TMI Blog2022 (11) TMI 1112X X X X Extracts X X X X X X X X Extracts X X X X ..... t chose to disbelieve the plea of the Assessee merely on the surmise that it would not be probable for the Assessee to keep the money unutilized. The decision of the Hon ble Karnataka High Court supports the plea of the assessee. It is seen that the cash deposits in the bank account are preceded by withdrawal from the very same bank account. The ratio laid down in the aforesaid judgment will apply to the facts of the present case. If the revenue wants to disbelieve the plea of the Assessee then it must show that the previous withdrawal of cash would not have been available with the Assessee on the date of deposit of cash in the bank account. AO and CIT(A) have proceeded purely on assumption and surmises that cash withdrawn was not availa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 69A of the Income Tax Act, 1961 (hereinafter called the Act ) as unexplained money. On appeal by the assessee, the CIT(A) confirmed the order of the AO for the very same reason that were assigned by the AO for the rejection. 4. Aggrieved by the order of the CIT(A), the assessee has preferred the present appeal before the Tribunal. Learned Counsel for the assessee placed reliance on the decision of the SMC of ITAT, Bengaluru Bench, in the case of Col.Rajan in ITA No.101/Bnag/2022, order dated 01.06.2022 wherein this Tribunal on a similar plea taken by the assessee accepted the plea of the assessee and observed that if there is no evidence to show that the cash was utilized by the assessee elsewhere, the availability of cash as a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... supports the plea of the assessee. It is seen that the cash deposits in the bank account are preceded by withdrawal from the very same bank account. I am of the view that the ratio laid down in the aforesaid judgment will apply to the facts of the present case. If the revenue wants to disbelieve the plea of the Assessee then it must show that the previous withdrawal of cash would not have been available with the Assessee on the date of deposit of cash in the bank account. The AO and CIT(A) have proceeded purely on assumption and surmises that cash withdrawn was not available to the Assessee on completely extraneous factors. In our view, the Assessee has satisfactorily explained the source of funds out of which deposit of cash was made in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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