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2015 (5) TMI 894
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....t the order of ld. CIT(A) - 36, Mumbai dated 21-02-2011 wherein the assessee is aggrieved for the confirming the addition of Rs. 6,72,358/- made by the A.O. u/s 69A of the Income Tax Act, 1961 out of cash found during the search and also confirming the addition of Rs. 8,12,945/- made u/s 69-A of the Act on account of value of jewellery found during the search. The assessee is also aggrieved for making adhoc disallowance of 10% of motor car expenses as personal expense. 3. Rival contentions have been heard and record perused. There was a search and seizure at assessee's residential premises. During search, cash of Rs. 13,02,240/- was found. It was explained by the assessee that the house was occupied by his father, mother, brother and un-....
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....ed and I have saved the money keeping in mind for her future. My Husband is also aged 85-87 years and therefore looking to our old age and my daughter's condition, we have saved whatever is possible from our side. "Since these savings are made over a period of 20-25 years from my husband's income as well as my son's income which they themselves do not know, so I am not in a position to show any proof I would once again like to say that all these amounts received are from my savings only." 5. We have considered rival contentions and gone through the orders of authorities below. We found that during search statement of assessee's mother Smt. Jashodaben Ravji Majethia from whose possession cash was found, was recorded. In the st....
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..../diamond as per valuation report of Shri Ganpatlal M Jain (Govt. approved valuer) of Rs. 16,57,3401- found at the time of search on 07.01.2009 at the premises at 1803, 19h floor, Tridev, Tower, Bhakti Marg, Mulund (W), Mumbai -80 and explain the source thereof? Ans: Yes. I am confirming the above said value of Rs. 16,57,340/- of jewellery/silver/diamond jewellery has been found from my residence at 1803, 18th floor, Tridev Tower, Bhakti Marg, Mulund (W), Mumbai - 80 during the course of search conducted on 07.01.2009, total Gold jewellery found from my premises is 1.386900 kg and diamond jecwellery of Rs. 30,100/- and silver utensils of 2 kg. I have five members in my family including my Husband Shri Ravji Valji Majethia aged (85-87 yrs)....
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....essment the same Sundry Creditors, were accepted by the department, During the course of search, no evidence relating to such Sundry Creditors were found by the department. All the transactions are by "A/c payee" cheques. All the parties have PAN, are regularly filing returns and both the entries regarding the issue as well -as the receipt of the loan is reflected in their regular bank account as well as the bank account of the appellant. There is no cash deposit before the issue of loan and these loans have been repaid. In these circumstances, just because the replies were not sent by creditor directly but through the assessee cannot be a ground for making disallowance. The, appellant had relied upon the following case laws: Addition u/s 6....
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.... the summons did not present themselves before the A.O., it was held that assessee could not be blamed for the same. Nemichand Kothari Vs CIT (2003) 265 ITR 254 (Gau) Once assessee establishes that he received amount by account payee cheque, the assessee has proved creditworthiness of lender. Seth Textiles Vs ITA (2003) 80 TTJ (Mum Trib) 329 Pravin Colour Co. vs. ITA (1977) Taxation 48(6)-155 (bom) Addition u/ s. 68 could not be made as A.O. had not conducted any inquiry and also the assessee had furnished all relevant details, confirmations, details of cheques and affidavits etc. Veer Metals Vs CIT (1995) 51 TTJ (Del) Trib 132 DCIT vs. Anil Kumar (1997) 58 TTJ (Del.Trib) 340 Where amounts received by account payee cheques....