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2019 (5) TMI 1060

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..... uthorities 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. There is no bar under the Income Tax Act which restricts a person from keeping cash in hand idle for a certain period. Cash flow statement clearly depicts that the assessee was having sufficient cash in hand from genuine sources which was used to make deposits totaling to ₹ 6,86,000/- during February, 2014 and March, 2014. As the assessee has been successful to explain the source of cash deposit in the bank account no additi .....

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..... 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) was wholly unreasonable, uncalled for and bad in law. 3. That on the facts and in the circumstances of the case and in law, the learned A.O erred in making a scrutiny assessment u/s 153A read with section 143(3) of the act as well as Ld. CIT(Appeal) has also dismissed the appeal without proper justification. 4. Because the Ld. Commissioner IT(Appeals)-I has dismissed the appeal of assessee and confirmed the additions of .....

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..... 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 before Ld. CIT(A) against the alleged addition of ₹ 7,00,000/- and partly succeeded as Ld. CIT(A) deleted the addition for cash deposit of ₹ 14,000/- due to smallness of the amount and confirmed the remaining addition of ₹ 6,86,000/-. 5. Now the assessee is in appeal before the Tribunal. 6. Ld. Counsel for the assessee referring to the written submissions placed on record submitted that the cash book is pre .....

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..... sment 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 filed before the lower authorities and also before us. From perusal of the same we observe that out of cash balance 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 bee .....

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