9911796707
TMI Blog2013 (4) TMI 914X X X X Extracts X X X X X X X X Extracts X X X X ..... s appeal is preferred by the assessee aggrieved by the order of the learned CIT(A)-XXI, Ahmedabad dated 16-08-2012 in appeal No. CIT(A)-XXI/402/11-12, for the assessment year 2009-10 passed u/s 250 read with section 143(3) and 147 of the Income Tax Act, 1961. 2. Though the assessee has raised four grounds in his appeal the crux of the issue relates to confirmation of addition of ₹ 11,000,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of probability. 4. During the course of reassessment proceedings the learned AO based on the information received by the department observed that the assessee had deposited cash in his bank account for ₹ 11,00,000/-. The assessee had explained that this amount was withdrawn earlier from his bank account which was received by him due to sale of ONGC shares and the same was re-deposited in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... awal made on 12-01- 2008 and 13-03-2008, each of ₹ 5 lakhs. I find no force in the explanation by the appellant as no prudent person shall keep cash at home for about 4 months and redeposit in the bank account. The acting of the appellant is not in conformity with preponderance of probability. Besides no cash flow etc. is submitted to reinforce the claim of cash deposit of ₹ 11lakhs in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2-01-2008. Similarly, sale proceeds of shares amounting to ₹ 4,54,621.51 was received by the assessee on 18-03-2008 and from the same ₹ 5,00,000/- was withdrawn by the assessee on 19-03-2008. Subsequently, on 11-07-2008 the assessee had re-deposited the amount of ₹ 11,00,000/- in the same bank S/B account. Thus, the assessee had held cash in hand with him for ₹ 5,00,000/- f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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