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2016 (1) TMI 613 - ITAT AHMEDABAD

2016 (1) TMI 613 - ITAT AHMEDABAD - TMI - Addition u/s 68 - Held that:- Issue in the present case is with respect to addition of cash deposits in the bank account. We find that ld. CIT(A) after considering the summary of the cash receipt has noted that the summary starts with opening cash balance of ₹ 3,03,095/- on 1st April, 2007 for which no evidence of it has been placed on record by the Assessee and the claim of having the opening cash balance is also not found acceptable in view of th .....

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these facts, we find no reason to interfere with the order of ld. CIT(A) and thus the ground of Assessee is dismissed. - Decided against assessee. - ITA No: 1134/AHD/2012 - Dated:- 17-11-2015 - SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER For The Appellant : Shri K.N. Bhatt, AR For The Respondent : Shri Dinesh Singh, Sr. D.R. ORDER PER ANIL CHATURVEDI, ACCOUNTANT MEMBER 1. This appeal filed by the Assessee is against the order of CIT(A)-I, Surat dated 30.04.2012 .....

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t ₹ 7,99,150/-. Aggrieved by the order of A.O., Assessee carried the matter before ld. CIT(A) who vide order dated 30.04.2012 granted partial relief to the Assessee. Aggrieved by the aforesaid order of ld. CIT(A), Assessee is now in appeal before us and has raised the following grounds:- 1. In view of the facts and circumstances of the case, the ld. CIT(A) ought to have held that the ld. A.O has erred in law in adding the sum of ₹ 2,38,000/- u/s. 68 and hence, you Appellant most humb .....

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of its source was that it represented amount received as salary and past savings and the amount also included transfer of money from one bank account to the other. The submission of the Assessee was not found acceptable to the A.O and he therefore considered the net cash receipts of ₹ 2,79,097/- as undisclosed income of the Assessee. Aggrieved by the order of A.O., Assessee carried the matter before ld. CIT(A) who after considering the submissions of the Assessee granted partial to the As .....

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otal comes to ₹ 2,80,000 and not ₹ 2,79, 097/- added by the Assessing Officer. Therefore, for the purpose of appellant proceedings the amount of cash deposits is taken at ₹ 2, 80,000/-. 8.1 Out of these cash deposits of ₹ 2, 80,000/- one deposit amounting to ₹ 42, 000/- in account number 47484 is claimed to be a cheque deposit and not cash deposit. As per the appellant, this deposit was made on 07. 12. 2007 whereas the Assessing Office in the assessment order has me .....

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eleted otherwise it shall stand confirmed. 8.2 As regards remaining cash deposit of ₹ 2,38,000, the appellant submitted that he is a salaried employee and receives salary every month in cash. Further the appellant explained that the cash deposits were out of' cash on hand and salary received in cash. However, the appellant accepted that he does not maintain regular cash book for the reason that he is a salaried employee , and he is not required maintain the same. The appellant has file .....

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000/- per month. It defies logic that such a person will keep a cash of ₹ 3,03,095/- at home when he is having bank accounts. The amount of cash claimed to be kept at home in subsequent months is also unreasonably- high as compared to the salary per month and returned income of the appellant. The opening cash balance is also disproportionately high considering the returned income of ₹ 4, 05,000/- and monthly household expenses claimed at ₹ 18,000 per month. Moreover, the withdr .....

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