9911796707
TMI Blog2016 (5) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... wing grounds : "1. The learned Commissioner of Income-tax (Appeals) has erred in upholding the addition of Rs. 20,65,000 made by the Assessing Officer as unexplained cash credits for the reasons stated in the assessment order. 2. The learned Commissioner of Income-tax (Appeals) has erred in upholding the addition of Rs. 4,19,120 made by the Assessing Officer as unexplained expenditure towards foreign travelling. However, the appellant has incurred the travelling expenditure for his personal purpose and the said amount has been debited to the capital account of the appellant and the same has not been claimed as business expenditure. Further, all the payments towards the expenditure on foreign travelling have been made out of the normal b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spect to each of the items of sources of cash in following parameters : (i) Opening cash balance of Rs. 3,86,222 : With the assistance of both the parties, it is noted by us that the assessee has shown the closing cash balance in the balance-sheet of the last year. These documents could not be controverted by the lower authorities as well as by the learned Departmental representative before us. Therefore, we direct the Assessing Officer to accept the opening balance of Rs. 3,86,222. (ii) Cash withdrawn from Axis Bank of Rs. 9,73,000 and from PMC Bank of Rs. 2,33,100 : The lower authorities refused to give benefit of cash withdrawn from the bank on the ground that the assessee could not establish that the cash withdrawn has not been used ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 : The situation with respect to gifts is the same as with regard to friendly loans. Since the learned counsel has not pressed these two items also, therefore, this claim is also rejected. (v) The income from free lancing of Rs. 3,18,789 : With the assistance of both the parties, it is noted that this amount has been shown by the assessee as its income in the return filed which has been accepted and taxed by the Assessing Officer in the assessment order. Therefore, we direct the Assessing Officer to give credit of this amount also. Thus, this claim is accepted. As a result ground No. 1 is partly allowed in terms of our directions as given above. 4. Ground No. 2 : In this ground, the assessee has challenged the action of the lower author ..... X X X X Extracts X X X X X X X X Extracts X X X X
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