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TMI Blog2022 (10) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... roperties to the extent of Rs. 11,77,949/-. 2. At the outset, it is noted that there is a delay of 46 days on the part of the assessee in filing the appeal before the Tribunal. As submitted by the learned Counsel for the assessee, the said delay was due to the complete lockdown declared in the country to prevent the spread of Corona virus and keeping in view the same, we condone the said delay and proceed to dispose of this appeal on merit. 3. The assessee, in the present case, is an individual who filed his return of income for the year under consideration on 02.10.2014 declaring a total income of Rs. 5,85,440/-. The case of the assessee was selected for scrutiny through CASS and a notice under Section 143(2) of the Act was issued by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t completed under Section 143(3) of the Act vide an order dated 22.11.2016. 4. Addition of Rs. 20,03,649/- made by the Assessing Officer on account of unexplained investment in properties under Section 69 of the Act was challenged by the assessee in an appeal filed before the learned CIT(A). During the course of appellate proceedings before the learned CIT(A), a cash book for the year under consideration was prepared and furnished by the assessee to explain the source of cash for purchase of properties as under:- Date Particulars Vch Type Vch No, Debit Credit 1-4-2013 To Opening Balance 15,09,453.88 18-6-2013 To LAND ACCOUNT S.NO.782/2 (Sq.3795.25) Receipt 9 1,35,875.00 & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsp; By Closing Balance 13,77,231.88 3,27,230.00 10,50,001.88 13,77,231.88 13,77,231.88 1-11-2013 To Opening Balance 10,50,001.88 25-11-2013 To LAND ACCOUNT S.NO.782/2 (Sq.3795.25) Receipt 54 62,125.00 By Closing Balance 11,12.126.88 11,12,126.88 11,12,126.88 11,12,126.88 1-1-2014 To Opening Balance 11,12,126.88 7-1-2014 To LAND ACCOUNT S.NO.782/2 (Sq.3795.25) Receipt 60 1 ,06,300.00 16-1-2014 By Agriculture Land Purchase 347-Memadpur Payment 13 11,43,900.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le balance sheet in ITR 3 is acceptable in the case of an individual. On the one hand it is fair that some credit of cash in hand has to be provided to the appellant, but on the other hand reasonableness is also to be seen as to for how long a person will keep on withdrawing cash from his bank account and keep on accumulating cash reserve. For example the appellant has withdrawn an amount of Rs. 9,00,000/- from Kotak Bank Ltd on 1.02.2012 when his cash balance was Rs 5,87,836/-. There is no reason explained as to why he withdrew this amount when he was having sufficient cash balance with him. The withdrawals could have been made for any other purpose e.g. family function etc. There are no withdrawals for household expenses made by the appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... balance of Rs. 15,09,453/- was duly supported by two cash withdrawals of Rs. 9,00,000/- and Rs. 4,50,000/- made by the assessee from his bank account with Kotak Mahindra Bank Ltd and Bank of Baroda respectively. He has contended that the learned CIT(A), however, accepted only the cash withdrawal of Rs. 4,50,000/- made by the assessee from Bank of Baroda but did not accept other cash withdrawal of Rs. 9,00,000/- made by the assessee from Kotak Mahindra Bank Ltd. He has invited our attention to the cash book of the assessee for FY 2011-12, 2012-13 and 2013-14 placed at page Nos. 1 to 7 of the paper-book to show that the cash of Rs. 9,00,000/- withdrawn by the assessee from Kotak Mahindra Bank Ltd was duly reflected in the said cash book and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e income declared by the assessee in his return of income for AY 2013-14 was only Rs. 3,53,910/-. Moreover, there is hardly any withdrawal shown by the assessee for personal and household expenses in cash book prepared for three financial years i.e. FYs 2011-12, 2012-13 and 2013-14. Keeping in view all these facts of the case, I find myself in agreement with learned CIT(A) that the cash of Rs. 9,00,000/- withdrawn by the assessee from his bank account with Kotak Mahindra Bank Ltd on 01.02.2012 cannot be said to be available for making investment in purchase of properties in FY 2013-14. I, therefore, uphold the impugned order of the learned CIT(A) sustaining the addition made by the Assessing Officer on account of unexplained investment made ..... X X X X Extracts X X X X X X X X Extracts X X X X
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