9911796707
TMI Blog2021 (6) TMI 289X X X X Extracts X X X X X X X X Extracts X X X X ..... s on identical grounds, and for a similar reason we find it just and convenient to dispose of by way of this common order. 2. Brief facts of the case are that the assessee is an individual, and derives income under the head Salary. He works as an accountant in Sugandhi Snuff King (P) Ltd.Assessee did not file his returns of income since the income of the assessee was below the taxable limit. There was a Search and Seizure action u/s 132 of the Income Tax Act, 1961 (for short "the Act") carried out at the residential premises of the assessee on 31.01.2018. In response to the notice u/s 153A of the Act, the assessee filed returns declaring income at Rs. 1,30,000/- for the assessment year 2014-15; Rs. 1, 95, 100/-for the assessment year 2015- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned Assessing Officer and dismissed the appeals. 4. Assessee is, therefore, before us in these appeals challenging the orders of the authorities below in making and sustaining the additions under section 69 of the Act basing on the conjectures on surmises. According to the assessee sufficient cash balances were available with him and the unutilised portions thereof were deposited in the next year and therefore, in the absence of any evidence to show that no cash balance was available with the assessee for making subsequent deposits, the authorities below are not justified in sustaining the additions. 5. Ld. AR invited our attention to the Balance Sheet prepared for the years ending with 31/3/2012, 31/3/2013 and so on and so forth to jus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nancial year of 2012-13 and 2013- 14 is relied upon by the assessee to explain the deposits made during the subsequent years. It could be seen from the orders of the authorities below that in no year, the deposits exceed Rs. 5.6 Lacs. Even according to the Ld. CIT(A) the personal expenses of the assessee in any of these years will not exceed Rs. 6000/- to Rs. 8000/-per month. It is not the case of the Revenue that the assessee had to spend the cash on hand available at the end of each year for any entrepreneur purposes, and the consistent plea taken by the Revenue is that the salary is the only source of income for the assessee. 7. The Balance Sheet for the successive years clearly establish that the assessee had the cash on hand to the tu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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