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TMI Blog2019 (2) TMI 2131X X X X Extracts X X X X X X X X Extracts X X X X ..... cumstances of the case, the Assessing Officer erred in making the addition on account of unexplained cash deposits in the bank account amounting to Rs. 31,79,134/-, as the appellant was having sufficient source of income to deposit the same in the bank account . 3. Without prejudice to the above Ground no. 2, On the facts and circumstances of the case, the Assessing Officer erred in making the addition of Rs. 31,79,134/- u/s 69A, instead of making the addition of G.P at the rate of 2.89% on unaccounted cash deposits amounting to Rs. 18,70,883/- (Rs. 4,09,92,430/- minus Rs. 3,91,21,547/-), which is the actual unexplained cash deposits. The G.P on the same works out to Rs. 54,068/-. 4. On the facts and circumstances of the case, the Hon&# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In this regard, he submitted the copy of bank statement of IDBI Bank and date wise chart of cash deposit in IDBI Bank total of Rs. 1,81,48,430/-. 4. Regarding the second mistake he submitted that in addition to granting benefit of sales reported by the assessee in the present year, the AO should also have considered the opening cash balance. He submitted that the balance sheet of the assessee for the preceding year i.e. year ending as on 31.03.2014 is available on page no. 3 of the paper book and as per the same, there is closing cash balance as on 31.03.2014 of Rs. 38,58,600/-. At this juncture, the bench wanted to know regarding the closing cash balance as on 31.03.2015. He submitted a copy of balance sheet as on 31.03.2015 and pointed o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11 06.12.2014 2,500 12 19.12.2014 8,785 13 26.12.2014 1,51,000 14 27.12.2014 4,500 15 16.01.2015 6,700 16 28.01.2015 10,057 17 12.02.2015 4,500 18 05.03.2015 5,790 13,08,251 Assessee 1,81,48,430 AO 1,94,56,681 SBI 2,28,44,000 Total cash Deposit 4,09,92,430 Sales 3,91,21,547 Excess Cash Deposit 18,70,883 Excess of opening cash 25,58,513 7. The total amount of these cash deposit is Rs. 13,08,251/-. When this amount is added to the total cash deposit as per assessee of Rs. 1,81,48,430/- then the same tally with total cash deposit as per AO recorded by him in para 9 of the assessment order of Rs. 1,94,56,681/-. In view of this, I fee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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