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TMI Blog2008 (9) TMI 950X X X X Extracts X X X X X X X X Extracts X X X X ..... ar in question is 2003-04. The Assessing Officer made addition of Rs. 2,55,685/- and in relation to this the Appellant has stated as under: "The assessee had deposited cash of Rs. 58,500/- on 8.4.2002 without having cash balance on hand and further deposited a sum of Rs. 5,50,000/- on 1.8.2002, whereas cash on hand was only Rs. 3,52,815/-. Since the assessee could not furnished details regarding the source of these cash deposits, an amount of Rs. 2,55,685/- (Rs.58,500/- + Rs. 1,97,185/-) was added to the total income of the assessee". 3 Admittedly, the aforesaid addition was made on the basis of rejection of Books of Account for the earlier Assessment Year viz. Assessment Year 2002-03 by stating that closing balance as on 31.3.2002 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee on this count as recorded in paragraph No. 32 of the impugned order. 7 Heard learned Standing Counsel for the Appellant. She was not in a position to point out that the earlier order of the Tribunal viz. order for Assessment Year 2002-03 has been modified in any manner. It was submitted that once the Assessing Officer and Commissioner (Appeals) had not accepted the Books of Account of the assessee for the preceding year availability of cash in hands of the assessee during the previous year under consideration could not have been considered by the Tribunal. In relation to the second ground it was submitted that the addition was made as unexplained investment u/s. 69 of the Act by the Assessing Officer and the Explanation tendere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shown by the assessee in its books of account as a result of this withdrawal was not available, but this is not the Revenue's Case. Even otherwise, the Revenue's case being that cash of Rs. 30 lacs was withdrawn from the assessee's account by Shri Manubhai Bhavsar and was deposited with M/s. J.B.Upadhyay, then Revenue's stand that deposit of Rs. 30 lacs with M/s. J.B.Upadhyay was unexplained cannot be sustained. The addition is therefore, deleted". 11 Thus it is apparent that there is no dispute about the amount of Rs. 30 lacs having been withdrawn in cash from the Bank Account of the Assessee by Shri Manubhai Bhavsar who has stated that the same was deposited with M/s. J.B. Upadhyay. In this factual scenario the Tribunal w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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