TMI Blog2017 (6) TMI 1043X X X X Extracts X X X X X X X X Extracts X X X X ..... tation to hold that the claim of the assessee that the deposits made on 09/04/2008, 18/10/2008, 06/11/2008, 09/12/2008 and 25/03/2009respectively has been properly explained. Hence delete the addition made amounting to ₹ 4,51,000/-. It is ordered accordingly. For the balance ₹ 10,05,000/- added u/s. 69A, it is claimed that the source of funds are deposits made out of withdrawals from the assessee’s OD account and the margin loan money received from District Industries Centre, Trivandrum. In the interest of justice and equity, one more opportunity needs to be granted to the assessee to explain the source of cash deposits with Axis Bank. Appeal of the assessee is partly allowed for statistical purposes. - I.T.A. No. 130/Coch/2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in money loan received from the Government. The Assessing Officer, after examining the explanation of assessee, the books of account etc., held that the withdrawals made from IOB were for other purposes and cannot be source for cash deposits made in Axis Bank. The Assessing Officer was of the view that except for a sum of ₹ 1,25,000/- deposited with Axis Bank on 14/07/2008, there is no co-relation with the withdrawals made from Indian Overseas Bank. Therefore, the Assessing Officer, after giving credit of ₹ 1,25,000/-, the balance cash deposits amounting to ₹ 14,56,000/- ( i.e., 15,81,000-1,25,000/-) was treated as income assessable u/s. 69A of the I.T. Act. 4. Aggrieved by the order of the assessment, the assessee pref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Indian Overseas Bank and its redeposits with the Axis Bank, the assessee submitted that each of the cash deposits in the Axis Bank could be co-related with the withdrawals from the Indian Overseas Bank and other source of income available with assessee.. It was further submitted that the assessee had received ₹ 2,50,000/- from District Industries Centre, Trivandrum as margin loan money for setting up an industry and this amount was also withdrawn and deposited in the Axis Bank account of the assessee. It was submitted that the addition made u/s. 69A of the I.T. Act is not warranted and the same is to be deleted. 6. The ld. DR on the other hand submitted that for the cash deposits amounting to ₹ 14,56,000/-, the assessee wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out of cash on hand 04.03.2009 50000 Deposit out of cash on hand 16.03.2009 35000 Deposit out of cash on hand 25.03.2009 135000 Agricultural income 28.03.2009 10000 Deposit out of cash on hand Total 15,81,000 7.1 Out of the total deposits of ₹ 15,81,000/-, the Assessing Officer had given credit of ₹ 1,25,000/- deposited on 14/07/2008 and balance ₹ 14,56,000/- was brought to tax u/s. 69A of the Act. Out of the above deposits made, the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Amount 1. 8-Apr-2008 15,000 2. 4-Oct-2008 48,000 3. 1 7-Oct-2008 53,800 4. 28-Oct-2008 58,000 5. 5-Nov-2008 42,650 6. 26-Nov-2008 47,000 7. 8-Dec-2008 56,000 8. 15-Jan-2009 11,000 9. 2-Feb-2009 9,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the addition made amounting to ₹ 4,51,000/-. It is ordered accordingly. 7.4 As for the balance ₹ 10,05,000/- added u/s. 69A, it is claimed that the source of funds are deposits made out of withdrawals from the assessee s OD account and the margin loan money received from District Industries Centre, Trivandrum. In the interest of justice and equity, I am of the view that one more opportunity needs to be granted to the assessee to explain the source of cash deposits with Axis Bank. If the assessee is in a position to co-relate the cash withdrawals and deposits within a reasonable time in the Axis Bank account, credit for the same shall be given. With these directions, I restore the issue of addition of ₹ 10,05,000/- to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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