2015 (10) TMI 1709

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....e was an AIR information that the assessee had deposited cash amounting to Rs. 41,75,715 in his saving account maintained with Axis Bank Ltd. Kirti Nagar Branch. New Delhi. The case was selected for scrutiny and the appellant was requested to explain the source of cash deposited in his savings account. In reply the assessee assessee submitted before the Assessing Officer that he is an agent of life insurance corporation and has also done the business of rice grain etc. and the cash deposits in the savings account were out of business receipts. However, the appellant could not produce any bills/vouchers, books etc. in support of his claim of being engaged in the business of supply of rice, grain etc. In the absence of any evidence, the Asses....

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.... at Rs. 3,34,070/- but while computing the income of the appellant, the Assessing Officer has not reduced the declared Income from business of Rs. 3,34,070 from the peak deposit of Rs. 15,74,585. In my opinion, the non-reduction of the amount of Rs. 3,34,070/- from the peak deposit of Rs. 15,74,585 would amount to double taxation of the same income which is not allowed as per the Income Tax Act. Therefore, the Assessing Officer is directed to reduce the income of the appellant by Rs. 3,34,070/- from the peak deposit of Rs. 15,74,585/-. The balance amount of addition of Rs. 12,40,515/- to the total income of the appellant by the Assessing Officer is therefore confirmed." 4. At the time of hearing Shri D.V. Taneja, CA/Authorised Representat....

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....sits. Cash is deposited into Bank to avoid Loot/Theft." 5. On the other hand, Ld. DR relied upon the orders of the revenue authorities and requested that the same may be upheld. 6. We have heard both the counsel and perused the records, especially the orders of the revenue authorities. We find that the case of the assessee was elected for scrutiny and the assessee was requested to explain the source of cash deposited in his savings account. In reply the assessee submitted before the AO that he is an agent of life insurance corporation and has also done the business of rice, grain etc. and that the cash deposits in the aforesaid savings account were out of business receipts. AO has mentioned in his order that assesssee could not produce an....

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....who sell at their Shops located at nearby Locations. Assessee filed all Income Tax Returns u/s 44AF from Asstt.Year 2002-2003 to Asstt.Year 2009-2010 and thereafter till 2014-2015. Market Place of Assessee's shop is at a Location wherein transaction of Sale or Purchase of Rice and Channa is done. Sale in Cash is deposited with Bank and all Cash Deposited is withdrawn at the time of payment within one or Two day of Deposits. Cash is deposited into Bank to avoid Loot/Theft. Ld. Counsel for the assessee also contended through his grounds of appeal vide ground no. (vi) that assesee met the Ld. CIT(A) personally and appraised him about the fact that his A.R. has refused to appear and although the assessee has already given copies of relevant bil....