TMI Blog2004 (5) TMI 281X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act though the sources of the investments were duly recorded in the books of accounts maintained. The addition be deleted. 3. The assessee denies his liability to pay interest under s. 234A, 234B and 234C of the Act and the same be deleted from the assessment. 4. The appellant craves to leave, add/amend or alter any of the above grounds of appeal. 3. Ground No. 1: The ground No. 1 relating to the addition of Rs. 25,000 made by the AO and sustained by the CIT(A) was not pressed by the learned Authorised Representative of the assessee. It is accordingly rejected as not pressed. 4. Ground No. 2: The facts in brief are that the assessee deals in gold and silver ornaments and a survey was conducted at the business premises of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t July, 1999 to 27th Oct., 1999 as under: Date of Withdrawal Amount (Rs.) 1-7-1999 21,000 28-7-1999 58,000 13-8-1999 87,000 4-9-1999 97,000 11-9-1999 89,500 27-9-1999 97,500 1-10-1999 65,000 18-10-1999 85,000 27-10-1999 75,000 Total 6,73,000 8. The explanation given by the assessee was rejected by the AO for the reasons given in para 13.1 of the assessment as under: (i) the cash credits are explained as out of Tijori account but no such Tijori account was maintained by the assessee either in the past or in future; (ii) assessee s Tijori account is in the form of p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nted the periodical withdrawals made between the periods from 1st July, 1999 to 27th Oct., 1999 as noted above. The appellant has not given any reason for the periodical withdrawals of the various amounts and the purposes for which the said amounts were withdrawn ranging from Rs. 21,000 to Rs. 97,500. If these amounts were withdrawn from the cash book and debited to the so-called Tijori account and not spent must have been available with the appellant much before he started redepositing such withdrawals in his books of account. This has not been done, but the redeposits were made periodically ranging from Rs. 3,000 to Rs. 85,000 over a period of one-and-half months, that too after the series of withdrawals were stopped. Such withdrawals a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the withdrawals made more than 3 or 4 months prior to the deposit could not be considered to be available with the appellant for redeposit in absence of any plausible explanation. Under the circumstances, I hold that the AO was justified for the reasons mentioned in the assessment order in coming to the conclusion that the cash credited/deposited in the books of account of the appellant on various dates between 6th Nov., 1999 and 24th Dec., 1999 could not be considered to have been available from the periodical withdrawals made from July, 1999 to October, 1999. The onus cast under s. 68/69 of the IT Act, 1961, has not, therefore, been discharged by the appellant and accordingly, the addition of Rs. 6,73,000 is sustained and the ground of ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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