TMI Blog2012 (7) TMI 272X X X X Extracts X X X X X X X X Extracts X X X X ..... but the sudden death of Counsel who was acting in this behalf, assessee had no option than to stop the negotiations and redeposit the cash. The cash withdrawal by company at the same time was also accepted, source of cash withdrawal cannot be doubted - accept the assessee’s plea that he had withdrawn the amount earlier also which was redeposited later on - in favour of assessee. - ITA No.3593/M/2011 - - - Dated:- 30-5-2012 - SHRI B. RAMAKOTAIAH, SHRI S.S. GODARA, JJ. Appellant by : Shri A.K. Sharma Respondent by: Shri V.V. Shastri O R D E R PER S.S. GODARA, J.M: The assessee has filed the instant appeal against the impugned order of Ld. CIT (A) dated 28.2.20.11 confirming the addition made by the Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ready for payment to tenants. In support thereof, he filed detailed bank statement of the amounts in question relied by him regarding cash in question withdrawn earlier in last 15 months which was re-deposited (deposit in question). 6. No only this, the assessee also filed documentary evidence i.e. bank accounts of assessment year from 31.3.2006 to 31.3.2007, copies of bank statements as well as confirmation from Property Managers Private Limited (supra). 7. But, the AO did not accept the assessee s explanation. Vide order dated 23,12,2009, the AO held that the assessee had failed to prove as to why such a big amount was kept as cash in hand. Also analyzed the bank statements, additional withdrawals in absence of finalization of bills ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that most of these bearer cheques issued by the appellant are encashed by third persons; therefore, it proves that the payments are made to meet out his current liabilities or obligations. Therefore, the contention of the AR that the amounts withdrawn were kept at his disposal is found incorrect. From the bare facts as discussed above, it can be seen that the appellant is consistently withdrawing cash of comparatively smaller amounts from 12.09.2005 to 08.02.2007 in 26 instances; the source thereof is stated to be primarily out of unsecured loans raised from different sources and thereafter keeping the same in cash for almost a year of its withdrawal has again redeposited the same into his bank account. The explanation of the AR to my consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned AR has vehemently contended before us that the facts narrated by the AO as well as Ld. CIT (A) speak for themselves about the source of the money in question. Reason for the amount s withdrawal. As well as redeposit in question. In support of the plea of withdrawal and redeposit, the learned AR has also placed reliance on bank statements concerned comprised in voluminous paper book before us. 10. Further, the learned AR has argued that the burden on the assessee has been duly discharged by him. Stated that apart from the duly sworn affidavit submitted by the assessee in evidence, rest of the evidence was all documentary in nature. However, per AR, neither the revenue has controverted the said material with some cogent evidence nor i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I further confirm that none of the cheques were issued in favour of any third party or these cheques were either encashed by me personally or through my own staff. I also confirm that the amount withdrawn under these cheques was in my possession and was redeposited as and when required. 12. Since it is necessary for us to take the affidavit on record for appropriate adjudication of the case, accordingly we order that the same would henceforth be read as part of the paper book in the instant case. 13. A bare perusal of the affidavit in question dated 16.4.2012 clearly proves that the cheques in question had been encashed by the assessee himself. To that extent the Ld. CIT (A) finding that the cheques are issued to their party is not cor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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