TMI Blog2021 (6) TMI 289X X X X Extracts X X X X X X X X Extracts X X X X ..... he absence of any material in support of such a premise, we find it difficult to accept the reasoning of the learned Assessing Officer to make the addition and for that matter, the reasoning for confirming the addition by the Ld. CIT(A). CIT(A) when recorded that without borrowing or having opening cash balance, there is no way the cash deposits for the respective years can be explained through salary and by the assessee, missed the aspect of the assessee holding sufficient opening balance for the respective years. With this view of the matter we find it difficult to sustain the impugned orders. We, accordingly, while allowing these appeals direct the learned Assessing Officer to delete the additions made - Decided in favour of assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 2, 08, 750/-for the assessment year 2018-19 on various dates. During the course of assessment proceedings assessing officer noted that the salary income of the assessee was ₹ 1.3 Lacs, 1.95 Lacs, 1.95 Lacs, 1.95 Lacs and 2.6 Lacs for the assessment years 2014-15, 2015-16, 2016-17, 2017-18 and 2018-19 respectively whereas the cash deposits for those years respectively were ₹ 1, 99, 200/-, ₹ 5, 59, 360/-, ₹ 4, 06, 800/-, ₹ 4, 16, 200/- and ₹ 3, 76, 900/-. Learned Assessing Officer, accordingly, treated the difference between the total cash deposits and salary income as the unexplained money of the assessee and added the respective sums, namely, ₹ 69, 200/-, ₹ 3, 64, 360/-, ₹ 2, 11, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was available with the assessee at the end of each year and depending upon the non-utilisation of the amounts, certain amounts were deposited back into the accounts; whereas, per contra, Ld. DR submitted that this strange fact available in this case is that there is no much rise in the salary of the assessee, but there was a geometrical rise in the expenses as well as savings of the assessee. He submitted that for the assessment year 2012-13 the savings of the assessee were 40% whereas it was not so for the subsequent years. He, therefore, submitted that the authorities below are justified in making the addition basing on the excess of deposits over the earnings of the assessee inasmuch as the assessee does not plead any other source of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 31/3/2014; ₹ 7, 45, 560/-as on 31/3/2015; ₹ 4, 46, 260/-as on 31/3/2016; ₹ 2, 46, 860/-as on 31/3/2017 and ₹ 21, 619/-as on 31/3/2018. On this cash balances available with the assessee at the end of each year, in the absence of any contention or evidence to the contrary, ordinarily justify the plea taken by the assessee that as and when the purposes frustrated, certain amounts were deposited in the bank account which are taken into account by the learned Assessing Officer on the surmises that it is unexplained cash deposit. When huge cash is available in the hands of the assessee at the end of the financial year 2011-12 and 2012-13 and such cash balance was accepted by the learned Assessing Officer, therefore, in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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