9911796707
TMI Blog2021 (7) TMI 1412X X X X Extracts X X X X X X X X Extracts X X X X ..... d by Ld CIT(A)-24, Mumbai and it relates to the assessment year 2015-16. The assessee is aggrieved by the decision of Learned CIT(A) in confirming the addition of Rs.35,32,500/- made by the AO u/s 68 of the Act. 2. The facts relating to the issue are stated in brief. During the year under consideration, the assessee had deposited cash aggregating to Rs.35,32,500/- into his bank account maintained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... withdrawal can be seen in the same. Further, the assessee has failed to furnish any documentary evidences that the cash deposited in the bank were out of the cash in hand of the assessee and the assessee has not explained the reason for holding such huge balances in cash. Since the onus was on the assessee to prove and explain the source of the said cash which he has failed to do so, the entire c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the books of accounts of the assessee:- (a) Balance sheet as on 31.03.2014 (Page 22 of paper book) to prove that the assessee was having opening cash balance as on 1.4.2014 to the tune of Rs.15,97,355/-. (b) Copy of Andhra bank ledger account as per books of accounts. (c) Copy of Statement given by Andhra bank. The Ld A.R reiterated the contentions that the impugned bank deposits hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wals made from the bank account on the reasoning that the earlier cash withdrawal has not been proved. However, the cash withdrawal could have very much been verified from the bank account of the assessee as well as from the entries made in the books of account. In the instant case, the books of account maintained by the assessee have not been rejected and it is the submission of the assessee that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut of cash balance available in the books of account. If the sufficient cash balance is available in the books prior to making of the deposit, then the AO is directed to delete the addition relating to the said deposits. The AO may sustain the addition to the extent of shortfall, if any, if the cash balance available in the books of account falls short of the amount of deposit made on any particul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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