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2019 (5) TMI 1060

e of ₹ 9,51,605/- as on 31.1.2014, a sum of ₹ 6,86,000/- is claimed to have been deposited which in our view was sufficient enough to cover up the alleged cash deposits. Revenue authorities has not doubted the genuineness of the cash in hand as on 1.4.2012 as well as 1.8.2012 as no addition have been made during the assessment year 2013-14. Cash has been withdrawn from the bank account. There is no finding of revenue authorities for any allegation for the genuineness of the amount credited in the bank accounts other than cash. Keeping the cash in hand idle for almost a year ranging from ₹ 4,91,005/- from February, 2013 to ₹ 9,51,605/- at the end of January, 2014 cannot be a basis to reject the claim of the assessee. .....

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trained her to carry out the regular affairs. We are convinced that the assessee had a reasonable cause for delay in filing of appeal by 18 days. We accordingly condone the delay in the interest of justice and on humanitarian grounds and admit the appeal for adjudication. 3. The assessee has raised following grounds of appeal; 1. That on the facts of the case and in the circumstances of the case and in law, the findings of learned CIT(Appeal)-II are bad and opposed to facts, equity and law and are, therefore, unsustainable in law. 2. For that in the facts and circumstances of the case, the Ld. CIT(Appeal) erred in violating the principles of natural justice by not providing opportunity of hearing to the assessee, the action of the Ld. CIT(A .....

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CICI Bank and Krishna Mercantile Co-op bank Ltd. Ld. A.O noticed that in Krishna Mercantile Co-op bank Ltd during financial year 2013-14 a sum of ₹ 7 lakhs was deposited on various dates starting from 24.02.2014 till 15.3.2014 and except one deposit of ₹ 14,000/- the remaining amount of ₹ 6,85,000/- were deposited in 14 installments at ₹ 49,000/- each. The assessee was asked about the source of the cash deposit. It was contended by assessee that accumulated cash withdrawals were sufficient to cover the alleged cash deposit. Submission of the assessee could not get favour from the Ld. A.O and he made the addition of ₹ 7,00,000/- for undisclosed cash deposit in bank account. Aggrieved assessee preferred appeal be .....

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o.4 for the addition of unexplained cash of ₹ 6,86,000/- (wrongly mentioned at ₹ 7,00,000/- in the grounds of appeal) by Ld. CIT(A). We observe that the assessee was searched u/s 132 of the Act on 13.8.2014 being part of the Regal Group in which assessee s husband was one of the partner in M/s Regal Samarth Krishna Builders. During the assessment proceedings for the block period Assessment Year 2009-10 to Assessment Year 2015-16 consolidated assessment was framed. For Assessment Year 2014-15 Ld. A.O on noticing that in February 2014 to March 2015 cash of ₹ 49,000/-was deposited 14 times. Assessee was unable to convince both the lower authorities about the source of alleged cash deposited. 9. Cash flow statements have been .....

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