9911796707
TMI Blog2015 (6) TMI 232X X X X Extracts X X X X X X X X Extracts X X X X ..... first time during appellate proceedings? 2. Whether in the facts and circumstances of the case, the Ld. CIT(A) erred in admitting and accepting the fresh submission of the assessee regarding the explanation of cash transactions without any verification himself and / or without providing the AO any opportunity to rebut as per the provision of Rule 46A? 3. That the order of the Ld. CIT(A) is erroneous and is not tenable on facts and in law. 4. That the grounds of appeal are without prejudice to each other. 5. That the appellant craves leave to add, alter, amend or forgo any ground(s) of the appeal raised above at the time of hearing." 2. The facts narrated by the Revenue are not disputed by both the parties, hence, need not to repeat th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated the issue vide his order dated 22.3.2012 as under:- I have considered the submissions of the appellant, findings of the AO and the facts on record. Perusal of the facts on record shows that AIR information had been received by the AO that the appellant had made cash deposit in the bank. To verify the details of deposits in the Bank Account the AO called for the bank accounts of the appellant. From the statements of the bank deposits it was observed by the AO that the appellant had made cash deposits of Rs. 74,95,500/- in its bank accounts maintained with Indian Bank and Centurion Bank on different dates. The appellant had submitted that the deposits had been made out of the cash withdrawals from its various bank accounts. The AO did n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5.03.2008 and deposited' and amount of Rs. 56,98,800/- between 24.06.2008 and 15.07.2008. It is also observed that the appellant withdrew a further amount of Rs. 23,70,000/- between 25.11.2008 and 01.01.2009 and deposited cash in the bank accounts of Rs. 17,06,500/- between 23.12.2008 and 30.03.2009. The above facts show that the appellant had substantial cash withdrawals from its bank accounts out of which the cash deposits had been made in the bank account. The appellant has submitted that withdrawals had been made in cash since it was interested in purchasing immovable properties, but since the deals did not materialize therefore, the amount was re-deposited in his bank accounts by way of cash. Perusal of the details filed by the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned CIT(A) is not correct. We, therefore, delete the same. This ground of the assessee is allowed." Perusal of the above shows that the Hon'ble IT AT has clearly held that simply because there was a time gap between the cash withdrawal and cash deposits in bank the explanation of the assessee cannot be rejected, unless there is a finding that the amount was used somewhere else. In the instant case also it is observed that there is no finding of by the AO that the cash withdrawals had been used anywhere else by the appellant. Moreover, the appellant has also submitted details from which it can be observed that the appellant had substantial withdrawing for its household expenses. The Hon'ble IT A T Delhi in the case of Moongipa I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. With regard to ground no. 2 regarding the explanation of cash transactions without any verification himself and / or without providing the AO any opportunity to rebut as per the provisions of Rule 46A is concerned. We find that with regard to issue of deletion of addition of Rs. 74,95,500/- raised in Ground No. 1, as aforesaid, is concerned, the Ld. CIT(A) has deleted the addition of Rs. 74,95,500/- made by the AO by following the ITAT orders in the case of ACIT vs. Baldev Raj Charla, 121 TTJ (Del) 366 and Moongipa Investment Ltd. vs. ITO in ITA No. 2605/Del/2007, which we have already confirmed, as aforesaid. Hence, the question of providing an opportunity to rebut as per the provision of Rule 46A is concerned, does not arise and as s ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
