2015 (9) TMI 371

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....ds wherein ground No.2 and 3 are general in nature and do not survive for adjudication. The sole surviving grounds No.1 is reproduced herein under for reference:- "1. On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of Income-tax (Appeals) has erred in confirming the action of the Assessing Officer in making addition of Rs. 45,85,861/- u/s 69A of the I. T. Act, 1961 on account of cash deposit in the bank account." 3. Brief facts of the case are that in this case the assessee is an individual earning income from salary and interest filed his return of income for the assessment year 2008-09 on 09-03-2009 declaring total income of Rs. 1,07,160/-. The case was processed u/s 143(1) of....

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....n any account for the same. The assessee had also furnished a statement showing monthly transactions in the said account which is as under:- Month Deposit (Rs.) Withdrawals (Rs.) April 173360 88390 May 430100 64440 June 277310 215205 July 282450 465820 August 309618 245175 September 845136 356521 October 759300 159009 November 187960 190670 December 544894 533653 January, 2008 300460 278640 February 299600 325414 March 250663 258299 Total 4659398 4592351     3.1 The learned AO rejected the explanation furnished by the assessee for the following reasons:- (i) The assessee had stated in the ....

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....nce:- "6. DECISION: - 6.1 The arguments of the Assessing Officer as well as appellant have been considered. The appellant has contended that he is a Tamer and that deposit in the Bank A/c is in the nature of sales receipt deposited by various customers at different places. However, the appellant has given no supporting evidences to substantiate its contention. On the contrary, in the return of income, the appellant had shown income from salary and no income from so called business activity was disclosed in the return. Even during the course of appellate proceedings, the appellant was asked to adduce evidence in support of its claim that he  is carrying out Trading activity. However, the appellant has not produced any ....

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.... From the case before us the following facts emerge:- (i) The assessee had not disclosed the bank account maintained by him with Punjab National Bank bearing Account No.3102000100093025 wherein a sum of Rs. 46,90,487/- was deposited on various dates for the period 01-04-2007 to 31-03- 2008. The aggregate of the withdrawals during that period amounted to Rs. 46,45,855/- (courtesy page no.7 to 27 of the paper book furnished by the assessee). (ii) The explanation offered by the assessee was that these deposits and withdrawals reflected his unaccounted business of trading in art silk cloth. (iii) The learned AO added the entire amount of Rs. 45,85,861/- as money owned by the assessee in the form of cash deposits u/s 6....