SHRI HARISH PESSWANI, Bhopal V. THE ITO 3(2), Bhopal

ITA 153/IND/2015

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 2294 (ITAT-INDORE)
• Duration Of Justice: 2 year(s) 1 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-04-2017
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Next Hearing Date: 25-01-2017
• Assessment Year: 2010-2011
• Appeal Filed On: 09-03-2015
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: MOHMD JAVED
• Assessee Lawyers: ASHIS GOYAL SHRI N D PATWA
• Keywords: Unexplained investment; Peak credit; Assessment record

Judgement Text

SHRI HARISH PESSWANI, I.T.A. NO. 153/IND/2015/A.Y.: 2010-11 PAGE 1 OF 11 , , IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE . . , . . , BEFORE SHRI C.M.GARG, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUNTANT MEMBER SHRI HARISH PESSWANI, A-10, EXOTICA, NEAR SUVIDHA VIHAR, AIRPORT ROAD, BHOPAL V. ITO-3(2)-BHOPAL / APPELLANT / RESPONDENT . . ./ PAN:AJTPP-1741M / APPELLANT BY SHRI ASHIS GOYAL, ADVOCATE SHRI N.D. PATWA, ADVOCATE / RESPONDENT BY SHRI MOHMD. JAVED, SR. (DR) / DATE OF HEARING 30.03.2017 / DATE OF PRONOUNCEMENT 17.04.2017 / O R D E R PER O.P.MEENA, ACCOUNTANT MEMBER THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE OR DER OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-II-BHOPAL[HERE INAFTER REFERRED TO AS THE CIT (A)] DATED 19.12.2014. THIS APPEAL PERTAINS TO ASSESSMENT YEAR 2010-11 AS AGAINST APPEAL DECIDE D IN RESPECT OF ASSESSMENT ORDER DATED 04.03.2013 PASSED U/S. 1 43(3) OF INCOME TAX ACT, 1961(HEREIN AFTER REFERRED TO AS 'T HE ACT) BY THE . . ./ I.T.A. NO.153/IND/2015 &(( / ASSESSMENT YEAR: 2010-11 SHRI HARISH PESSWANI, I.T.A. NO. 153/IND/2015/A.Y.: 2010-11 PAGE 2 OF 11 ITO- 3(2) BHOPAL [HEREINAFTER REFERRED TO AS THE AO ]. THE ASSESSEE HAS TAKEN FOLLOWING GROUNDS OF APPEAL: ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. CIT(A)-II, BHOPAL ERRED AND WAS NOT JUSTIFIED IN: 1. DISMISSING THE APPEAL AND SUSTAINING THE ASSESSMENT ORDER OF THE LD. AO UNDER THIS APPEAL WHICH IS CONTR ARY TO THE MATERIAL ON RECORDS AND PROVISIONS OF THE ACT, U NJUST, BAD IN LAW AND WITHOUT JURISDICTION. 2. SUSTAINING THE ADDITION OF RS. 34,60,100/- OUT OF R S. 39,35,400/- MADE BY THE LD. AO ON ACCOUNT OF UNEXPLAINED CASH DEPOSITS DISREGARDING THE FACTS OF THE CASE, SETTLED LEGAL POSITION AND EXPLANATION SUBMIT TED BY THE APPELLANT. 3. SUSTAINING THE ADDITION OF RS. 84,400/- MADE BY THE LD. AO ON ACCOUNT OF UNEXPLAINED INVESTMENT IN IMMOVABLE PROPERTY DISREGARDING THE FACTS OF THE CASE, SETTLE D LEGAL POSITION AND EXPLANATION SUBMITTED BY THE APPELLANT . 2. GROUND NO. 1 IS NOT PRESSED BY THE LD. COUNSEL OF T HE ASSESSEE HENCE, THE SAME IS TREATED AS DISMISSED AS NOT PRESSED. 3. GROUND NO. 2 RELATES TO SUSTAINING ADDITION OF RS. 34,60,100/- OUT OF RS. 39,35,400/- MADE BY THE AO O N ACCOUNT OF UNEXPLAINED CASH DEPOSIT. 4. BRIEFLY STATED THE FACTS OF THE CASE ARE THAT THE A SSESSEE IS A BANK EMPLOYEE IN BANK OF BARODA POSTED AT VIDISHA DU RING THE YEAR UNDER CONSIDERATION. THE ASSESSEE HAS FILED HI S RETURN OF INCOME ON 26.07.2010 DISCLOSING TOTAL INCOME AT RS. 1,32,380/-. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, IT WAS NOTICED THAT SHRI HARISH PESSWANI, I.T.A. NO. 153/IND/2015/A.Y.: 2010-11 PAGE 3 OF 11 THE ASSESSEE HAS MADE CASH DEPOSITS IN HIS VARIO US BANK ACCOUNTS AMOUNTING TO RS. 39,35,400/-. THE ASSESSEE HAS FURNISHED THE SOURCE OF AFORESAID CASH DEPOSITS AND ALSO SUBMITTED CASH FLOW STATEMENT BUT THE LD. AO HAS DECLINED TO ACCEPT THE SOURCES STATING THAT EXPLANATION OF THE ASSESSEE IS NOT ACCEPTABLE. 5. BEING AGGRIEVED, THE ASSESSEE HAS FILED THE APPEAL BEFORE THE CIT(A). THE SUBMISSIONS MADE BEFORE THE AO WERE REI TERATED AND THE EXPLANATION OF THE SOURCE OF DEPOSIT WAS FURNIS HED AND SAME WAS EXPLAINED BY CASH FLOW STATEMENTS. THE SUBMISSI ON MADE BEFORE CIT(A) IS REPRODUCED AS UNDER: THE DETAILS OF CASH DEPOSITS IN VARIOUS BANK ACCOU NTS ALONG WITH THEIR SOURCES IN THE TABULATED FORM ARE GIVEN AS UNDER: A-[AXIS BANK- ACCOUNT NO. 646010100014094] DATE CASH DEPOSIT [RS.] REMARKS 23/06/2009 5,000/- OUT OF WITHDRAWAL FROM BOB, VIDISHA A/C NO. 31370400000029 ON 23/06/2009. 15/09/2009 1,00,000/- ADVANCE FOR SALW OF PLOT RECEIVED IN CASH ON 14/09/2009 AMOUNTING TO RS. 1,00,000/- 25/09/2009 4,50,000/- CASH RECEIVED ON SALE OF PLOT ON 25/09/2009- RS. 2,72,000/-. RS. 55,000/- WITHDRAWN FROM SAME BANK ON 18/09/2009 AND RS. 1,23,000/- RECEIVED FROM MOTHER. 06/10/2009 4,00,000/- CASH WITHDRAWAL FROM SAME BANK ON 01/10/2009 21/10/2009 4,00,000/- CASH WITHDRAWAL FROM SAME BANK ON 19/10/2009 29/10/2009 4,00,000/- CASH WITHDRAWAL FROM SAME BANK ON 24/10/2009 16/11/2009 4,00,000/- CASH WITHDRAWAL FROM SAME BANK ON 04/11/2009 12/01/2010 5,000/- OUT OF WITHDRAWAL FROM BOB, VIDISHA ACCOUNT NO. 31370400000206 ON 09/10/2010. 10/03/2010 5,000/- OUT OF SALARY AND PAST SAVINGS TOTAL 21,65,000/- B-[BANK OF BARODA, VIDISHA, SB ACCOUNT NO. 31370100 000206] SHRI HARISH PESSWANI, I.T.A. NO. 153/IND/2015/A.Y.: 2010-11 PAGE 4 OF 11 TOTAL CASH DEPOSITS AS PER BANK STATEMENT DURING TH E YEAR UNDER CONSIDERATION IS RS. 11,25,500/- WHEREAS THE LD. A O HAS ERRATICALLY CONSIDERED THE CASH DEPOSITS AT RS. 13,74,800/-. CO PY OF THE BANK STATEMENT IS ENCLOSED HEREWITH. DATE CASH DEPOSIT [RS.] REMARKS 15/04/2009 50,300/- OUT OF WITHDRAWAL FROM SAME BANK ON 11/04/2009 04/07/2009 25,000/- CASH RECEIVED FROM MOTHER. 16/07/2009 1,00,000/- OUT OF WITHDRAWAL FROM BOB, VIDISHA ACCOUNT NO. 31370400000029 ON 14/07/2009- RS. 50,000/- AND OUT OF WITHDRAWAL FROM SAME BANK ON 14/07/2009- RS. 50,000/- 21/07/2009 1,00,000/- OUT OF WITHDRAWAL FROM BOB, VIDISHA ACCOUNT NO. 31370400000029 ON 20/07/2009- RS. 1,00,000/- 24/12/2009 2,50,000/- OUT OF WITHDRAWAL FROM SAME BANK ON 22/12/2009- RS. 1,00,000/-. WITHDRAWAL FROM AXIS BANK ON 19/12/2009- RS. 1,50,000/- 05/01/2010 2,00,000/- OUT OF WITHDRAWAL FROM SAME BANK ON 01/01/2010- RS. 2,00,000/-. 01/02/2010 2,24,000/- OUT OF WITHDRAWAL FROM SAME BANK ON 01/02/2010- RS. 44,000/- AND CASH RECEIVED FROM MOTHER RS. 1,80,000/- 19/03/2010 1 , 56,000/- OUT OF WITHDRAWAL FROM SAME BANK ON 02/02.2010- RS. 2,24,000/- 20,200/ - PETTY CASH DEPOSITS ON DIFFERENT DATES. TOTAL 11,25,500/- C-[BANK OF BARODA, HABIBGANJ, SB ACCOUNT NO. 186001 00005126] THERE ARE NO CASH DEPOSITS IN THE ABOVE SAID BANK D URING THE YEAR UNDER CONSIDERATION. COPY OF THE BANK ACCOUNT IS ENCLOSED HEREWITH [ANNEXURE-]. THE LD. AO HAS ERRATICALLY CONSIDERED A SUM OF RS. 1,84 ,000/- AS UNEXPLAINED CASH DEPOSITS IN THE ABOVE SAID BANK. THUS, THE AD DITION IS ERRATIC ON THE FACTS AND THEREFORE, IS LIABLE TO BE DELETED. D-[BANK OF BARODA, VIDISHA, OD ACCOUNT NO. 31370400 000029] TOTAL CASH DEPOSITS AS PER BANK STATEMENT DURING TH E YEAR UNDER CONSIDERATION IS RS. 1,64,600/- WHEREAS THE LD. AO HAS ERRATICALLY CONSIDERED THE CASH DEPOSITS AT RS. 2,11,600/-. COPY OF THE BA NK STATEMENT IS ENCLOSED HEREWITH. DATE CASH DEPOSIT [RS.] REMARKS 22/04/2009 50,000/- OUT OF WITHDRAWAL FROM SAME BANK ON 21/04/2009- RS. 50,000/- 29/04/2009 50,000/- OUT OF WITHDRAWAL FROM SAME BANK ON 28/04/2009- RS. 50,000/- 02/05/2009 5,000/- OUT OF WITHDRAWAL FROM SAME BANK ON 01/05/2009- RS. 5,000/- SHRI HARISH PESSWANI, I.T.A. NO. 153/IND/2015/A.Y.: 2010-11 PAGE 5 OF 11 07/07/2009 7,500/- OUT OF SALARY AND PAST SAVINGS. 20/07/2009 44,600/- OUT OF WITHDRAWAL FROM SAME BANK ON 14/07/2009- RS. 50,000/- 7,500/- PETTY CASH DEPOSITS ON DIFFERENT DATES. TOTAL 1,64,600/- FROM THE FACTUAL POSITION NARRATED ABOVE, IT IS APP ARENT THAT THE ADDITION OF RS. 39,35,400/- IS TOTALLY MISCONCEIVED AND THEREFO RE, IT IS PRAYED THAT THE SAME MAY KINDLY BE DELETED. 4.2. ASSESSEES SUBMISSIONS ALONG WITH ASSESSMENT ORDER HAVE BEEN CONSIDERED CAREFULLY. ASSESSMENT RECORDS OF THE AO ALONG WITH RELEVANT BANK ACCOUNT STATEMENT HAVE ALSO BEEN PERUSED. AS PER AI R INFORMATION ON RECORD, TOTAL CASH DEPOSITS OF RS. 28,92,500/- BEEN MADE B Y THE APPELLANT IN HIS BANK ACCOUNT AT BOB. ACCORDINGLY, THE CASE BEEN SEL ECTED FOR SCRUTINY THROUGH CASS. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, THE ASSESSEE HAS SUBMITTED HIS VARIOUS BANK ACCOUNTS STATEMENTS FROM WHERE AO HAS COMPUTED TOTAL CASH DEPOSITS OF RS. 39,35,400/-. HO WEVER, ON PERUSAL, ASSESSEES SUBMISSIONS REGARDING AMOUNT OF CASH DEP OSITS ARE FOUND ACCEPTABLE, EXCEPT FOR BOB A/C NO. 18600100005126, SINCE AT MANY PLACES AO HAS EITHER TAKEN O/D AMOUNT OR EVEN CHEQUE AMOUN T AS CASH DEPOSITS. THE CORRECT POSITION OF BANK DEPOSITS IS FOUND AS U NDER: S. N O. BANK NAME A/C NO. CASH DEPOSITS TAKEN BY AO (RS.) CASH DEPOSITS MADE AS PER BANK STATEMENT (RS) EXCESS TAKEN BY AO. (RS.) 1 BOB, VIDISHA 31370400000206 13,74,800/- 11,25,500/- 2,49,300 2 BOB, HABIBGANJ 1860010005126 1,84,000/- 5,000/- 1,79,000 3 BOB, VIDISHA 3137040000029 2,11,600/- 1,64,600/- 47,000 4 AXIS BANK, BHOPAL 646010100014094 21,65,000/- 21,65,000/- NIL TOTAL 39,35,400/- 34,60,100/- 4,75,300 4.3 REGARDING SOURCE OF THESE CASH DEPOSITS OF RS. 34,6 0,100/- IT IS SEEN THAT THE ASSESSEE HAS NOT BEEN ABLE TO EXPLAIN SATISFACTORILY THE AMOUNTS OF CASH DEPOSITS MADE IN HIS VARIOUS BANK ACCOUNTS WITH THE HELP OF SUPPORTING DOCUMENTARY EVIDENCES IN HIS FAVOUR DESP ITE BEING GIVEN ADEQUATE OPPORTUNITIES IN THIS REGARD. THE ASSESSEE HAS MERE LY STATED THESE AMOUNTS AS DEPOSITS FROM CASH IN HAND, RECEIVED FROM MOTHER - MRS. MADHU PESSWANI, MR. NAVEEN KUMAR AND OUT OF MONEY WITHDRAWN EARLIER . MERE FILING OF INCOME TAX RETURN OF THE LENDER I.E. HIS MOTHER DOES NOT A BSOLVE THE ASSESSEE OF HIS DUTY TO EXPLAIN THESE CASH DEPOSITS FOUND MADE IN H IS BANK ACCOUNTS. THE INCOME DECLARED BY HIS MOTHER IS NOT FOUND COMMENSU RATE WITH THE AMOUNTS GIVEN TO THE ASSESSEE NOR THERE HAVE BEEN EQUIVALEN T WITHDRAWALS FROM HER BANK ACCOUNT. THE ASSESSEES FURTHER CONTENTION THA T SUCH FREQUENT DEPOSITS AND WITHDRAWALS OF HUGE AMOUNTS HAVE BEEN NECESSITA TED FOR HIS MOTHERS SHRI HARISH PESSWANI, I.T.A. NO. 153/IND/2015/A.Y.: 2010-11 PAGE 6 OF 11 TREATMENT AND CERTAIN PROPERTY DEALS ARE ALSO NOT F OUND ACCEPTABLE ON THE BASIS OF EVIDENCES PRODUCED. THE ASSESSEE HAS ALSO FAILED TO PROVE SATISFACTORILY THAT THE VARIOUS AMOUNTS DEPOSITED I N THESE BANK ACCOUNTS ARE, INDEED MADE FROM WITHDRAWALS AS PURPOSE OF THESE WI THDRAWALS HAS ALSO NOT BEEN PROVED. THEREFORE, THEORY OF PEAK CREDIT IS AL SO NOT FOUND APPLICABLE IN HIS CASE. 4.4 AFTER PERUSAL OF ENTIRE MATERIAL ON RECORD, ADDITIO N OF RS. 34,60,100/- IS, HEREBY, CONFIRMED OUT OF TOTAL OF R S. 39,35,400/- MADE BY THE AO. 6. BEING AGGRIEVED THE ASSESSEE IS FILED AN APPEAL BE FORE THE TRIBUNAL. THE LD. A.R. SUBMITTED THE CIT(A) HAS CONFIRMED THE ADDITION ON ACCOUNT OF CASH DEPOSIT OF RS. 34,60,100 OUT OF CAS H DEPOSIT OF RS. 39,35,400 ADDED BY THE AO. THE SOURCE OF THESE CASH DEPOSITS OF RS. 34,60,100 IS EXPLAINED AS UNDER:- TOTAL CASH DEPOSIT IN 4 BANK ACCOUNT 34,60,100 LESS :OUT OF EARLIER WITHDRAWAL 32,79,400 LESS: RECEIVED FROM MOTHER 1,48,000 LESS: CASH RECEIVED AGAINST SALE OF PROPERTY 3,72, 000 LESS: PETTY CASH DEPOSIT FROM SAVINGS AND SALARY 32,700 TOTAL 34,60,100 34,60,100 BALANCE NIL 7. THE LD. A.R. SUBMITTED THAT THE ASSESSEE HAS FILED A DETAILED CASH FLOW STATEMENT (COPY FILED PAPER BOOK PAGE NO. 39-42) WHEREBY THE CASH WITHDRAWAL AND DEPOSIT ARE GIVEN. IT COULD BE SEEN FROM THAT DEPOSIT IN CASH ARE MAJORITY OUT OF EARLIER WITHDRAWALS FROM BANK. OUT OF THE TOTAL DEPOSIT IN BANK, RS. SHRI HARISH PESSWANI, I.T.A. NO. 153/IND/2015/A.Y.: 2010-11 PAGE 7 OF 11 32,79,400/- PERTAIN TO EARLIER WITHDRAWALS FROM THE BANK ACCOUNT. EACH DEPOSIT ENTRY IN THE BANK WERE SUBMI TTED TO BEFORE THE LD. CIT (A) WHICH ARE REPRODUCED BY THE CIT(A) AT PAGE NO 10 TO 12 OF APPELLATE ORDER. THE LD. A.R. CONTEN DED THAT THE GLIMPSE OF THE CASH FLOW WOULD SHOW THAT DEPOSIT AR E OUT OF THE EARLIER CASH WITHDRAWALS, AND THERE IS NO SHORT FAL L OF AT ANY TIME . AS REGARDS , AN AMOUNT OF RS. 3,72,000 , THE LD. A.R. SUBMITTED THAT THE ASSESSEE HAS SOLD A PROPERTY ON 25.09.2009 OF WHICH REGISTRY IS APPEARING AT PAPER BOOK PAGE NO. 26 FOR RS. 3,72,000. THE ASSESSEE HAS RECEIVED RS. 1,00,000 ON 15.09.200 9 AS ADVANCE AGAINST THE SALE OF THIS PROPERTY WHICH HAS BEEN DEPOSITED IN BANK ACCOUNT AND SAME IS BEING REFLECT ED IN THE CASH FLOW STATEMENT AT PAGE NO 40 AND SIMILARLY AN AMOUNT OF RS. 2,72,000 WAS RECEIVED ON 25.09.2009, WHICH IS A LSO APPEARING AT PAPER BOOK PAGE NO. 40 BACK. THE SALE DEEDS OF THIS PROPERTY DEPICTS THE SAID TRANSACTION , HENCE, THE SOURCE OF CASH DEPOSIT OF RS. 2,72,000 IS EXPLAINED OUT OF CASH RE CEIVED FROM SALE OF PROPERTY. FURTHER, IT WAS CLAIMED THAT THE ASSESSEE HAS RECEIVED AN AMOUNT OF RS. 1,23,000 ON 25.09.2009 FR OM HER MOTHER AND SIMILARLY AN AMOUNT OF RS. 25,000 WAS RE CEIVED IN CASH FROM HIS MOTHER ON 04.07.2009 . THUS, TOTAL CA SH AMOUNT OF SHRI HARISH PESSWANI, I.T.A. NO. 153/IND/2015/A.Y.: 2010-11 PAGE 8 OF 11 RS. 1,48,000 HAS BEEN RECEIVED FROM THE MOTHER OF T HE ASSESSEE, AND SAME IS DEPOSITED IN THE VARIOUS BANK ACCOUNTS OF THE ASSESSEE AND SAME IS REFLECTED IN CASH FLOW STATEME NT FILED BY THE ASSESSEE. THEREFORE, IT WAS URGED TO DELETE THE ADD ITION MADE BY THE AO. 8. ON THE OTHER HAND, THE LD. D.R. SUBMITTED THAT THE ASSESSEE HAS SOLD THE PROPERTY DURING THE YEAR UNDER CONSIDE RATION, HENCE, THERE IS A POSSIBILITY THAT THE AMOUNT DEPOS ITED IN VARIOUS BANK ACCOUNT IS OUT OF ON MONEY RECEIPTS. THEREFORE , THE EXPLANATION OF THE ASSESSEE SHOULD NOT BE ACCEPTED. 9. WE HAVE HEARD THE RIVAL SUBMISSIONS OF BOTH THE PAR TIES AND HAVE PERUSED THE MATERIAL AVAILABLE ON RECORD. WE F IND THAT THERE ARE FOUR BANK ACCOUNTS OF THE ASSESSEE VIZ : TWO AR E WITH BOB AT VIDHISHA , ONE IS BOB HABIBGANJ, AND OTHER ONE IS WI TH AXIS BANK. IT IS NOTICED THAT THE ASSESSEE HAS MADE WITH DRAWAL OF CASH FROM ONE BANK ACCOUNT AND SAME IS CLAIMED TO H AVE BEEN DEPOSITED WITH OTHER BANK ACCOUNT IN CASH. THE ASSE SSEE HAS FILED CASH FLOW STATEMENT IN RESPECT BY MERGING ALL FOUR ACCOUNTS THEREIN WHICH EXPLAINS THE CASH DEPOSITS. THE PEAK AMOUNT AS PER CASH FLOW STATEMENT COMES TO NIL. HOWEVER, IF W E CONSIDERED THE INDIVIDUAL BANK ACCOUNT AND CASH DEPOSIT THEREI N , THEN THERE SHRI HARISH PESSWANI, I.T.A. NO. 153/IND/2015/A.Y.: 2010-11 PAGE 9 OF 11 WOULD BE SOME AMOUNT ON ACCOUNT OF PEAK, THEREFORE, IN SUCH A CASH WHERE NO BOOKS OF ACCOUNTS ARE MAINTAINED THE PEAK THEORY IS BEST METHOD TO ASSESS THE ACTUAL INCOME EARNED F ROM SUCH TRANSACTIONS. AFTER TAKING INTO ACCOUNT, ALL THE FACTS AND CIRCUMSTANCES OF THE CASE, WE FIND IT APPROPRIATE T O SEND THIS ISSUE BACK TO THE FILE OF THE AO TO EXAMINE THE CASH FLOW STATEMENT IN THE LIGHT OF EXPLANATION AS OFFERED IN RESPECT OF EACH AND EVERY ENTRY AND PEAK THEORY. THE WILL CALCULATE THE PEAKS OF EACH BANK ACCOUNTS SEPARATELY. THE ASSESSEE SHALL SUBMIT ALL THE EVIDENCES BEFORE THE AO IN SUPPORT OF ITS CLAIM AND SHALL BE FREE TO RAISE ALL LEGAL AND FACTUAL ISSUES BEFORE THE AO . THE AO SHALL GIVE ADEQUATE OPPORTUNITY OF HEARING TO THE ASSESSE E AND SHALL DECIDE THIS ISSUE AFRESH AFTER CONSIDERING ALL THE DETAILS AND EVIDENCES AND JUDGEMENTS AS MAY BE PLACED BY THE AS SESSEE BEFORE HIM. THE ASSESSEE SHALL ALSO FILE ITS SUBMIS SIONS ALONG WITH REQUISITE EVIDENCES WITH REGARD TO ALL THE REA SONS GIVEN BY THE AO IN THE ASSESSMENT ORDER WHICH SHALL BE DULY CONSIDERED BY THE AO BEFORE DECIDING THIS ISSUE AFRESH. WITH T HESE DIRECTIONS, THIS ISSUE IS SENT BACK TO THE FILE OF THE AO. THIS GROUND MAY BE TREATED AS ALLOWED FOR STATISTICAL PU RPOSES. SHRI HARISH PESSWANI, I.T.A. NO. 153/IND/2015/A.Y.: 2010-11 PAGE 10 OF 11 10. GROUND NO. 3 IS REGARDING ADDITION OF RS. 84,00 0 AS INVESTMENT IN PROPERTY. 11. FACTS APROPOS OF THIS GROUND ARE THAT THE ASSESSEE HAD PURCHASED A PROPERTY FOR RS. 3,09,400. THE SOURCE OF INVESTMENT IN THIS PROPERTY IS EXPLAINED AS RS. 2,2 5,000 PAID BY CHEQUE AND BALANCE RS. 84,000 WAS PAID IN CASH, WHI CH WAS CLAIMED TO HAVE BEEN RECEIVED FROM MOTHER OF ASSESS EE, WITHDRAWN FROM BANK AND CASH IN HAND. HOWEVER, THE AO NOT SATISFIED WITH EXPLANATION, HENCE, MADE ADDITION OF RS. 84,000. 12. IN APPEAL BEFORE LD. CIT (A), THE CIT (A) NOTED THA T THE ASSESSEE HAS CLAIMED THE SAID AMOUNT IS PAID OUT OF WITHDRAWAL MADE FROM AXIS BANK ACCOUNT OF RS. 3,04,000 ON 2-2- 2010. HOWEVER, THE LD. CIT (A) DID NOT AGREE WITH EXPLANA TION, HENCE, ECHOED THE ORDER OF THE AO. 13. BEING, AGGRIEVED THE ASSESSEE FILED THIS APPEAL BEF ORE THE TRIBUNAL. THE LD. A.R. SUBMITTED THAT THE ASSESSEE HAD WITHDRAWN A SUM OF RS. 1,50,000 ON 02-02-2010 FROM AXIS BANK ACCOUNT AS APPEARING AT PAPER BOOK PAGE NO. 42 FROM CASH BOOK FOR REGISTRY AND PERMISSION OF HOUSE , OUT OF WHICH AN AMOUNT OF RS. 84000 HAS BEEN PAID IN CASH TOWARDS ACQUISITION OF PROPERTY. SHRI HARISH PESSWANI, I.T.A. NO. 153/IND/2015/A.Y.: 2010-11 PAGE 11 OF 11 THUS, THIS AMOUNT WAS SUFFICIENT TO EXPLAIN TO SOUR CE OF CASH DEPOSIT OF RS. 84,000. 14. PER CONTRA, THE LD. D.R. SUPPORTED THE ORDER OF LOW ER AUTHORITIES. 15. WE HAVE HEARD THE RIVAL SUBMISSIONS OF BOTH THE PA RTIES AND HAVE PERUSED THE MATERIAL AVAILABLE ON RECORD. WE F IND THAT THE ASSESSEE HAD WITHDRAWN A SUM OF RS. 1,50,000 AS REF LECTED AS PAPER BOOK PAGE NO. 42 OF CASH FLOW STATEMENT. OUT OF THIS AN AMOUNT OF RS. 35,000 WAS PAID IN CASH ON RS.49000 W AS PAID IN CASH ON TOWARDS PURCHASE OF PROPERTY. THUS, THE SOU RCE OF CASH PAYMENT OF RS. 84,000 IS EXPLAINED. HENCE, ADDITION OF RS. 84,000 IS DELETED. THIS GROUNDS OF APPEAL IS ALLOWE D. 16. IN THE RESULT, APPEAL OF THE ASSESSEE STANDS PARTL Y ALLOWED. 17. THE ORDER PRONOUNCED IN THE OPEN COURT ON 17.04.20 17. SD/- (..) /(C.M. GARG) SD/- (..) /(O.P.MEENA) /JUDICIAL MEMBER /ACCOUNTANT MEMBER DATED:17.04.2017 SB*