TMI Blog2020 (11) TMI 412X X X X Extracts X X X X X X X X Extracts X X X X ..... d opening balance in hand, assessee has duly proved the cash deposit of ₹ 4,00,000/- and, accordingly delete the same. Ground No.2 of the assessee is allowed. Draft from undisclosed bank accounts - AO made the addition on the ground that the assessee could not even show that the assessee has sufficient cash to make the drafts, which was confirmed by ld CIT(A) - HELD THAT:- The mere fact that the bank accounts from where the DDs are purchases are not reflected in the balance sheet of the assessee is not a ground to disbelieve the drafts made by the assessee. On perusal of the cash book and ledger accounts of the assessee, observe that the assessee has sufficient balance in its accounts to purchase the drafts in favour of Orissa St ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Moreover, the delay of short period should be condoned because the assessee was not going to gain anything out of it as held by Hon ble Allahabad High Court in the case of Ganga Sahai Ram Swarup and another vs. ITAT, 271 ITR 512 (All). Hence, we condone the delay of 13 days and admit the appeal for hearing. 3. Ground No.1 of appeal is general in nature and hence, requires no separate adjudication. 4. Ground No.2 of appeal relates to addition of ₹ 4,00,000/- as unexplained deposit in ICICI Bank account. 3. I have heard the rival submissions and perused the record of the case. Ld A.R. of the assessee submitted that the assessee has deposits of ₹ 2,00,000/- each totaling to ₹ 4,00,000/- in two bank accounts of ICICI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as not done without considering the cash book and ledger account. In view of above, since the assessee has shown cash receipts and opening balance in hand, I am of the considered opinion that the assessee has duly proved the cash deposit of ₹ 4,00,000/- and, accordingly, I delete the same. Ground No.2 of the assessee is allowed. 6. Apropos Ground No.3 of appeal, I have heard the rival submissions and perused the record of the case. The Assessing Officer observed that the assessee has made drafts of ₹ 2,00,000/- on 17.4.2013 and draft of ₹ 2,50,000/- on 26.4.2013 from undisclosed bank accounts. The AO made the addition on the ground that the assessee could not even show that the assessee has sufficient cash to make the d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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