TaxTMI 
TaxTMI 
2008 (2) TMI 477
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....ings from 1st Nov., 2000 to 6th Nov., 2000, the cash balance as per cash book was worked out at Rs. 23,069 as against cash on physical verification found at Rs. 20,031, thereby leaving shortage in cash at Rs. 3,038. In the course of survey, computerized cash book was examined and cash transactions amounting to Rs. 19,51,980 were noticed. Vide question No. 12 of the statement of the assessee recorded on 6th Nov., 2000, he was asked to explain the amount deposited in cash of Rs. 19,79,500 in the name of various customers. The assessee stated that he would submit explanation about the cash deposits. In response to summons under s. 131 the assessee attended the office on 7th Nov., 2000 and vide his letter of the same dated offered additional income of Rs. 10 lakhs on account of cash credits In the customers account totalling Rs. 19,79,500. Advance tax was also paid. Return of income was furnished on 29th Dec., 2001 at Rs. 1,93,270 in which the income of Rs. 10 lakhs surrendered vide letter dt. 7th Nov., 2000 was not declared. On being called upon to explain the reasons for not showing such surrendered income in the return, the assessee initially challenged the jurisdiction of the AO an....
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....th Bhansali 1,00,000 7. Mahaver Chand Kumbhat 1,18,500 8. Hemendra Phophaliya 30,000 9. Nakul Dharmawat 24,634 10. Ram Kishore Bhansali 12,800 11. Smt. Prabha Devi Sancheti 20,000 12. Smt. Rambha Devi Rathi &nbs....
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....bsp; Debit Credit ------------------------------------------------------------ 05.04.2000 Being cash received from 60,000.00 Yashoda Maheshwari 08.04.2000 Sett No. BIA/2000001 74,177.00 11.04.2000 Being cash received from 50,000.00 Yashoda Maheshwari 15.04.2000 Sett No. BIA/2000002 8,000.00 17.04.2000 Being cash received from 1,35,000.00 Yashoda Maheshwari 19.04.2000 Being cash received from 20,000.00 &nb....
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....; 10,000.00 Yashoda Maheshwari 29.07.2000 Sett No. BIA/20000017 3,399.10 05.08.2000 Sett No. BIA/20000018 8,285.00 12.08.2000 Sett No. BIA/20000019 4,719.00 19.08.2000 Sett No. BIA/20000020 2,720.10 26.08.2000 Sett No. BIA/20000021 7,397.37 30.08.2000 Being cash paid on a/c 50,000.00 02.09.2000 Sett No. BIA/20000022 2,470.75 05.09.2000 Being cash paid on a/c 50,000.00 09.09.2000 Sett No. BIA/20000023 2,704.00 16.09.2000 Sett No. BIA/20000024 4,198.00 23.09.2000 Being cash received from&....
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....the date 15th April, 2000. In the like manner, p. 124 of the PB is the detail of account for the purchase made at Rs. 1,41,900 and sales made for this party at Rs. 2,65,991 thereby leaving the amount payable at Rs. 1,24,091 which has been shown as credit against the date 10th June, 2000. In the like manner, all the transactions against which the narration has been given 'settlement' show the amount receivable or payable by the assessee on account of transactions of purchase and sale of shares entered on the direction of Smt. Yashoda Maheshwari and the net balance whether receivable or payable has been debited or credited accordingly. In this way, pp. 156 to 168 of the PB shows total purchase of shares on behalf of Smt. Yashoda Maheshwari at Rs. 87.92 lakhs and total sale of shares at Rs. 84.80 lakhs during the year. From time to time the assessee kept on receiving payment from his customers so as to keep himself safe as regards the transactions entered into by him on their behalf. Apart from certain cash receipts of Rs. 3,25,900, the assessee also received payments through cheques from Smt. Yashoda, which find duly reflected in the copy of account extracted above. The AO has chosen....