KISHOR NAMDEO JADHAV,PUNE vs. INCOME-TAX OFFICER, WARD - 6(3), PUNE

This is an appeal filed by the assessee directed against the order of ld. Commissioner of Income Tax (Appeals)- 4, Pune [‘CIT(A)’ for short] dated 22.02.2017 for the assessment year 2013-14.

Briefly, the facts of the case are that the appellant is an individual engaged in the business of trading in fish etc. The return of income for the assessment year 2013-14 was filed on 05.04.2014 declaring total income of Rs.3,65,963/-. Against the said return of income, the assessment was completed by the Income Tax Officer, Ward- 6(3), Pune (‘the Assessing Officer’) vide order dated 23.03.2016 passed u/s 143(3) of the Income Tax Act, 1961 (‘the Act’) at a total income of Rs.67,15,960/-. While doing so, the Assessing Officer made addition of Rs.63,50,000/- as unexplained cash deposits rejecting the explanation of the appellant that the cash deposits were made out from the agricultural income and the cash withdrawals made during the financial year 2011-12. 3. Being aggrieved by the order of assessment, an appeal was filed before the ld. CIT(A), who vide impugned order dismissed the appeal of the assessee. 4. Being aggrieved by the above decision of the ld. CIT(A), the appellant is in appeal before us. 5. Before us, ld. AR has filed the financial statements showing the withdrawals made and also the cash deposits made in the bank account. It is submitted that the bank account is jointly held by the assessee along with his two brothers. He also filed the copy of the savings bank account. He submitted that the cash deposits were made out of the cash withdrawals made from the same account. It is asserted that when the cash was withdrawn from the bank, in the absence of any evidence as to the utilization, the same should be treated as available for re-deposit. Thus, it was submitted that the