TMI Blog2021 (9) TMI 1249X X X X Extracts X X X X X X X X Extracts X X X X ..... disputed without any adverse material on record - assessee has disclosed income in her return of income and which has been accepted by the AO which again explain the source of part of deposits in the bank account. We therefore find that the assessee has reasonably explained the source of deposits in her bank account and the additions so confirmed by the ld. CIT(A) is hereby directed to be deleted - Decided in favour of assessee. - ITA No. 296/JP/2020 - - - Dated:- 22-9-2021 - Sandeep Gosain, Member (J) And Vikram Singh Yadav, Member (A) For the Appellant : R.S. Poonia, CA For the Respondents : Manisha Choudhary, JCIT ORDER Per Vikram Singh Yadav, AM This is an appeal filed by the assessee against the order of ld. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... material on record. In support, reliance was placed on the Jaipur Benches decision in case of Shri Rajendra Singh vs. ITO, Ward-3, Bharatpur (ITA No. 416/JP/2017) where cash withdrawal made in the month of March 2013 was taken as source of opening cash in hand as on 1st April of 2013 and the assessee's explanation regarding source of cash deposit from opening cash in hand was accepted. 4. Per contra, the ld. DR submitted that the ld. CIT(A) has already allowed the benefit of peak credit to the assessee and has given sufficient relief amounting to ₹ 8,28,904/- out of total addition of ₹ 13,45,600/-. It was further submitted that the assessee has failed to explain the corresponding deposit made prior to withdrawal of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as per her bank statement and which was then withdrawn on 13.01.2011. It is noted that the claim of the assessee regarding frequent cash withdrawal and deposit for the purposes of availing OD limit has been accepted by the AO in his remand report for the year under consideration and duly considered and accepted by the ld. CIT(A) while working out the peak credit. Therefore, where similar transactions of deposits and withdrawals exist in the previous financial year, the explanation of the assessee duly supported by her bank statements cannot be disputed without any adverse material on record. Further, we find that the assessee has disclosed income of ₹ 1,83,370/- in her return of income and which has been accepted by the AO which again ..... X X X X Extracts X X X X X X X X Extracts X X X X
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