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2017 (2) TMI 1179 - AT - Income TaxUnexplained cash deposit in the bank account - Held that:- In the present case there is no doubt about the identity of the person who has given a gift of ₹ 1720000/– to the assessee but the creditworthiness of the mother of the assessee and genuineness of the transaction is not established by the assessee. Furthermore, as per the statement of the assessee. Thus, total sale price of the jewellery allegedly sold by his mother for assessment year 2007 – 08 is ₹ 17,20,000/- then neither the Ld. CIT appeal nor the assessing officer has examined the wealth tax aspect in the hands of the mother of the assessee. This is also required to be examined specifically with respect to the fact that assessee is a salaried employee and drawing a meager salary of ₹ 110000/-and has entered into a transaction of depositing and withdrawal in cash from his bank account and receiving used gift from his mother. Moreover with respect to deposit of cash in the bank account out of withdrawal in cash in past, in absence of verification of cash book along with reasons of withdrawal and holding cash on hand in the hands of salaried person, these facts are required to be brought on record. Thus in the interest of justice we set aside the order of the Ld. CIT appeal and restore the matter back to the file of the Ld. assessing officer to examine the cash deposited by the assessee by withdrawing in cash with the cash book with reasons for such huge withdrawal and deposits and also the fact of sale of gold by the mother of the assessee to the private parties by examining those private parties with respect to the date of sale, quantity of gold sold, rates at which it is sold as well as the fact of cash payment made by them.
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