TaxTMI 
TaxTMI 
TaxTMI 
2015 (1) TMI 361
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....ase of Shri Amit N. Kapadia and Rs. 20,55,587/- in the case of Smt. Geetaben N. Kapadia on account of unexplained investment in bank account. 3. In ITA(SS) No. 151/Ahd/2011, the brief facts of the case are that the Assessing Officer observed that the assessee Shri Amit N. Kapadia has made investment in following accounts in Centurion Bank Ltd., Surat as under: A/c No. Financial Year Peak Balance 0041-097730-020 2005-06 10,01,000 0041-097695-020 2005-06 5,01,000 0041-094206-001 2005-06 71,515 Total 15,73,515 which is not recorded in the books of account maintained by the assessee. Therefore, he added the same u/s. 69 of the Act as gifs received by the assessee. 4. On appeal, the Commissioner of Income Tax (Ap....
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.... of money through banking channel and genuineness of the claim that draft found deposited in the appellant's bank account were actually that transferred from the said lender's bank account. In view of these facts, it is held that the addition is justified and the appellant's ground is rejected." 5. Similarly, In ITA(SS) No. 159/Ahd/2011 the brief facts of the case are that the Assessing Officer observed that the assessee Smt. Geetaben N. Kapadia has received investment in her accounts with Centurion Bank Ltd., Surat as under: A/c No. Financial Year Peak Balance 0041-097733-020 2005-06 10,01,000 0041-093100-001 2005-06 2,02,067 0041-097708-051 2005-06 5,53,587 0041-097680-020 2005-06 5,01,000 Total 22,57....
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....oney through banking channel and genuineness of the claim that drafts found deposited in the appellant's bank account were actually that transferred from the said lender's bank account. In view of these facts, it is held that the addition is justified and the appellant's ground is rejected." 7. The Authorized Representative of the assessee submitted that the amounts in question for which the addition has been made by the Assessing Officer were received by the assessees in Financial Year 2004-05 relevant to the Assessment Year 2005-06 and therefore no addition can be made in the hands of the assessee in the present year of assessment. For this, he placed reliance on the decision of this bench of the Tribunal in the case of Smt. ....
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....Assessment Year 2005-06 and no addition for the same can be made in the Assessment Year 2006-07. This fact has not been controverted by the Departmental Representative during the course of the hearing. 10. Similarly, in the case of Smt. Geetaben N. Kapadia, the Authorized Representative of the assessee pointed out that at page no. 26 of the paper book is placed the bank statement of Centurion Bank Ltd., Surat for account no. 0041097733020 from which it will be found that there was deposit of Rs. 5 lakhs on 17.08.2004 and another deposit of Rs. 5 lakhs on 24.08.2004 and there was cash deposit of Rs. 1,000/- on 16.08.2004, totalling to Rs. 10,01,000/-. Further, at page no. 32 of paper book is placed bank statement of Centurion Bank Ltd., Sur....
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....R on the other hand relied on the order of the lower authorities. 7. After hearing both the parties and perusing the record particularly page no. 48 and 49 of the paper book, we agree with the contentions of the learned counsel of the assessee that these deposits were made in the said bank account during the assessment year 2005-06 and therefore addition cannot be made during the year under appeal for unexplained investment. The addition so made and sustained by Ld. CIT(A) is hereby deleted. AO however will be at liberty to take cognizance of these deposits for assessment year 2005-06 as per law. This ground of the assessee is allowed." 12. Respectfully following the above quote....