TMI Blog2022 (9) TMI 721X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee to justify the source of such cash deposits in her bank account. From the preceding discussion, we find that the assessee during the appellate proceedings has justified the source of cash deposits in her bank account. Pattern of withdrawing the cash from the bank from the accounts of different companies as well as from her own account and re-deposit the same in the bank appears to be very of unusual/ abnormal and the same is not free from the doubts. But no adverse inference can be drawn based on the doubts and surmise. The inference of the AO, how strong it is, but is of no consequence until and unless it is based on some concrete materials. In the present case, the necessary bank statements and explanation were furnished ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 72,96,000/- on account of Unexplained Cash Credit U/s. 68 of the I.T. Act. 2. That, the findings of the learned CIT(A) are not justified and are bad-in-law. 3. That, the appellant craves to add, amend, alter or delete any of the above grounds of appeals. 3. The only interconnected issue raised by the assessee is that the Ld. CIT(A) erred in confirming the addition of Rs. 72,96,000/- under the provision of section 68of the Act treating the cash deposits in the bank as unexplained cash credit. 4. The facts in brief are that the assessee in the present case is an individual and engaged in the business of shipping under the name and style of M/s. Essar Shipping. The AO during the assessment proceedings found that there w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n there were facilities to transfer fund from the one bank account to other bank account. Similarly, regarding cash withdrawal from account of M/s Jenus Shipping Pvt. Ltd., and depositing in assessee's account, the company did not file return of income for AY 2009-10 and the creditworthiness of the company was unproved. Besides, no nexus was established between the cash withdrawal from bank account of the company and deposit in the account of the assessee. The AO has also contended that no books of accounts or cash book of the assessee were produced in support of contention to match the cash withdrawals from the stated banks account and deposits in the bank account. Having considered the facts and circumstances of the case and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the details of the identity and creditworthiness of the parties as well genuineness of the transaction. Thus, no addition under section 68 of the Act is warranted in the given facts and circumstances. 9. On the other hand, the Ld. DR vehemently supported the order of the authorities below. 10. We have heard the rival contentions of both the parties and perused the materials available on record. The provisions of Section 68 of the Act fastens the liability on the assessee to provide the identity of the lenders, establish the genuineness of the transactions and creditworthiness of the parties. These liabilities on the assessee were imposed to justify the cash credit entries under Section 68 of the Act by the Hon ble Calcutta High Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re was cash withdrawal from the bank account of the company namely M/s Essar Shipping on different occasions which has been used for the deposit in the bank account of the assessee. The assessee in support of her contention has filed the copy of the bank statement M/s Essar Shipping. As per the assessee, the transactions recorded in the bank statement of M/s Essar Shipping Pvt. Ltd. were matching with the bank account of her. The necessary details have been furnished in the paper book. iii. The assessee also submitted that there was cash withdrawal form her bank account which was re-deposited in her bank account. The assessee to this effect has given the trail of withdrawal of money from the bank and re-deposit of the same in her bank ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year under consideration. It was brought under the statute with effect from 01.04.2013 and the Hon ble Bombay High Court in the case of CIT vs. Gagandeep Infrastructure Pvt. Ltd., reported in 80 taxmann.com 272 has held that such amendment is prospective and applicable from A.Y. 2013-14 onwards. The year before us relates to the assessment year 2008-09 which is not subject to the amendment in the proviso of section 68 of the Act. 14. In view of the above and after considering the facts in totality we are of the view that the assessee has duly discharged her onus imposed under the provisions of Section 68 of the Act by furnishing the necessary details with respect to the identity, creditworthiness of the parties and genuineness of the tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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