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DCIT Versus Sri Nikhil Nanda,

2015 (6) TMI 232 - ITAT DELHI

Addition on cash deposits in bank account - CIT(A) deleted the addition - Held that:- CIT(A) has followed the orders of the ITAT in the case of ACIT vs. Baldev Raj Charla [2008 (12) TMI 241 - ITAT DELHI-C] and Moongipa Investment Ltd. vs. ITO [2011 (8) TMI 1067 - ITAT DELHI] and deleted the addition in dispute wherein 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 th .....

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e ITAT orders in the case of ACIT vs. Baldev Raj Charla and Moongipa Investment Ltd. vs. ITO [supra]. Hence, the question of providing an opportunity to rebut as per the provision of Rule 46A is concerned, does not arise and as such is dismissed - Decided in favour of assesse. - I.T.A.No.3644/Del/2013 - Dated:- 18-3-2015 - Shri H.S. Sidhu And Shri T.S. Kapoor JJ. For the Appellant : Sh. P. DAM. Kanunjna, Sr. DR For the Respondent : S h. V.K. Aggarwal, A.R. ORDER Per H.S. Sidhu : JM The Revenue .....

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(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 rais .....

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ldev Raj Charla, 121 TTJ (Del) 366 and Moongipa Investment Ltd. vs. ITO in ITA No. 2605/Del/2007, hence, he requested the order of the Ld. CIT(A) may be upheld. In support of his contention he also filed a Paper Book containing pages 1 to 33 having the copies of the written submissions dated 26.2.13 and 14.3.2013 filed before the CIT(A); ledger account of personal drawings; summary of drawings; details of cash deposits and withdrawals from the bank; copies of bank accounts; written submissions d .....

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No. 2605/Del/2007 and deleted the addition in dispute. We find that the Ld. CIT(A) in the asstt. year in dispute i.e. 2009-10 has adjudicated 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 fo .....

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sits and therefore were being added to the appellant's income. The only reason discussed by the AO in the assessment order is that while the appellant had made major withdrawals in the month of January, 2008, the deposits were made in the month of June, 2008 and, upto March, 2008 and no satisfactory reason could be given by the appellant as to why such huge amount were kept at home. In view of the above, the AO has held that the cash deposits were unexplained. Perusal of the submissions of t .....

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lacs on 26.11.2008, ₹ 6.50 lacs on 17.12.2008 & ₹ 2 lacs on 01.01.2009 against which cash deposits had been made in the banks as under: 1. 23.12.2008 7,96,500/- 2. 24.12.2008 3,00,000/- 3. 30.12.2008 10,000/- 4. 30.03.2009 6,00,000/- Total 17,06,500/- The above facts show that the appellant withdrew ₹ 71,00,000/- from the bank account between 01.02.2008 & 15.03.2008 and deposited' and amount of ₹ 56,98,800/- between 24.06.2008 and 15.07.2008. It is also obser .....

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ce 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 appellant show that the appellant had substantial withdrawals, besides the above mentioned withdrawals of ₹ 94,70,000/-, which were utilized for household expenses. The only contention of the AO is that there was no justification for keeping the cash at home and there was a time gap between the withdrawals and deposits does not hold good in view o .....

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, 1997, ₹ 26,000 and on 7th Nov., 1997, ₹ 52,000 there were sufficient cash withdrawals from AWl and from SBL Mayapuri, but this addition has been confirmed by learned CIT(A) on the basis that there is time gap between the assessee's withdrawals from his own partnership Mls AWI or from his own bank. There is finding recorded by the learned AO or by learned CIT (A) that apart from depositing these cash into bank as explained by the assessee, there was any other user by the assesse .....

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, 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 Investment Ltd. vs. ITO in ITA no. 260SIDe1l2007 after placing reliance .....

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