TaxTMI 
TaxTMI 
1995 (4) TMI 96
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....n in the loss computed related to addition of Rs. 57,000 made by the AO under s. 68 of the IT Act being unexplained cash credits/squared up accounts in the names of 9 different parties. The AO noted the following short-term deposits for which he called upon the assessee to explain the nature and source thereof: . Rs. 1. Shri Johri Mal 5,000 2. Shri Ved Prakash 19,000 3. Shri M.L. Kansal 2,000 4. Shri S.P. Singhal 10,000 5. Smt. Gyanvati Sharma 5,000 6. Smt. Pratima Singhal 3,000 . 44,000 He also noted squared up cash accounts in the names of Shri Deepak Bansal Rs. 2,000, Shri V. Kumar Rs. 1,000 and Shri Budh Dev Prasad Rs. 10,000. Here again the AO called upon the assessee to explain the nature and source of these squared u....
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....e computation of its total income had been disclosed by it". The Tribunal recorded that the assessee had given explanation as also had filed evidence with regard to nature and sources of these loans/deposits and the same was required to be examined in the light of provisions of Expln. 1(B) to s. 271(1)(c). The Tribunal accordingly set aside the matter to the learned AAC for consideration afresh after giving an opportunity of being heard to the assessee. 2.2 In turn the learned Dy. CIT(A) issued notice of hearing to the assessee. He found that the assessee has not filed details of repayment of loans-mode of payment with dates. The learned Dy. CIT(A) accordingly took the view that the assessee has failed to substantiate the explanation withi....
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....rior to insertion of Expln. 1 to s. 271(1)(c), while the judgment in the case of Indo-Gulf Fertilizers & Chemicals is with reference to the scope of the provisions of s. 143(1A) for the purpose of charging of additional tax. The learned Departmental Representative, therefore, supported the order of the learned Dy. CIT(A). 3. We have heard the learned representatives of the parties at length and have also perused the relevant record, including the paper book filed by the assessee before the learned Dy. CIT(A) as additional evidence. This appeal has to be decided in the context of order of the Tribunal dt.19th Jan., 1988, restoring the appeal to the learned AAC with the direction to consider the assessee's explanation in the light of Expln. ....
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.... Rs. 10,000 having been advanced on different dates. 3.4 In the matter of Gyanvati Sharma, we find confirmation filed by her husband, Shri J.P. Sharma accepting that his wife deposited a sum of Rs. 5,000 with the assessee and it represented her savings over the years from the money she received from him from time to time. This is backed up by affidavit of Smt. Gyanvati Sharma, as also of her confirmation letter which contains full postal address also. 3.5 Smt. Pratima Singhal (Rs. 3,000): Her confirmation is filed. It contains her address as also backed up by affidavit, which also states the sources of the amount being received on maturity of her CDS Account No. 350 with Muzaffarnagar City Post Office and this is backed up by photo copy o....