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TMI Blog2015 (10) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... imbatore had filed an affidavit stating that the delay has occurred due to the non-availability of assessment records and therefore it was pleaded that the delay may be condoned. On perusing the affidavit of The Ld. ACIT, we hereby condone the delay of six days in filling the appeal by the Revenue. 3. The Revenue has raised five elaborate grounds in its appeal; however, the crux of the issue is that:- i) The Ld. CIT (A) has erred in deleting the unexplained cash credits u/s.68 of the Act aggregating '25,53,000/- being the deposits in his savings bank account. ii) The Ld. CIT(A) ought to have considered that the advance payment as per the Agreement document was only '5 lakhs and not '30 lakhs as claimed by the assessee. 4. The brief fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hentically relied upon. iv) The assessee had not submitted any proof in the form of cash book for having received the cash and to substantiate his cash in hand. For the above said reasons, the Ld. Assessing Officer added the sum of '25,53,000/- as the income of the assessee as unexplained cash deposited in the SB Account. 6. Before the Ld. CIT (A), the assessee submitted the details of payment made to Shri C.Subramnia Gounder and details of amount withdrawn from his bank account as observed from the order of Ld.CIT(A) para 3 & 4, which is reproduced herein below for reference:- As per affidavit (Lakhs) a 09.04.2008 5 b 11.04.2008 10 c 15.04.2008 5 d 14.06.2008 5 e 28.07.2008 5 Total 30 As per b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt, it is found that an amount of Rs. 2,25,000/- cash was deposited into the Savings Bank Account of HSBC Bank on 22.12.2009. The Authorized Representative explained that there was a cash withdrawal by the appellant on 20.11.2009 from HSBC Bank amounting to Rs. 3,00,000/-. Only some amount of cash was utilized and then on 22.12.2009 an amount of Rs. 2,25,000/- was deposited into the Savings Bank Account with HSBC Bank. The Assessing Officer without bringing any adverse evidence on record has concluded that writings/notings on the agreement regarding advance given and refund of money were written by the same person on the same date. The Assessing Officer ought to have verified the facts through an independent verification by examining Shri C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not materialized the amount was refunded and re-deposited in the bank, however the source of the bank deposit available initially with the assessee has not been established. Unless the source of bank deposit initially available with the assessee is found to be genuine, it cannot be held that the assessee had accounted money in his bank account which was utilized for payment of advance for purchase of land and subsequently returned since the sale has not materialized. Therefore, in the interest of justice we hereby remit the matter back to the file of the Ld. Assessing Officer for denovo consideration.
10. In the result, the appeal of Revenue is allowed for statistical purposes
Order pronounced on 5th August, 2015 at Chennai. X X X X Extracts X X X X X X X X Extracts X X X X
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