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TMI Blog2020 (11) TMI 826X X X X Extracts X X X X X X X X Extracts X X X X ..... d in law and required to be quashed as the same is contrary to the provisions laid down by the legislature. 2. That the Ld. C1T (A) has erred in law as well as on facts in confirming the assessment order and failed to appreciate that assessment made u/s 144/147 by Ld. AO is bad in law because lie has initiated proceedings u/s 147 merely on the basis of information available with Department and did not apply his mind or enquired to satisfy himself to form reasons to believe that income of the assessee has escaped assessment. 3. That, the Ld. CIT(A) has erred in law and on facts in confirming the addition of Rs. 5,14,000/- u/s 69 of the Act on account of unexplained source of cash deposit and that too by recording incorrect facts and fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0000/- from the bank account of the assessee on 04.03.2011. Accordingly, for the balance amount, he confirmed the addition of Rs. 514000/- u/s 69A of the Act. The assessee aggrieved with the same has preferred this appeal. 5. The ld AR submitted that the assessee has filed his return of income on 27.03.2012 declaring total income of Rs. 154330/-. He further referred to the bank account of the assessee with Laxmi Vilas Bank Ltd and also giving the source of bank deposit in the above bank account. It was stated that the assessee has submitted the cash flow statement before the ld CIT(A). He submitted that before the ld CIT(A) item wise details of deposits and its source was submitted. He referred to page No. 18 of the paper book wherein, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee on 28.09.2010 was also explained that out of sum of Rs. 150000/- withdrawn on 15.07.2010(already considered Rs. 127000/- out of above for credit) , Rs. 20,000/- withdrawn on 19.07.2010 and Rs. 52,000/- were withdrawn on 20.07.2010 from the same bank account. Accordingly, the source of deposit of Rs. 95,000/- out of the above sum is properly explained by the assessee. Further certain miscellaneous amount were also deposited by the assessee in the month of October and November 2010 which assessee tried to explain that the same was withdrawn on 16.09.2010 amounting to Rs. 57000/-. Accordingly, Rs. 52,000/- deposited by the assessee on various dates in the month of October and November in small amounts cannot be taxed as the source o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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