2013 (5) TMI 784

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....erred in sustaining the addition made by the Assessing Officer towards unexplained cash credits. 2. Brief facts of the case are that both the assessees, husband and wife, namely, K. R. S. Suresh and Mrs. Ranjani Suresh are commission agents filed returns for the assessment year 2009-10 on December 23, 2009 admitting income of Rs. 1,62,000 and Rs. 1,90,000 respectively. The Assessing Officer completed the assessments under section 143(3) determining the income of the assessees at Rs. 71,61,156 and Rs. 57,90,000 respectively. While completing the assessments, the Assessing Officer made addition of Rs. 69,99,156 and Rs. 56,00,000 as unexplained cash credits in the hands of these assessees respectively. On appeal, the Commissioner of Income-....

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....unts deposited into their bank accounts and there is no justification in treating the deposits into their bank accounts as unexplained cash credits by the Assessing Officer. 4. The Departmental representative referring to assessment order submits that the assessee K. R. S. Suresh has not produced any evidence in proof of receipt of gold from his parents as gift. Similarly, Smt. Ranjani Suresh also did not produce any evidence in proof of receipt of gold from her motherin-law and father-in-law as gift. No evidence was produced to say that these assessees have received the gold in the form of gift. The Departmental representative further submits that assessees have not produced any evidence before the Assessing Officer or the details of pe....

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....s sold by them. In the absence of any such evidence produced by the assessees, it is hard to believe that the assessees are in possession of ancestral gold and sale consideration of such gold was used for making deposits into their bank accounts. It is also a fact that the parents of the assessee K. R. S. Suresh and who are also mother-in-law and father-in-law of Smt. Ranjani Suresh have not filed their wealth-tax returns and they are not assessed to wealthtax. It is the observation of the Assessing Officer that these assessees have made several cash credits of small amounts appearing in bank accounts claimed to be out of gold sale as these assessees are not in gold business. It is also observed by the Assessing Officer that logically it is....