TMI Blog2018 (4) TMI 1364X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 9,00,000/- out of opening cash balance of the assessee to the file of the Assessing Officer for adjudication afresh. As regards deposit of ₹ 1,70,000/- claimed to be out withdrawals of ₹ 2,87,360/- made during the year, it is observed that the said withdrawals are prior to the deposit of ₹ 1,70,000/- made by the assessee in the bank on 9.5.2013. The revenue could not bring any material on record to show that the assessee could not have utilised these withdrawals made at the earlier point of time that the deposit made in the bank account of ₹ 1,70,000/- on 9.5.2013. Hence, we set aside the orders of the lower authorities on this issue and vacate the disallowance of ₹ 1,70,000/- made by the Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were mostly made out of the opening cash balance. 5. The CIT(A) observed that the assessee has not maintained the books of accounts. The cash deposit of ₹ 10,70,000/- has two components namely cash deposit of ₹ 1,70,000/- on 9.5.2013 and ₹ 9,00,000/- on 16.5.2013. The assessee has shown withdrawals from Indian Overseas Bank as below: SI No. Particulars Date Amount in Rs. 01 To self 09.04.2013 5,700/- 02 To self 18.04.2013 40,000/- 03 To self -do- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee contended that the cash deposits made in his bank account with Indian Overseas Bank was out of his opening cash balance. Since the assessee could not produce any evidence to substantiate his claim, the CIT(A) rejected the explanation of the assessee. The other explanation of the assessee was that out of deposit of ₹ 10,70,000/-, deposit of cash of ₹ 1,70,000/- on 9.5.2013 was out of withdrawals of ₹ 2,57,360/- made during the period from 9.4.2013 to 6.5.2013. The CIT(A) observed that in some transactions, the bank has given narration in the passbook as cash withdrawals while recording the transaction and in some cases, it has given narration to self . He observed that out of these withdrawals, only one withdrawal of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not filed copy of bank statement for the financial year 2012-13, which has now been filed before us for the first time. By filing this bank statement, the contention of the assessee is that it has withdrawn cash of ₹ 14,43,149/- in the financial year 2012-13 and has made cash deposit of ₹ 5,00,000/- during the said year and hence, it had cash balance of ₹ 9,43,149/- at his disposal as at the beginning of the financial year 2013-14, which was utilised for deposit of cash in this year in the bank. We find that this contention of the assessee needs to be verified by the Assessing Officer before adjudicating the issue. Therefore, in the interest of rendering substantial justice, we restore back the issue of deposit of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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