TMI Blog2019 (11) TMI 1752X X X X Extracts X X X X X X X X Extracts X X X X ..... did not show that above cash was not available in the hands of the assessee or have been spent on any other purposes. The coordinate bench in ACIT vs Baldev Raj Charla [ 2008 (12) TMI 241 - ITAT DELHI-C] also held that merely because there was a time gap between withdrawal of cash and cash deposits explanation of the assessee could not be rejected and addition on account of cash deposit could not be made particularly when there was no finding recorded by the assessing officer or the Commissioner that apart from depositing this cash into bank as explained by the assessee, there was any other purposes it is used by the assessee of these amounts. Ground of the appeal of the assessee is allowed and orders of lower authorities are reversed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firmed the addition and therefore the assessee is in appeal before us. 5. As per Para number 11 of the assessment order according to the AR information assessee has deposited cash amounting to INR 2675100/ in to Yes bank account number 390100002292. The assessee was asked to explain the source of the above cash. The assessee furnish the details of cash deposit vide letter dated 13/12/2012 in form of summary of cash withdrawals and deposits on different dates. Assessee also submitted cash flow summary, bank account ledger, bank statement with narrations. On examination of such summary the learned AO found that there is a Long gap between the withdrawals and deposits of different amount of cash deposits, hence explanation furnished by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement and the day-to-day cash book of the assessee to show the flow of the cash. He also submitted the Ledger account of the yes bank with narration of each and every entry reconciled with the complete bank statement. He further referred to the explanation of the assessee submitted before the lower authorities. He further referred to the decision of the honourable Delhi High Court in case of CIT vs Kulwant rai 291 ITR 36 (Delhi) wherein it has been held that that the orders of the assessing officer as well as the Commissioner of income tax are completely silent as to for what purposes the earlier withdrawals would have been spent and therefore he submitted that is no material has been relied upon by the AO on the Commissioner of income tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the cash by producing the cash flow statement, day-to-day cash book, Ledger account of the Bank with narration and the complete bank statement. Same were disbelieved by the learned assessing officer for the only reason that there is an inordinate delay in deposit of the cash in the bank account. Identical issue arose before the honourable Delhi High Court in case of CIT vs Kulwant rai in 291 ITR 36 wherein the honourable Delhi High Court has held as under:- 16. This cash flow statement furnished by the assessee was rejected by the AO which is on the basis of suspicion that the assessee must have spent the amount for some other purposes. The orders of AO as well as CIT(A) are completely silent as to for what purpose the earlier withdra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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