9911796707
TMI Blog2023 (6) TMI 965X X X X Extracts X X X X X X X X Extracts X X X X ..... nk treating the same as unexplained: ii. Rs. 6,00,000/- on account of stamp duty paid on purchase of property on the ground that it has been paid out of alleged unexplained sources. Both actions being arbitrary, fallacious, unwarranted and illegal must be quashed with directions for appropriate relief." 3. In the result, the appeal of the assessee is allowed. 4. Apropos ground No. 1 the ld counsel submitted that the AO has made addition of Rs. 6,74,500/- on account of cash deposit to the bank account of the assessee which is contrary to the facts of the case. The ld counsel submitted before the authorities below the assessee is consistently submitting that the assessee has two bank accounts in her name and the assessee is earning c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sh withdrawals made by her from her SBBJ/ SBI account which was deposited with the UCO Bank account for repayment of housing loan. Ld counsel also submitted cash flow statement and submitted that during the FY 2014-15 the assessee deposited Rs. 9,99,000/- with UCO Bank out of total withdrawals of Rs. 24 lakhs from her SBI Account and balance cash in hands of Rs. 14,01,000/- was cash flow to the next year as opening balance. The ld counsel submitted that in such a situation when the withdrawals are much higher than the amount of cash deposit to the bank account then the balance amount of Rs. 6,74,500/- cannot be treated as cash deposited out of income from undisclosed source. The ld counsel finally submitted the entire addition may kindly be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not correct in considering the available cash out of cash in hand of Rs. 3,24,500/- for the purpose of adjudication the issue keep aside the factum of huge cash withdrawals from the bank account of the assessee with State Bank of India. Therefore, in my humble view that the addition made by the AO and sustained by the ld CIT(A) is not sustainable as the factual position stated by the assessee in her submission before the ld CIT(A) as well as before the AO have not been controverted neither by the authorities below nor by the Sr. DR before us as noted above. Therefore, in view of foregoing discussion I reached on legal conclusion that the AO was not right in only considering the cash out of income leaving aside the amount of huge cash withdr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thout properly considering the explanation and documentary evidence of the assessee. Ld counsel submitted that the ld CIT(A) has deleted the part addition of Rs. 3,14,400/- by observing that it was paid during the immediately previous AY 2014-15 but restricted the disallowance to the tune of Rs. 6 lakhs without any basis therefore, the same may kindly be deleted. 9. Replying to the above, the ld Sr. DR strongly supported the orders of the authorities below and submitted that neither during the assessment nor even during the appellate proceedings the assessee could not file plausible explanation and sufficient documentary evidence with regard to the investment of Rs. 6 lakhs for the stamp duty payment therefore, the ld CIT(A) was right in c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nces given by her. It was submitted by the assessee that the stamp duty of Rs. 6 lakhs was paid out of sufficient cash in hands driven from past savings and said known and declared sources and this fact can be verified from the cash book submitted before the authorities below explaining the payment of entire stamp duty made in cash towards purchase of property in Vasundhara. 11. On careful consideration of the above submissions and allegations of the AO and conclusion drawn by the ld CIT(A), I am of view that the ld CIT(A) have not controverted written submission noted by him in para 3 of the first appellate order explaining the source of Rs. 6 lakhs as saving from past years which was utilized for payment of stamp duty in cash. When the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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