TaxTMI 
TaxTMI 
2015 (7) TMI 638
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....ther impugned the order of Commissioner of Income Tax (Appeals) in confirming the addition which was initially made by Assessing Officer u/s. 68 of the Act but were confirmed by Commissioner of Income Tax (Appeals) u/s. 69 of the Income Tax Act, 1961 (hereinafter referred to as "the Act"). 2. The brief facts of the case as emanating from records are : The assessee is a Principal of Vamanrao Ithape Engineering and Technology College under Sangamner Medical Foundation and Research Institute. The assessee filed his return of income for the assessment year 2008-09 on 28-07-2008 declaring total income of Rs. 98,870/-. The source of income declared by the assessee in his return of income is salary and income from Short Term Capital Gain. Durin....
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....ome Tax (Appeals) in appeal held the amount as unexplained investment u/s. 69. The assessee apart from salary is having income from agriculture. The assessee is having agricultural land measuring 1 Hectare 82 Ares. The assessee has deposited sale proceeds from agriculture in his saving bank accounts. During the period relevant to the impugned assessment year, the assessee had gross receipts of Rs. 6,34,093/- from agriculture operations which includes sale proceeds on behalf of HUF as well. The assessee had taken loan and advances from friends through demand draft and cross cheques for purchase of property. The details of which were recorded by the Commissioner of Income Tax (Appeals) but were rejected without assigning any cogent reason. Th....
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....67 (Bom). The ld. AR further submitted that the authorities below have failed to take into consideration the fact that the persons who had advanced loans have given confirmation letters in support of assessee's claim. Furhter, the assessee has repaid part of loan and advances taken from some of the persons. The ld. AR of the assessee made alternate submission that without prejudice to his submissions made above the gross cash credit deposit cannot be added as taxable income of the assessee. Only net taxable income after deduction of expenses should be added and taxed. 4. On the other hand Shri B.C. Malakar representing the Department vehemently supported the order of Commissioner of Income Tax (Appeals). The ld. DR submitted that the ....
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....hed by the assessee, addition u/s. 68 was made as unexplained cash credit. In first appeal, the Commissioner of Income Tax (Appeals) sustained the addition, however, the addition was made as unexplained investment u/s. 69 of the Act. The assessee has filed written submissions wherein he has given the details of the amounts deposited in his bank accounts. Name of the Bank Amount Axis Bank Rs.4,36,000/- HDFC Bank Rs.96,000/- State Bank of Hyderabad Rs.23,55,000/- Bank of Maharashtra Rs.2,30,000/- Total Rs.31,17,000/- 6. The contentions of the assessee is that aforesaid amounts were from the agriculture sale proceeds and loans and advances taken from friends and colleagues for purchase of property. The de....
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....ons in his bank accounts during the period 20-12-2007 to 15-02-2008. As per the contentions of the assessee the assessee has repaid a sum of Rs. 6,51,300/- to Mr. D.S. Desai vide cheque drawn on state Bank of Hyderabad and Rs. 5,00,000/- to Jayant Shikshan Prasarak Mandal (JSPM) vide cross account payee cheque drawn on Bank of Maharashtra.The assessee has furnished confirmation letters from all the creditors. All the creditors have supported the case of assessee. A perusal of the impugned order show that there is no discussion about the loans and advances taken by the assessee and the repayment of same. Therefore, it would not be fair to treat the entire deposits in various bank accounts of the assessee as unexplained. 8. However, we do ....