9911796707
TMI Blog2022 (5) TMI 162X X X X Extracts X X X X X X X X Extracts X X X X ..... nto savings bank account with HDFC Bank, Kunj Pura Road, Karnal. In response to the said notice the assessee filed return of income on 28.12.2016 declaring income of Rs.1,18,511/-. The reassessment was completed u/s 143(3) read with section 147 of the Act on 30.12.2016 determining income of the assessee at Rs.37,43,511/-. In the course of assessment proceedings, assessee was asked to reconcile/explain the cash deposits made on various dates into his bank account. As the assessee was not furnishing the reconciliation statement and since the assessment was time barring the Assessing Officer completed the assessment on 30.12.2016 based on the information furnished by the assessee till 29.12.2016. On examining the sale deed and affidavit of ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 17.02.2009 within a period of few days. The Ld. Counsel submits that the reason for confirmation of the addition by the Ld. CIT(A) was that the explanation of the assessee was not backed by any evidence. At this stage, the Ld. Counsel submits that additional evidence was furnished in the form of certificate issued by HDFC Bank confirming the withdrawals made by the assessee from his account i.e. Rs.16,62,000/- on 24.12.2008 and Rs.30,75,000/- on 13.02.2009. The Ld. Counsel submits that since this evidence is going to the root of the matter the same may be admitted. The Ld. Counsel further referring to the bank statement furnished at page 13 of the paper book submits that the entries of cash withdrawal and deposits were reflected in the ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was deposited on 17.02.2009. However, the explanation of the assessee was rejected by the Ld. CIT(Appeals) observing that it is only a general explanation and not backed by any evidence. 6. On perusal of the bank statement it is noticed that the assessee has withdrawn Rs.16,62,000/- on 24.12.2008 and also deposited an amount of Rs.12 lakhs on 08.01.2009. Similarly, it is noticed that assessee has withdrawn Rs.30,75,000/- on 13.02.2009 and Rs.25 lakhs was deposited on 17.02.2009. The explanation of the assessee that the monies were withdrawn intending to purchase land but since no suitable land could be found the assessee re-deposited into bank account cannot be brushed aside especially when the assessee and his family who are all agricult ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt is the sole and only reason to disbelieve the appellant. Persons can behave differently even when placed in similar situations. Due regard and latitude to human conduct and behavior has to be given and accepted when we consider validity and truthfulness of an explanation. One should not consider and reject an explanation as concocted and contrived by applying prudent man's behavior test. Principle of preponderance of probability as a test is to be applied and is sufficient to discharge onus. Probability means likelihood of anything to be true. Probability refers to appearance of truth or likelihood of being realized which any statement or event bears in light of the present evidence. Evidence can be oral and cannot be discarded on this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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