TMI Blog2014 (1) TMI 334X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee - The assessee is a professional whose returned income is more than Rs. 18 lakhs - The inference of the Assessing Officer that the amount withdrawn by the assessee from the bank has been utilized for household expenditure or other expenses is without any basis - The total withdrawal by the assessee is more than Rs. 44 lakhs and in the absence of any material to presume that such huge cash withdrawal has been spent by the assessee would be incorrect - Some of the withdrawals are of huge amount, say, Rs. 7,00,000/-, 10,50,000/- (Rs. 4,90,000 + Rs. 5,60,000) - To presume such huge withdrawal was spent by the assessee in the absence of any evidence of its utilization would be a wrong presumption – The Tribunal is of the opinion th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and material on record, devoid of jurisdiction, arbitrary, based on conjectures and surmises, passed without application of mind, without granting proper opportunity to defend." 4. The facts of the case are that the assessee is an individual who derives income from consultancy. For the year under consideration, the assessee filed the return of income declaring total income of Rs. 18,24,060/-. During assessment proceedings, the Assessing Officer noticed that the assessee made cash deposit of Rs. 26,30,000/- in the savings bank account with Axis Bank Limited, Mayur Vihar, New Delhi. He asked the assessee to explain the same. The assessee explained the deposit to be out of opening cash in hand as well as out of cash withdrawal from the bank. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00/- sustained by the learned CIT(A). 5. We have heard the submissions of both the sides and perused the material placed before us. It is submitted by the learned counsel that the assessee has maintained regular books of account and no defect therein has been found by the Assessing Officer. That the assessee has filed the return by electronic mode (i.e. e-filing of return). That in the e-filing of the return, the assessee can furnish the details as prescribed. The assessee cannot submit either any additional information or enclose any paper suo motu. That there is no column in such return with regard to disclosing the assets including the cash in hand. Therefore, the balance sheet is not being filed by the assessee year after year since t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- and the closing cash balance of the year is Rs. 12,50,983/-. The same is duly reflected in the balance sheet ended on 31st March, 2007 and 31st March, 2008 respectively. When in the electronic filing of the return there is no provision for filing of the balance sheet, then non-furnishing of the balance sheet cannot lead to the presumption that there was no cash in hand with the assessee. The assessee is a professional whose returned income is more than Rs. 18 lakhs. In view of the above, we are of the opinion that the assessee's claim that he has an opening cash balance of Rs. 9,13,080/- cannot be disputed. The above opening cash in hand is sufficient to explain the deposit in the bank account on 3rd and 4th April, 2007. Thereafter, admi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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