TaxTMI 
TaxTMI 
TaxTMI 
2015 (5) TMI 921
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....ment Credit Bank, Bandra branch, it is seen that during the relevant previous year, the assessee has deposited cash of Rs. 19,25,590/- and deposited Rs. 5,87,5000/- through cheques or by way of transfer. From the bank statement filed by the assessee, it is also seen that the payments are made either to Silverline Marketing or Silverline. Assessee was asked to furnish the name and addresses of Silverline Marketing or Silverline vide order-sheet notings dt.07/12/2007 and also asked to explain the nature of such payment and show-case as to why the deposits should not be treated as income from unexplained sources and added back to the total income as per the IT Act. Having no response from the assessee, information have been called for u/s.133(6) from the DCB Bank. DCB Bank vide their letter given the details of Silverline marketing having address at shop No.8/9, Dunhill Apts., Waroda Road, Bandra-West, Mum'bai-50. Accordingly, summons u/s.131 of the IT Act,1961 issued to Shri Hussain Charcnia, proprietor of Silverline Marketing on 20/12/2007 to appear on 24/12/2007. In response to the summons u/s.131, no one attended neither any submission were filed. To verify whether Shri Hussai....
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....lves do not prove that the transactions are genuine. The A.O., had given sufficient opportunity to" prove her claim to furnish details/supporting evidence on or before 19.12.2007, but the appellant filed her reply on 27.12.2007 on the date of completion of assessment. In remand report the Assessing Officer submitted that in the none of the cash memos, full address were given and none of them was signed. The appellant had submitted that all the sales were in cash therefore, "no address were written to invoices but she herself is stating that Rs. 26,000/- deposited in her bank account is from sundry debtors. The appellant has not been able to explain the deposits in her account and therefore, the AO has rightly added Rs. 25,13,090/- to her income. The appellant's request for assessing the income u/s.44AF of the Act, cannot be accepted since she had not disclosed the facts fully and truly in her return of income as is not able to explain the deposits in her bank account too. In view of these facts, the addition made by the A.O., is accordingly confirmed." 5. Similarly, in the assessment year 2006-07, the CIT(A) has called for a remand report from the AO and concluded a sunder :- ....
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....e by the AO are confirmed and these grounds of appeal are dismissed." 7. Against the above order of CIT(A), assessee is in further appeal before us. 8. We have considered rival contentions, carefully gone through the orders of the authorities below as well as remand report called by the CIT(A). From the record we found that in the assessment year 2005-06 the assessee had found to be deposited in her bank account of Rs. 19,25,590/- in cash and Rs. 5,87,500/- through cheques or transfer. Payment was alleged to be made to Silverline Marketing. However, the assessee did not produce any documentary evidence to substantiate her claim of payment made to Silverline Marketing for purchase of material. The AO issued summons u/s.131 to the proprietor of Silverline Marketing but she did not appear. Accordingly, the AO rejected the claim of assessee for making payment to Silverline Marketing in absence of any proof and added Rs. 25,13,090/- (19,25,590 + 5,87,500/-) as unexplained money u/s.69 of the IT Act. 9. We found that before the CIT(A) assessee has furnished copy of invoices issued by Hindustan Coco Cola Manufacturing Company Ltd. to M/s Silverline and Mrs Zarina Noorali Govani to Yash....
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.... filed by the assessee is as under :- "During the course of assessment proceeding our client had furnished letter dtd. 19. 11.2008 wherein the entire details of income comprising of capital gains and business income being income from distribution of Hindustan Coco Cola Manufacturing Company products received by our client through their agent M/s. Silverline Marketing. The assessing officer has wrongly stated that the details were not furnished as the above letter comprising of computation of income, balance sheet, profit & loss account alongwith bank statements, Xerox copies of sale and purchase documents of shop and investments were furnished. Further, bank summaries were also furnished alongwith loan confirmation of Mr. Nizar Govani and details of monthwise sale and purchase were also furnished. 5) The total amount of income treated as unexplained cash credit u/s 68 at Rs. 27,86,639/- has been accepted by the Assessing Officer as partly incorrect in para 2 of the remand report wherein the sum of Rs. 2,00,000/-has been accepted as proceeds of partial encashment of FDR". It was further submitted that the sale consideration of Rs. 13,00,000/- is received in respect of sale of shop....