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2015 (10) TMI 239 - ITAT CHENNAI

2015 (10) TMI 239 - ITAT CHENNAI - TMI - Unexplained cash credits u/s.68 - unexplained deposits in assessee's savings bank account - CIT(A) deleted the addition - Held that:- From the order of the Ld. CIT (A), it appears that though the facts submitted by the assessee are acceptable, the source of bank deposit that was initially available in the bank account of the assessee has not been established. No doubt it is apparent that the assessee had withdrawn the money from his bank account and paid .....

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eturned 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. - Decided in favour of revenue for statistical purposes - I.T.A.No.1969/Mds. /2014 - Dated:- 5-8-2015 - SHRI N.R.S.GANESAN AND SHRI A.MOHAN ALANKAMONY, JJ. For The Appellant : Mr.P.Radhakrishnan,JCIT,D.R For The Respondent : Mr.S.Sridhar,Advocate ORDER PER A.MOHAN ALANKAMONY , ACCOUNTANT MEMBER: This appeal is filed .....

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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 cla .....

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n 31.03.2008 as unexplained cash credit u/s.68 sic., unexplained investments U/s.69 of the Act. 5. The assessee had explained before the Ld. Assessing Officer that he had advanced cash to Shri C.Subramnia Gounder on various dates which were withdrawn from his bank account and from the cash balance available with him for purchase of land. Since the sale could not materialize the advanced money was refunded and the same was re-deposited in his HSBC SB Account No.5120421106125547. In order to subst .....

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le agreement which cannot be authentically 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 hi .....

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as under:- 6. As seen from the folder of the Assessing Officer for the Asst. Year 2008-09, the cash flow and bank statement submitted before the Assessing Officer were submitted before the me and the balance of ₹ 25,02,522/- was lying in the Savings Bank Account of HSBC Bank Ltd as on 31.03.2008. The withdrawal from the bank (Savings Bank A/c of HSBC) was ₹ 25 lakhs and further a sum of ₹ 5 Lakhs was made out of the cash balance on 28.07.2008. The total advance payment was S .....

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5 Lakhs was made on 09.04.2008 and it was only the initial payment. Further advance was made which were duly endorsed on the reverse side of the stamp paper side of the agreement. On examination of the details furnished by the appellant, it is found that an amount of ₹ 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  .....

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ubramania Gounder. The confirmation letter from Shri C. Subramania Gounder was submitted before the Assessing Officer during the course of assessment proceedings. Without verifying the facts and making any enquiries, the Assessing Officer concluded that the authenticity of payments could not be proved by the appellant and he disbelieved the agreement copy. The appellant has submitted the required evidence before the Assessing Officer. The Assessing Officer without making proper verification cann .....

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