balance is from earlier year, therefore, addition cannot be made in the year under consideration. Therefore, the addition to the extent of ₹ 2,05,400/- is deleted. - Decided partly in favour of assessee for statistical purposes.
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