TMI Blog2021 (7) TMI 279X X X X Extracts X X X X X X X X Extracts X X X X ..... ents, Nagarka Property and Finance Private Limited from where we have verified the payments made to the seller Prabha Sinha addition is directed to be deleted. Cash deposit in the Kotak Mahindra Bank as perused the bank statement which is part of our record on every entry of cash deposit the Nomenclature is cash deposit @ Dwarka. The assessment order and also the order of the first appellate authority is completely silent on such entries made by the person mentioned in the bank statements. Neither of the lower authorities has verified the cash withdrawal in the bank statement. Thus where neither the AO has given any specific finding for making the additions nor the assessee has given any explanation. Further we do not find any subst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that the assessee has purchased a property of ₹ 41 lacs. 5. The AO issued a show cause notice and asked the assessee to explain the source of investment in the property, credit card payment and cash deposited in the bank. 6. On receiving no plausible reply the AO made the impugned additions. 7. Assessee carried the matter before the CIT(A) and explained that the property was purchased by M/s. Nagarka Property and Finance Private Limited on which the PAN of the assessee was used. In so far as the cash deposited in the bank and credit card payment is concerned the assessee furnished the copies of the bank statements before the CIT(A). 8. None of the explanation found merit with the CIT(A) who confirmed the assessment. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of the first appellate authority is completely silent on such entries made by the person mentioned in the bank statements. The AO's finding read as under:- In view of the above total cash deposit in Kotak Mahindra Bank Limited amounting to ₹ 14.21 lacs is added in his total income under head of undisclosed source of income u/s. 68 as no explanation of cash deposit has been given by assessee 13. This finding of the AO has been confirmed by the CIT(A). 14. Neither of the lower authorities has verified the cash withdrawal in the bank statement. 15. Considering the peculiar facts of the case where neither the AO has given any specific finding for making the additions nor the assessee has given any explanation. F ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
