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TMI Blog2013 (7) TMI 1247X X X X Extracts X X X X X X X X Extracts X X X X ..... on of addition of Rs.3,26,000/- with the aid of Section 68 of the IT Act. 3. The brief facts of the case are that search & seizure operation u/s 132(1) of the IT Act, 1961 was carried out at the residential premises of the assessee, on 6.11.2009. In order to give logical end to the proceeding, a notice u/s 153A(1) of the IT Act was issued on 4.8.2010, for filing return of income within 30 days of service of the notice. In response to the notice assessee has filed his return of income on 13.10.2010 declaring total income of Rs.35,30,520/-. On scrutiny of the accounts it revealed to the ld. AO that a sum of Rs.3,26,000/- was deposited by the assessee in his bank a/c with HDFC Bank on various dates for the year. 2007, the ld. AO has added thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.1,96,000/- dated 03.08.2007 which has not been added here. It is seen that the same is a cheque deposit, hence is not hit by the provisions of Sec 68 as was the intent of the Ld AO. Consequently, the addition of Rs.3,26,000/- is confirmed." 5. The ld. counsel for the assessee while impugning the additions made by the AO has contended that assessee has withdrawn a sum of Rs.5 lakhs on 2.8.2007 vide cheque No. 03705855, out of this amount assessee had made deposits in cash with HDFC Bank. The ld. counsel for the assessee drew our attention towards page no. 36 of the paper book, where details of cash withdrawal are placed on the record. The assessee has also produced a certificate from HDFC Bank indicating that a sum of Rs.5 lakhs was wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion offered by him is not, in the opinion of the AO, satisfactory the sum so credited may be charged to income tax as the income of the assessee. The assessee has explained the nature of the sums credited in his bank account and the source that it was withdrawn on earlier date from the bank account. The ld. first appellate authority has expected that every individual to behave in a particular manner, whereas it is always a subjective situation. What was the necessity, why he has withdrawn are altogether different aspects. Once sufficient funds are available with the assessee withdrawn from the bank, then, a probability of availability of explained source of money is available in favour of the assessee. The addition cannot be made simply for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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