TMI Blog2023 (2) TMI 626X X X X Extracts X X X X X X X X Extracts X X X X ..... 016 cash in hand available with the assessee is at Rs. 29,15,918/- and Rs.31.81,449/- respectively. Therefore, under the given facts and circumstances, since the assessee has successfully/satisfactorily explained the source of sum of Rs. 10 lakhs, we fail to find any justification in the addition being made u/s. 68 - therefore we reverse the findings of the ld. CIT(A) and delete the addition made u/s. 68 - Decided in favour of assessee. - ITA No. 559/Kol/2022 - - - Dated:- 15-12-2022 - Shri Manish Borad, Hon ble Accountant Member Appellant Shri S.K Mukherjee, Advocate, ld.AR Respondent Shri Vijay Kumar, Addl.CIT/Ld.DR ORDER The instant appeal of the assessee for the assessment year 2017-18 is directed against the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs.10,00,000/- u/s. 68 of the Act along with other minor addition of Rs. 7,914/- and assessed the assessee s income at Rs.17,08,214/-. 5. Aggrieved, the assessee preferred appeal before the ld. CIT(A) and partly succeeded. As regards the addition of Rs. 10 lakhs made u/s. 68 of the Act ld.CIT(A) confirmed this addition observing that the assessee has not produced documentary evidences in support of cash deposits made into the bank account during the demonetisation period. 6. Aggrieved, the assessee is now in appeal before this Tribunal. 7. The Ld. Counsel for the assessee referring to paper book, audited balance sheet and some portions of cash book stated that the assessee made regular withdrawals of cash from bank for purchase o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1-2016 to 18-11-2016 cash amount of Rs. 27.50 lakhs was deposited in the bank. Part of the said sum of Rs. 17.50 lakhs has already been accepted by the ld. AO as explained. Remaining sum of Rs. 10 lakhs has also been deposited in the bank out of cash in hand available with the assessee. When the ld. AO has accepted the said cash book and part of cash deposited in the bank account out of the cash available in the cash book maintained by the assessee and books of account have not been rejected, then in such circumstances I fail to find any justification at the end of the revenue authorities of not accepting the source of alleged cash sum, which is out of the cash in hand available with the assessee. It is also worth noting that even on 30-11- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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