TMI Blog2017 (8) TMI 333X X X X Extracts X X X X X X X X Extracts X X X X ..... stated by the assessee and to see whether these cash are recorded in the regular books of account on day to day basis in the cash book and also whether the cash as reflected in the cash book have been deposited in the bank account of the assessee. Grounds raised by the assessee allowed for statistical purposes. - ITA No. 6131/Del./2015 - - - Dated:- 21-4-2017 - SHRI N.K. SAINI ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER For The Assessee : Sh. K. Sampath, Advocate For The Revenue : Sh. Anil Kumar Sharma, Sr. DR ORDER PER AMIT SHUKLA, JUDICIAL MEMBER: The aforesaid appeal has been filed by the assessee against impugned order dated 14.9.2015, passed by the ld. CIT (Appeals) - XX, New Delhi for the qua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome from business and profession. He is also a director in M/s. Bhuraria Consultants Ltd. The assessee s case was selected for scrutiny on the basis of AIR information that assessee has made huge deposits in bank account with ICICI bank. The ld. Assessing Officer noted that from the period 20.10.2010 to 30.3.2010, the assessee has deposited sum of ₹ 21,25,000/- in cash and there is no cash withdrawals during this period. The statement of Sh. Awadh Narayan Garg, accountant for the assessee was recorded and he was specifically asked to explain the proof of cash withdrawn and deposits made in the bank account. The relevant answer of the said employee on the Assessing Officer s question was as under:- 6. Ans: The assessee has d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ok containing day to day source of generation and expenditure of cash. Thus, the entire cash availability is explained from the regular books of account. The Learned CIT(Appeals) after noting down the entire facts, observed that the assessee had made total cash deposits of ₹ 42,44,000/- and has only withdrawn ₹ 25,57,500/-, therefore, he did not have any other source of cash for making the deposit in the bank account. He further observed that the assessee s claim that he has received cash of ₹ 19,80,000/- from M/s. Raman Bhuraria Associates ; and further amount of ₹ 11 lakhs in cash from M/s. Bhuraria Consultants Ltd. as return of share application money, are only as self serving evidence and cannot be accepted. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ization has been shown. These cash book itself constitutes the source of cash deposits made in the bank account. Before us, the ld. counsel to substantiate the assessee s case had referred and relied upon, firstly, cash flow statement for the year ending 31.3.2011; secondly , copy of bank accounts as maintained by the assessee; and lastly, the confirmations from M/s. Bhuraria Consultants Ltd. and from M/s. Raman Bhuraria and Associates that assessee has received the cash payments. If the assessee is maintaining day to day cash book and entire generation of cash received from various concerns in which the assessee is a partner or a director has been reflected therein, then definitely such availability of cash becomes source of cash depo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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