TMI Blog2016 (9) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... nd in the interest of justice and fair play, we set aside and restore this issue back to the file of the A.O. for verification , examination and enquiry of the claim of the assessee , in the light of the cash flow statement , summaries, cash book, bank statement and other relevant evidences which the assessee files to support her contentions in her defense with respect to the deposit of the cash in the bank , and also in the light of any other explanation which the AO may require for proper adjudication of the issue on merits . The A.O. shall thereafter frame the assessment de-novo on merits after considering all the evidences and explanation furnished by the assessee on merits. Needless to say proper and adequate opportunity of being heard shall be provided by the AO to the assessee in accordance with principles of natural justice in accordance with law. - Decided in favour of assessee for statistical purpose. - I .T.A. No.2412/Mum/2011 - - - Dated:- 17-8-2016 - SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER For The Assessee : Shri Satish Mody For The Revenue : Shri Aarsi Prasad ORDER PER RAMIT KOCHAR, Accountant Member Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shown total receipts from profession of ₹ 6,77,865/- and after deducting expenses , net profit from business has been shown at ₹ 2,09,591/- in the return of income filed with the Revenue. The assessee also showed interest income from Sh. Manohar Ahuja of ₹ 78,094/- which has been credited to Profit and Loss Account. The assessee has also shown capital gains on sale of share both long term and short term earned during the previous year relevant to the assessment year which was offered for taxation. 5. During the course of assessment proceedings u/s 143(3) read with Section 143(2) of the Act, the A.O. observed from the date-wise bank summary as well as the bank statements maintained by the assessee during the year, that the assessee has deposited cash amounting to ₹ 16,18,000/- in her bank accounts of which the details are as under:- (a) Standard Chartered Bank (225-0-549348-5) 7,41,000/- (b) ABN Amro Bank 8,02,000/- (c) Standard Chartered Bank(225-1-064758-4) 75,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 Inward clearing 3 ABN Amro 07-03-2005 1,00,000 DD/CC issued 4 SCB (549348-5) 02-11-2004 15,000 Cash withdrawal 5 HSBC 08-02-2005 2,50,000 Investment in Franklin India Flexi Cap fund Div/R 6 CITI Bank 12-10-2004 3,00,000 Funds Transfer Thus, from the above entries, it was concluded by the AO that as against the claim of the assessee that above six entries reflected cash withdrawal from bank is only partially true as only entry at S. No. 4 reflects cash withdrawal of ₹ 15,000/- from the bank , while the rest of the five entries were not cash withdrawal from the bank account and the claim of the assessee is not correct was the observation of the AO. With respect to the assessee s claim that she had withdrawn an amount of ₹ 15,000/- from her bank account which has been deposited back in the bank accounts, it w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deposited Cash withdrawn. Std. Chartered Bank A/C No. 549348 Rs.7,41,000 Rs.1,35,000 Std. Chartered Bank A/c No. 064758 Rs.75,000 Rs.1,00,000 ABN Amro Rs.8,02,000 Rs.1,00,000 Citi Bank Rs.22,500 ₹ 3,06,000 Rs.16,40,500 Rs.6,41,000 Gross receipts of profession ₹ 6,77,865 Interest received in cash ₹ 78,094 Opening cash ₹ 5,064 Total Rs.7,61,023 Expenses and withdrawals:- Telephone ₹ 8723/- Salary ₹ 78000/- Conveyance. ₹ 6498/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profit transferred to capital account was ₹ 209591.75. The profit and loss account of the assessee is placed in paper book page 3 filed with the Tribunal . The ld. Counsel submitted that the assessee has withdrawn an amount of ₹ 3,00,000/- (paper book / 4-bank statement placed on record) in cash on 12th October, 2004 from Citi Bank whereby there is remark Fund Transfer- Intercity cash payments which is in-fact cash withdrawal by the assessee from the bank and which was wrongly rejected by the authorities below. He also invited our attention to paper book page 5 whereby bank statement is placed on record and submitted that the assessee had further withdrawn an amount of ₹ 15,000/- in cash from Standard Chartered Bank on 02-11-2004 which was accepted by the AO as cash withdrawal . The assessee has also received interest to the tune of ₹ 78,094/- in cash from Mr. Manohar Ahuja which should also be considered while computing cash deposits in the bank and arriving at shortfall of cash in hand to arrive at income to be brought to tax on this count. The ld. Counsel submitted that as per the cash flow statement (paper book page 62), the total cash available with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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