BIMLESH GOYAL ,HOWRAH vs. ITO, WARD - 47(1), KOLKATA , KOLKATA

This assessee’s appeal for assessment year 2014-15 falls into question the CIT(A)-14, Kolkata’s order dated 17.04.2018 passed in case no. 73/CIT(A)-14/Wd-47(1)/2016-17 upholding the Assessing Officer’s action adding cash deposits in savings bank account and lower drawings of Rs. 95,000/- and Rs. 48,480/-; respectively, in proceedings u/s 143(3) of the Act. Heard both the parties. Case file perused.

I come to former issue of unexplained cash deposits that amounting to Rs. 95,000/-. Both the lower authorities have held the assessee not to have explained source thereof in assessment as well as lower appellate proceedings. I find that the assessee’s detailed evidence on record as per his profit and loss account at page 8 of the paper book

Coming to latter issue of lower withdrawals of Rs. 48,480/-, the assessee is fair enough in not disputing correctness thereof in principle. His only case is that the both the lower authorities have made the impugned addition on higher side. I therefore partly accept assessee’s arguments to restrict the impugned addition to a lumpsum amount of Rs. 10,000/- only with a rider that the same shall not be treated as a precedent in any preceding or succeeding assessment year. Assessee gets part relief to the above extent.

This assessee’s appeal is partly allowed in above terms. Order pronounced in the Court on 28.09.2018