TMI Blog2015 (1) TMI 1211X X X X Extracts X X X X X X X X Extracts X X X X ..... hdrawn by the assessee was exhausted or utilized for other purposes and the deposits were made out of undisclosed sources. In the light of these facts, we are of the considered opinion that the assessee has properly explained the source of deposits in the bank, which was properly appreciated by the ld. CIT(A). Accordingly, we find no infirmity in the order of the ld. CIT(A) and we confirm the same. - Decided against revenue. - ITA No. 374/LKW/2013 - - - Dated:- 23-1-2015 - SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI. A. K. GARODIA, ACCOUNTANT MEMBER For the Appellant by: Shri. P. K. Dey, D.R. For the Respondent by: Shri. K. R. Rastogi, C.A. O R D E R PER SUNIL KUMAR YADAV: This appeal is preferred by the Reve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment order, submissions made by the appellant, bank statements and cash flow statement submitted by the appellant. I find that the cash flow statement properly explains the sources of cash deposits in the bank accounts of the assessee at Citibank and Standard Chartered Bank. From the cash flow statement submitted by the appellant, the opening balance, cash inflow, cash out flow and closing balance on the day when the impugned cash deposits have been made have been culled out, which are as follows: Date Opening Balance Cash inflow Cash out flow on account of alleged unexplained deposits in the bank account Closing balance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment clearly reflects that the assessee had sufficient cash in hand to deposit the same in the bank. I also find that even after incorporating the house hold withdrawals there is always positive cash balance in cash flow statement. I also find it implausible that only the deposits mentioned in AIR information have been added by the AO where as there are a number of other cash deposits in the bank accounts which have been treated as explained on the basis of the same cash flow statement. I also agree with the appellant that the onus to prove the source of the money deposited has been fully discharged by the AO through submission of cash inflow and outflow statement as availability of cash is clearly shown in statement. The nexus between the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee has demonstrated through cash flow statement that at every point of time when even cash was deposited in the bank, the assessee was having sufficient cash balance. Copy of the cash flow statement is also placed on record. Once the assessee has discharged his onus by placing cash flow statements, the onus shifts upon the Revenue to demonstrate that the cash withdrawn by the assessee was consumed or utilized for his own purposes and deposits were made out of undisclosed sources. In the absence of any evidence in this regard, the contention of the assessee should be accepted. 5. Having carefully examined the orders of the lower authorities in the light of the rival submissions, we find that the Assessing Officer has made addition on t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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