TMI Blog2014 (4) TMI 708X X X X Extracts X X X X X X X X Extracts X X X X ..... ce he would not keep the money idle. The time gap between the cash withdrawal and the date of search was only two full days, thus, it may not be correct to reject the explanations furnished by the assessee without bringing any material on record to contradict the same - the explanation of the assessee about the sources of the cash found during the course of search have to be examined on the basis of evidences and explanations furnished by the assessee - There is no material to show that the money so withdrawn was spent away or utilized for any other purpose - assessee has explained the sources of the cash found at his residence at the time of search – thus, no addition is warranted and the order of the CIT(A) set aside – Decided in favou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he view that the assessee has failed to establish the nexus between the cash withdrawn from the bank and the cash found at the residence. Accordingly, he assessed the sum of Rs.6,31,100/- as income relating to unexplained cash in the hands of the assessee. 4. In the appeal proceedings, the Ld. CIT(A) confirmed the addition with the following observations : 7. I have gone through the facts of the case. The bank a/c copy filed shows withdrawal of Rs.7,00,000/- on 17.8.2009 with narration self and search and seizure operation took place on 20.8.2009. From the bank account statement, it is noticed that the appellant had deposited Rs.3,03,84,397/- on 14.8.2009 by cheque clearing and he has been withdrawing huge amounts in favour of Boll ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er submitted that the assessee has furnished evidence showing withdrawal of cash from bank just two days prior to the date of search and accordingly explained the source of cash found during the course of search. He further submitted that the revenue did not bring any material on record to show that the amount so withdrawn was spent away or utilized by the assessee for some other purpose. The Ld A.R placed strong reliance on the decision of Jabalpur bench of Tribunal in the case of DCIT Vs. Vishwanath Prasad Gupta (2011) (130 ITD 73) and submitted that the impugned addition should not have been made, since the assessee has explained the sources of the cash found during the course of search. 6. We find force in the arguments advanced by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring the course of search, has stated that the cash balance available in the residence will be less than one lakh. The contention of the Ld A.R is that the assessee gave the said statement out of memory and the same is not based on any material. In our view, the explanation of the assessee about the sources of the cash found during the course of search have to be examined on the basis of evidences and explanations furnished by the assessee. In the instant case, the assessee has explained the source of cash as the amount withdrawn from the bank, just two days prior to the date of search. There is no material to show that the money so withdrawn was spent away or utilized for any other purpose. Under these circumstances, we are of the view tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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