TMI Blog2014 (6) TMI 209X X X X Extracts X X X X X X X X Extracts X X X X ..... ntries in the same bank account – the order of the CIT(A) is upheld - Decided against Revenue. Deletion of unexplained credit in bank account – Held that:- The assessee tendered an explanation to the effect that he received a sum of Rs. 10 lakh against the tentative purchase of property from Shri Ram Karan Garg - the assessee gave explanation about the source of deposit along with complete particulars of the party issuing cheque, there remains nothing with the Revenue to make any addition on this account, more so, when the explanation so given by the assessee has not been faulted with – thus, the order of the CIT(A) is upheld - Decided against Revenue. Estimated addition of Dhaba income – Held that:- The assessee filed his return decl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k amounting to Rs. 12,88,630/- and a cheque deposit for a sum of Rs. 1,46,800/-, totaling Rs. 14,35,430/- and added the same to the total income of the assessee. During the course of first appellate proceedings, the assessee submitted various details and also a cash flow statement in this regard with a request to admit them as additional evidence under Rule 46A of IT Rules 1962. It was explained that the assessee was a primary educated person who did not have knowledge of legal issues. It was also stated that the accountant engaged by him kept the books of account etc. with him because he was not paid fee in time. Since the assessment was made u/s 144 of the Act, the assessee requested for the admission of such additional evidence. The ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e at Rs. 41,500/-. The position which, therefore, emerges is that the assessee furnished explanation about the debits and credits in his bank account which explanation has not been disputed by the Assessing Officer. Neither the assessee was called upon to produce the persons from whom such cash was received or paid, nor the Assessing Officer proceeded at his own to verify the veracity of the assessee s explanation. Once an explanation about the source of a deposit is given, which is not rejected by the Assessing Officer with some cogent material, then the presumption is that such explanation stood accepted. It is not open to the A.O to discard such the explanation without showing any infirmity therein. Adverting to the facts of the instant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k account. Since, the transaction could not materialize, the amount advanced by Shri Ram Karan Garg was refunded to him. In the remand report the Assessing Officer submitted that this transaction was in contravention of the provisions of Sec. 269SS of the Act. Be that as it may, we are currently concerned with the assessment proceedings in which the addition was made towards unexplained deposit in the bank account. Since, the assessee gave explanation about the source of deposit along with complete particulars of the party issuing cheque, in our considered opinion, there remains nothing with the Revenue to make any addition on this account, more so, when the explanation so given by the assessee has not been faulted with. We, therefore, appr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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