TaxTMI 
TaxTMI 
2014 (5) TMI 519
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....such undisclosed bank account as explained when the Assessing Officer objected to admission of additional evidence, without a speaking order. 3). On the facts and in the circumstances of the case, the Ld. Commissioner of Income -Tax (Appeals)-XV, Ahmedabad ought to have upheld the order of the Assessing Officer." 2. The sole issue involved in this appeal of the Revenue is that the ld. CIT(A) erred in law and on facts in deleting the addition of Rs.60,04,995/- made on account of unexplained cash credit u/s. 68 of the Act. 3. The brief facts of the case are that the Assessing Officer made addition of Rs.60,04,495/- by invoking the provisions of Section 68 of the Income Tax Act. On the ground that the assessee had not shown a bank account bearing no. 298010100017268 maintained with AXIS Bank, Ahmedabad in his books of accounts which was found on verification of AIR information received in the office of the Income Tax Department. The assessee was not able to reconcile the sources of deposits made in the bank account and also did not submit any books of account for the same. The details of such deposits are as under: Sr.No. Particulars Amount 1 Cash Deposited into B....
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....bmitted to your honor for kind consideration and final view in the matter. 3. Advances given Received Back of Rs.9,17,000/- The assessee has submitted that during the year he had given advances to his friends and relatives. Further he stated that such advances were received back during the year which details are mentioned below: Sr.No. NameAmount 1 Amrish N. Patel 1,50,000.00 2 Bharat M Patel 4,22,000.00 3 Bhavesh N. Shah 1,50,000.00 4 Bhavin Kaushik Patel 35,000.00 5 Mahesh Jayantilal Patel 1,60,000.00 Total 9,17,000.00 The assessee has submitted confirmations with complete address, PAN of all above parties and copy of Bank Statement/Pass book which are seen and copies of the same are hereby forwarded to you. However, as the assessee has failed to submit the above details at the time of assessment proceedings hence cannot be acceptable at this stage. The then AO has correctly made the addition. The above facts are submitted to your honor for kind consideration and final view in the matter. 4. Ticket Charges & Visa Fees Recd from Clients of Rs.6,53,500/- The assessee has submitted that the assesses received advance of Rs.6,53,500/-....
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.... The assessee had submitted that the assessee has made share transactions with India Info line Ltd. and an amount of Rs.6,27,657/- was received from India Info line Ltd towards sale of shares and the same was deposited into the AXIS Bank. Further the assessee has submitted copy of contra Ledger account of India Info line Ltd along with Contract Notes (Bills) for the year period of 1.4.2007 to 31.3.2008 which are seen and copies of the same are hereby forwarded to you. However, as the assessee has failed to submit the above details at the time of assessment proceedings hence cannot be acceptable at this stage. The then AO has correctly made the addition. The above facts are submitted to your honor for kind consideration and final view in the matter. 7. FD Matured (with AXIS Bank Ltd) of Rs.1,41,319/- The assessee had submitted that the assessee has made Fixed Deposit with AXIS bank Ltd. The same FD was matured and an amount of Rs.1,41,319/-was credited by the bank. Copy of certificate from AXIS bank Ltd is submitted by the assessee which is seen and copy of the same is hereby forwarded to you. However, as the assessee has failed to submit the above details at the time of assessm....
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....se notice was issued on 02/12/2010 and after that the then A.O. has passed the order. Therefore your honor is requested to take suitable view in the matter with regard to the assessee's claim that it was prevented by sufficient cause for furnishing the details called for by the AO at the time assessment proceedings. II. In respect ground relating to addition on account of cash credit u/s. 68 of the IT. Act of Rs60,04,945/- In this respect it is submitted that the then A.O. has made the addition of Rs.60,04,495/- u/s. 68 of the IT Act after affording full opportunity to the assessee. During the course of assessment proceedings it was found out that the assessee has not shown a bank account bearing No.298010100017268 maintained with AXIS Bank Ahmedabad in his books of accounts which has been caught during the course of assessment proceeding and on verification of AIR information received in the office. As assessee has not able to reconcile the sources of deposits made in the above bank account and also not submitted any books of accounts hence then AO has made addition of total bank receipts of Rs.60,04,945/- to the total income of the assessee after providing sufficient oppor....
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....en by the Id. A.O. in table at page No. 2 of the remand report is correct and acceptable to the appellant. (4) The Id. A.O. did not comment in the remand report about the contents of the affidavit of the appellant, where it was clearly affirmed by the appellant that there was 'sufficient cause' on his part for non-compliance of statutory notices. The failure to comply with statutory notices was because of sheer negligence or incompetence on the part of Shri Rhavesh H. Vyas, Advocate. In view of the above, the books of account could not be produced and necessary details could not be filed before the Id. AC. during the assessment proceedings. (4) It may kindly be noted that the Id. A.O. even after having satisfied by examination of books of account and supporting evidence did not offer any comment in respect of various sums credited, in the bank account of the appellant, by way of ticketing fee or visa fee, loans, return of advances and loans, return of cheques etc. It is also important to note that the Id. A.O. did not find any explanation or submission of the appellant inaccurate or incorrect. As the Id. A.O. has failed to contradict the explanations/submissions/detai....
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.... the above details at the time of assessment proceedings hence could not be accepted at this stage. (c) ADVANCES RECEIVED BACK AMOUNTING Rs.9,17,000/- The appellant has submitted confirmations with complete addresses, PAN and copies of bank statements/pass books and ledger account etc. of each debtor, during the remand proceedings, when called by the Id. A.O. The Id. A.O. has examined these evidences and finds the same in order. He simply mentioned that the appellant had failed to submit the above details at the time of assessment proceedings hence could not be accepted at this stage. (d) RECEIPT OP TICKET CHARGES p VISA FEE Rs. 6,53,500/-: When called by the Id. A.O. during the remand proceedings, the appellant has submitted ledger accounts of five persons from whom he had received ticket charges and visa fee through cheques during the relevant previous year amounting to Rs.6,53,500/-. Complete addresses were also submitted. The only objection on the part of the ld. A.O. is that the appellant had failed to submit the above details at the time of assessment proceedings hence could not be accepted at this stage. (e) CHEQUES RETURNED AMOUNTING TO Rs, 7,31,500/-: The....
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....arly indicating that the income was duly shown in the Profit & Loss A/c. No adverse finding was given by the Id. A.O. and he has simply mentioned that the appellant had failed to submit the above details at the time of assessment proceedings hence could not be accepted at this stage. (i) MISCELLANEOUS INCOME Rs. 7,575/- A sum of Rs.7,575/- was found credited in the bank account of the appellant on account of interest, charges reversal etc. during the year under consideration. The Id. A.O. has examined the relevant evidences but there was nothing against the explanations given by the appellant. (6) In view of the above position, the explanations and submissions given by the appellant both before your honour and before the Id. A.O. may kindly be accepted as the Id, A.O. has failed to bring an iota of evidence against the evidences and explanations submitted by the appellant, despite the detailed and thorough examination during the remand proceedings. The above evidences clearly explains the various totaling to Rs.60,04,946/- deposited in the bank account of the appellant by way of cash or cheques during the year under consideration. We expect that your honour would find t....