2022 (5) TMI 333

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..... count of assessee. 2. On the facts and in the circumstances of the case as well as subject on the law, Id. CIT(A) has erred in giving direction to Assessing Officer to reopen the case of assessee for A.Y. 2013-14 by invoking the provisions of section 150(1) of the Act. 3. It is therefore prayed that addition made by assessing officer and confirmed by CIT(A) may please be deleted and direction given by CIT(A) may please be quashed. 4. Appellant craves leave to add, alter or delete any ground(s) either before or in the course of hearing of the appeal." 2. Learned AR submitted that the ld. CIT(A) has erred in confirming the action of the Assessing Officer in making addition of Rs.34,15,725/- on account of alleged unexplained cash deposi .....

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..... Replying to the above, ld. Sr. DR supported the action of the Assessing Officer and placed reliance on the assessment order. He also drew our attention to page 8 of first appellate order and submitted that the Assessing Officer has made addition u/s. 68 of the Act on account of cash deposits in the bank account and he was very clear in his approach that although total cash deposit was Rs.79,04,282/-, but instead of making addition of whole amount, the Assessing Officer proceeded to calculate the peak amount of the deposit by allowing benefit of withdrawals made in cash. 5. On careful consideration of the rival submissions, I am of the considered view that the ld. AR has not disputed the cash deposits in the bank account and the Assessing .....

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..... has not considered this amount towards cash deposits in the bank account of the assessee. Therefore, in my humble understanding, this amount received in cash against sale consideration of land to 8 persons, has to be taken into consideration and the explanation of the assessee in this regard is plausible and sustainable one. Therefore, we direct the Assessing Officer to recalculate the disallowance u/s. 68 of the Act by giving credit of Rs.24.45 lacs received by the assessee against sale of land to 8 persons during the immediately previous financial period which also gets support from the amount of opening cash balance in the hands of the assessee which was Rs.30,62,450/- . Accordingly, the appeal of the assessee is partly allowed sustainin .....

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