9911796707
TMI Blog2024 (11) TMI 1366X X X X Extracts X X X X X X X X Extracts X X X X ..... kground facts leading to present appeal are such that the case of assessee-individual was taken up by AO for proceeding u/s 147 by issuing notice u/s 148 for the reason of cash deposits made in bank a/c during the financial year 2010-11. Thereafter, the AO also issued notices u/s 142(1). All notices issued by AO remained uncompiled with. Ultimately, the AO called bank-statement of assessee directly from concerned bank u/s 133(6). On the basis of entries found in bank-statement, the AO made addition of Rs. 2,47,881/- on account of salary income and addition of Rs. 11,61,000/- on account of unexplained deposits in bank a/c and thereby completed assessment u/s 147/144 determining total income at Rs. 14,08,880/-. Aggrieved, the assessee carried ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed by CIT(A) while upholding this addition: "4.3.1 As regards the addition of Rs. 11,61,000/- by the AO on account of cash deposits in savings bank account, I find that the appellant had explained that he had received Rs. 4,64,050/- as death cum retirement gratuity claiming the same as exempt and GPF withdrawal of Rs. 2,18,376/- also claimed as exempt as part of said deposits made in bank. The Government might not had given the said the said amount of Death-cum-retirement gratuity of Rs. 4,64,050/- and GPF of Rs. 2,18,376/- in cash. The AO had treated the amount of cash deposits only while making addition of Rs. 11,61,000/- as appellant's undisclosed income. The appellant had given an estimated self-service explanation that if he had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , therefore, hold that the AO had correctly passed the assessment order u/s 144 r.w.s. 147 of the Act following all the provisions of the Act and so also rightly added the amount of Rs. 11,61,000/- on account of undisclosed cash deposits as unexplained investment in bank u/s 69 of the Act. No interference in AO's order is called for. The addition made of Rs. 11,61,000/- is therefore confirmed." 7. Thus, before CIT(A), the assessee filed a cash flow statement showing opening cash balance of Rs. 3,80,000/- as on 01.04.2010 and the deposits/withdrawals made into/from bank during the financial year 2010- 11 to show that there was no shortage of cash at any point of time. However, the CIT(A) rejected assessee's submission. 8. During hearing be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,00,000/- shows a peak shortage of Rs. 2,05,000/-; and the 3rd statement starting with opening balance of Rs. 2,00,000/- shows a peak shortage of Rs. 1,05,000/-. Ld. AR submitted that the assessee had been in service of Govt. for as many as 39 years from which there were accumulation of funds. Further, the assessee has made cash withdrawal of Rs. 2,00,000/- on 11.03.2020, cash deposit of Rs. 1,00,000/- on 17.03.2020 and cash withdrawal of Rs. 1,00,000/- on 23.03.2020 in the very same bank a/c immediately prior to 01.04.2020; these cash transactions have also left a net cash balance of Rs. 2,00,000/- with the assessee as on 01.04.2010. Therefore, an opening balance of Rs. 3,80,000/- as shown in 1st statement, which was also narrated before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the three alterative cash-flow statements filed by assessee in Paper-Book and find the 3rd cash flow statement starting from opening balance of Rs. 2,00,000/- as on 01.04.2010 is more appropriate as the assessee was having immediate source to show net cash of Rs. 2,00,000/- available with him from withdrawals/deposits made from very same bank immediately before 01.04.2010. Therefore, we re-produce below the 2nd statement submitted by assessee as under: Statement of Peak Credit For the Period of 01.04.10 to 31.03.11 Opening Cash Balance is Rs. 2,00,000/- Date Particulars Case Withdrawal(A) Case Deposit (B) Running Balance (C) 01/04/2010 Opening Case Balance Rs. 2,00,000/- 10/01/2010 BOI 980810100009988 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18/10/2010 BOI 980810100009988 32000.00 147000.00 19/10/2010 BOI 980810100009988 35000.00 182000.00 21/10/2010 BOI 980810100009988 5000.00 187000.00 26/10/2010 BOI 980810100009988 200000.00 387000.00 29/10/2010 BOI 980810100009988 20000.00 367000.00 02/11/2010 BOI 980810100009988 26000.00 393000.00 09/11/2010 BOI 980810100009988 10000.00 403000.00 13/11/2010 BOI 980810100009988 7000.00 410000.00 19/11/2010 BOI 980810100009988 235000.00 175000.00 24/11/2010 BOI 980810100009988 27000.00 148000.00 30/11/2010 BOI 980810100009988 5000.00 153000.00 02/12/2010 BOI 980810100009988 7000.00 223000.00 03/12/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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