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Rajeev Khurana, Versus. Income Tax Officer, Ward -33 (3) , New Delhi

2015 (3) TMI 1207 - ITAT DELHI

Addition towards unexplained cash deposits in bank - income from undisclosed sources - Held that:- We have seen a copy of the bank account maintained by the assessee with ICICI Bank Ltd., from which it is apparent that there are several items of depo .....

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y the Assessing Officer in making the addition for all the deposit entries in the bank accounts, has no sanction of law. If there are certain deposits and withdrawals as well and there is nothing in the assessment order to co-relate these withdrawals .....

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ies. We, therefore, set aside the impugned order on this score and send the matter to the file of Assessing Officer for making an addition for an amount equal to peak balance in these bank accounts. Needless to say, the assessee will be allowed a rea .....

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garwal, CA Respondent by : Sh. Vikram Sahay, Sr. DR ORDER PER R.S. SYAL, A.M.: This appeal by the assessee arises out of the order passed by the CIT(A) on 28.02.2013 in relation to the assessment year 2009-10. 2. The only issue raised in this appeal .....

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proceedings that the assessee had deposited a sum of ₹ 34,65,775/- in ICICI Bank Ltd. and ₹ 10,85,000/- in HDFC Bank Ltd. Since the assessee did not participate in the assessment proceedings, the assessment was finalized under Section 14 .....

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urse of the first appellate proceedings. After considering the relevant facts, remand report and assessee s rejoinder, he sustained the addition of ₹ 45,50,775/-. The assessee is aggrieved against the sustenance of this addition. 4. We have hea .....

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; 45.50 lakhs. The assessee furnished cash flow statement before the learned CIT(A) by contending that the withdrawals from these bank accounts constituted the source of deposits therein. We have seen a copy of the bank account maintained by the asse .....

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counts, ignoring that there are several withdrawals also. This course of action adopted by the Assessing Officer in making the addition for all the deposit entries in the bank accounts, has no sanction of law. If there are certain deposits and withdr .....

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