TMI Blog2016 (8) TMI 1164X X X X Extracts X X X X X X X X Extracts X X X X ..... OB, thus aggregate bank balance as on 1.04.2008 was ₹ 1,54,264.). Thus the cash in hand on 1.04.2008 was ₹ 3,13,345 ( ₹ 4,67,709 – ₹ 1,54,264 ) and the fact is that the assessee had declared ₹ 3,96,814 as income for assessment year 2008-09. In the light of the said documents, we find that the assessee has been able to prove the source of ₹ 1,27,470/- and, therefore, we are inclined to delete the addition sustained by the ld. CIT(A) on this issue. - Decided in favour of assessee. Addition on account of accretion in the capital account - Held that:- We find that the assessee has made cash contribution of ₹ 4.50 lakhs towards capital account of the assessee in the partnership firm, M/s Harish Hosier ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... This is an appeal preferred by the assessee against the order of the ld. CIT(A), Faizabad dated 15.9.2015 for the assessment year 2009-10. 2. The assessee in this case has challenged the legal validity of the reopening of assessment under section 147/148 of the Income-tax Act, 1961 (hereinafter referred in short the Act ) as well as raised grounds on merit. We are inclined to deal with the grounds that have been raised on merit first. 3. Grounds No.9 and 10 are against the confirmation of addition of ₹ 1,27,470/- made by the Assessing Officer towards cash deposits in the joint saving bank account. 4. The brief facts of the case are that the assessee has furnished the return of income declaring an income of ₹ 3,64,860/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a detailed note, regarding availability of cash to appellant of ₹ 4,47,198/- and other co-owner s bank hold at ₹ 4,25,332/- aggregating ₹ 8,72,530/- was prepared and submitted and regarding rest amount ₹ 1,27,470/- it was explained same is met though opening cash balance as on 1.4.2008 by both co-account holders. Assessee could not provide or explain any proof on opening cash in hand available to him or other co-account holder, therefore, opening balance of ₹ 1,27,470/- could not be sustained. After verification the information s available on record i.e. detail of rent income earned in cash, other income as per ITR of assessee and other co-owner and cash withdrawal from bank etc. in support of availability of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial statement as on 31.3.2008, we take note that the assessee had opening cash in hand and bank of ₹ 4,67,709/- (which included bank balance of ₹ 1,49,804 in Bank of Baroda account number 0099 and half of ₹ 8920 i.e, ₹ 4460 in account number 07644 in BOB, thus aggregate bank balance as on 1.04.2008 was ₹ 1,54,264.). Thus the cash in hand on 1.04.2008 was ₹ 3,13,345 ( ₹ 4,67,709 ₹ 1,54,264 ) and the fact is that the assessee had declared ₹ 3,96,814 as income for assessment year 2008-09. In the light of the said documents, we find that the assessee has been able to prove the source of ₹ 1,27,470/- and, therefore, we are inclined to delete the addition sustained by the ld. CIT(A) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee had sufficient opening cash balance in hand as on 1.4.2008 at ₹ 4,67,709/- (including bank balance of ₹ 1,19,804/- in Bank of Baroda account No.0099 and 50% of ₹ 8,920/- i.e. ₹ 4,460/- balance as on 1.4.2008 in Bank of Baroda account No.07644). Thus, the aggregate opening balance in bank as on 1.4.2008 was ₹ 1,54,264/-. Therefore, we take note that the assessee had cash in hand in the beginning of the year at ₹ 3,13,345/-. Thus the assessee was having sufficient opening cash in hand before making contribution in his capital account in M/s Harish Hosiery to the tune of ₹ 3.12 lakhs. So the ld. CIT(A) s reasoning that there was no document in respect to the cash in hand as on 1.4.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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