TMI Blog2020 (5) TMI 592X X X X Extracts X X X X X X X X Extracts X X X X ..... ier withdrawals made by the assessee on various dates. - Decided in favour of assessee. - ITA No.2668/Bang/2019 - - - Dated:- 19-2-2020 - Shri Chandra Poojari, Accountant Member For the Appellant : Smt.Sheethal Borkar, Advocate For the Respondent : Dr.Ganesh R.Ghale, Standing Council for DR ORDER This appeal filed by the assessee is directed against the order of the CIT(A), dated 27.11.2019. The relevant assessment year is 2013-14. 2. The ground raised by the assessee is that the CIT(A) has erred in sustaining addition of ₹ 10,10,000 on account of unexplained deposit in assessee s bank account. 3. The facts of the case in brief are that the Assessing Officer noticed on verification of bank account statement with ICICI Bank held jointly with Smt.Sandhya Rukmini that there is a cash deposit of ₹ 20,80,000 on 03.11.2012 which is converted into FD of ₹ 20,00,000 on 05.11.2012. The assessee was asked to file documentary proof for the sources of the deposit. In reply the assessee filed a letter dated 23.02.2016 stating that the sources for the deposit of ₹ 20,80,000 is out of the withdrawals from SBI savings bank account and ICICI b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the sources for the deposit of ₹ 10,80,000. As the explanation offered is not satisfactory the amount of ₹ 20,80,000 was brought to tax by the Assessing Officer. 3.2 The CIT(A), in the first round, observed that the Assessing Officer has given a finding that the assessee held jointly an ICICI bank account with Smt.Sandhya Rukmini and there was a cash deposit of ₹ 20,80,000 on 03.11.2012 which was converted into FD of ₹ 20 lakh on 05.11.2012. The assessee was asked to file documentary proof for the sources of the deposit. During the scrutiny proceedings, the assessee explained that the sources for the same was out of the withdrawals from SBI savings bank account and ICICI bank account. The explanation given by the assessee has not accepted by the A.O. stating that the assessee being a techsavvy person who is highly conversant in transferring money online is not expected to withdraw the monies in various denominations on different dates even prior to six months and keep it at home and subsequently deposit the lump sum on a single day. During the appellate proceedings, the assessee submitted that the A.O. has erred in concluding the genuine explanation offer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he period, as they were attempting to secure medical admission of their son, which was stated to be not ultimately materialize. The assessee contended before the CIT(A) by placing copies of the admission letter / DDs etc. drawn towards admission formalities, that due to this fact that the assessee was constrained to redeposit the impugned sums in his ICICI bank account. The assessee further submitted that there was no basis for rejecting its explanation as there was no contrary or corroborative evidence before the AO to point out towards other undisclosed sources of income, apart from assessee s regular salary income. The CIT(A) observed that as per the CA s certificate it is apparent that the deposit of ₹ 20,80,000 has been made on 03.11.2012. The prior cash withdrawals during the period 09.06.2012 to 10.10.2012 works out to ₹ 34.60 lakh, which includes this amount of ₹ 20.80 lakh. The immediate proximate prior withdrawals before the deposit are ₹ 8 lakh on 10.10.2012, ₹ 2 lakh on 08.09.2012, ₹ 3.5 lakh on 14.08.2012, ₹ 11 lakh on 14.08.2012. The other amounts of ₹ 4.10 lakh on 10.06.2012, ₹ 3.50 lakh on 09.06.2012 and ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10447408042 26.07.2012 4,50,000 -- SBI 10447408042 14.08.2012 3,50,000 -- ICICI 16901006061 14.08.2012 11,00,000 -- ICICI 16901006061 08.09.2012 2,00,000 -- SBI 10447408042 10.10.2012 8,00,000 -- ICICI 16901509902 03.11.2012 -- 20,00,000 5.1 The CIT(A) accepted only a sum of ₹ 10.70 lakh as available to the assessee to redeposit into the bank account and for the balance amount of ₹ 10.10 lakh, he confirmed the addition. It was the plea of the assessee that the assessee has withdrawn the money for the admission of his son in a medical college, for which the assessee has also produced evidence like copies of admission letter, demand draft etc. before the CIT(A). Thus, it was explained by the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osits of the assessee: ₹ 3 lakhs ₹ 1 lakh ₹ 28.5 lakhs Total: ₹ 32.5 lakhs 11.1 The assessee explained that during the assessment year 2012-13, the assessee had an ailment of cancer and he could not attend to business and financial matters and kept the cash withdrawn from Bank on 31/12/2013 for medical treatment and other expenses and deposited the amount in Bank only on 26/09/2014. In support of his claim, the assessee has produced discharge summary dated 06/11/2013 from Lourde Hospital, Ernakulam before AO. He has also produced CT Scan report dated 11/07/2013 which is not disputed by the lower authorities. The Assessing Officer has not accepted the contention of the assessee that he has kept the cash idly in his hands on the reason that he has not filed the wealth tax return showing the cash in hand. The Assessing Officer has not doubted the withdrawal of cash. However, the fact is that the assessee has withdrawn cash of ₹ 50 lakhs on 31/12/2013. There is no evidence brought on record to show that these withdrawals have been used by the assessee or deposited by the assessee in any other Bank. It cannot be said that these withdrawals made from the Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X
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