TMI Blog2021 (4) TMI 150X X X X Extracts X X X X X X X X Extracts X X X X ..... and group which is showing the amount given to assessee. - ITA No. 2492/AHD/2018 With C.O. 142/Ahd/2019 - - - Dated:- 3-3-2021 - Shri Waseem Ahmed, Accountant Member And Ms Madhumita Roy, Judicial Member For the Assessee : Shri Vartik Chokshi, with Shri Biren Shah, A.Rs For the Revenue : Shri R.R.Makwana, Sr. D.R ORDER PER WASEEM AHMED, ACCOUNTANT MEMBER: The captioned appeal is filed by the Revenue and the CO is filed by the Assessee against the order of the Learned Commissioner of Income Tax (Appeals)- 11 Ahmedabad, [Ld. CIT (A) in short] dated 29/10/2018 arising in the matter of assessment order passed under s. 143(3) r.w.s. 147 of the Income Tax Act, 1961 (here-in-after referred to as the Act ) dated 16/10/2015. The assessee has filed Cross Objection in the Revenue s appeals bearing ITA no.2492/AHD/2018 for the Assessment Year 2008-2009. 2. The Revenue has raised the following grounds of appeal: 1. The Ld.CIT(A) has erred in law and on facts in deleting the addition of unexplained cash deposits u/s.68 of IT Act. 2. The appellant craves leave to amend alter any ground or add a new ground, which may be necessary. 3. The only issue r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eposited in the bank account is representing the unaccounted money of the assessee. Accordingly the AO treated the same as unexplained cash credit of the assessee under section 68 of the Act amounting to ₹ 4,32,40,410/- and added the same to the total income of the assessee. 5. Aggrieved assessee preferred an appeal to the learned CIT (A). 6. The Assessee before the learned CIT (A) filed the fund movement details for the period from 01-04-2008 to 31-03-2009 and reiterated the contentions made during assessment proceeding that the cash deposited in the bank represents amount withdrawal on earlier occasion out of the fund received from M/s Radhe Group. The assessee further furnished copy of confirmation from M/s Radhe Group, Balance Sheet, Cash Book and Income Tax Return of M/s Radhe consultancy and their assessment order for A.Y. 2008-09 and 2009-10. The assessee claimed that the all the entries of fund provided to him are duly recorded in the books of M/s Radhe Consultancy. The assessee also submitted sources of fund in the hand of M/s Radhe Consultancy. The assessee accordingly based on above submission and after relying on various case law contended that addition m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt has discharged his onus by submitting evidences, cash deposits in bank account cannot be held as unexplained o;n presumption and surmises.: XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX I s also observed that Appellant has received similar funds *rom Radhe Consultancy in AY 2009-10 and 2010-11 and assessment order in case of Radhe Consultancy was passed under Section 143(3) in both the Assessment:Years wherein also above transactions were accepted. The Appellant has also made'substantial repayment of such funds in Assessment Years 2010-11 and 2011-12 to above concern. These facts along with evidences as discussed herein above prove that Appellant has explained the sources of cash deposits in bank account hence addition made by AO to the extent of funds received from Radhe Consultancy cannot be held as unexplained cash deposits. 5.9 So far as claim of Appellant that certain cash 'deposits are out of cash withdrawn from the bank account is concerned, it is found that Appellant has submitted such cash flow to AO and cash deposits and''cash withdrawn from bank account are apparent in bank statement of BMCB. The AO has not brough ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s India Ltd and Shri Ashish Patel. However, in the case on hand, the AO has made the addition in the hands of the assessee as unexplained cash credit under section 68 of the Act. Thus it is observed that the Revenue has taken different stand with respect to different parties for the identical transactions which is unwarranted. In other words the addition under section 68 of the Act was made in the case of M/s Radhe Developers India Ltd. for the amount of cash deposited in bank of Kanjibhai Desai in the year under consideration. Though the same was deleted by the learned CIT(A), treated the same as explained cash credit which was subsequently confirmed by us in ITA No. 1226/Ahd/2018 in the appeal filed by the Revenue. Thus in such facts and circumstances we are of the considered view that the Revenue cannot treat similar transaction in different manner with respect to different assessee. 12.2 Besides the above we also note that the assessee has discharged its onus as provided under section 68 of the Act namely the identity, genuineness and creditworthiness of the parties. For the identity, the assessee has furnished the PAN/address/bank details/confirmation of M/s Radhe consultan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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