TaxTMI 
TaxTMI 
2015 (11) TMI 1201
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....o as 'the Act') vide his order dated 27.12.2007 for assessment year 2005-06. The assessee has filed appeal on the following grounds:- "1 (a) That on the facts and in the circumstances of the case, Ld. CIT(A) having admitted that assessee's recurring deposit A/.c Bi, 410299 with Tentulia, Sub-Post Office showed maturity proceed of Rs. 81,115/- on 31.07.2004 is wrong in holding that purchase of K.V.P. of Rs. 80,000/- from the same Post Office out of such maturity proceed does not amount to cogent evidence. (b) That the appellant now claims that K.V.P. of Rs. 35,000/- was purchased from Tentulia, sub-Post Office in May'2004 out of maturity proceed of another recurring deposit No. 410273 with the same Post Office. 2. (a) That on the....
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....nt of unexplained investment. 3. Briefly stated facts are that assessee is an individual and dealing in the business of broiler meat. During the year assessee has availed overdraft facility from Swarupngar Branch of Allahabad Bank by pledging the KVP. On examination of the details of KVPs, it was found that the 12 Nos. of KVPs valued at Rs. 115000.00 were purchased during the financial year 2004-05 but this transaction was not recorded in the balance sheet for the year ending 31-03-2005. The assessee also could not explain the source of KVPs in spite of several reminders issued to him. Hence, AO added this income to assessee's accounts. 4. Aggrieved, assessee preferred appeal before Ld. CIT(A) where Ld. AR of the assessee demonstrated....
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....efore us the Ld. AR of assessee submitted the pass-book issued by post office in support of recurring deposit account no. 410299 wherein withdrawal of Rs. 81,115/- was clearly recorded on dated 31-07- 2004. Out of this amount of money, a sum of Rs. 80,000/- was invested in the KVPs. The pass book of the post office for such FD account no. 410299 is placed at pages 16 to 25 of the paper book. However for the another investment of Rs. 35,000/- in the KVPs, the Ld AR has taken a new plea that the amount of money invested was out of the maturity of another recurring deposit vide no. 401273 with the post office for the amount of Rs. 40,557/-.The pass book of the post office for such FD account no. 410273 is placed at pages 26 to 35 of the paper ....
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....ed his turnover of Rs. 6,42,359/- but as per the bank statement there was total deposit of Rs. 21,51,420/-. On question by AO to the assessee about the deposits of the said money in excess of the turnover declared in his return income,the assessee replied that the out of the said sum Rs. 19,58,770/- belongs to his daughter, Smt Rama Sarkarwho is running a business under the name and style of Rama Broiler traders. It was also submitted that assessee is holding a joint account with his daughter. But assessee could not produce the supporting documents in support of his claim and the documents produced before AO were not relevant. Therefore, AO disallowed the claim of assessee and added to the income of assessee a sum of Rs. 19,58,770/-. Aggrie....
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....e AO that the cash receipt belongs to the daughter of the assessee but he changed his statement before CIT(A) by stating that the cash receipt belongs to his wife. So the assessee summarily failed to establish his claim. However for the sake of more clarity we are reproducing the relevant portion of AO order from page no. 4 middle para as under : "the credit in his OD a/c No. 32 to the tune of Rs. 19,58,770/-, as claimed by the assessee to be the business receipt of his daughter Smt Rama Sarkar and submitted through his letter on 16.11.2007, is considered to be nothing but his own business receipt in the guise of Rama Broiler Traders for the year under consideration. Hence, the amount of Rs. 19,58,770/- is added to the total income of th....
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....appeal before the Tribunal. 12. Before us Ld. AR of assessee prayed not to treat the entire sum of Rs. 2,98,520/- to the income of assessee and offered to apply the gross profit rate on the sum deposited with the banks. However, the assessee could not explain the source of money deposited in the bank. It was also found that the same bank account was also not disclosed in the income of return. Therefore, in the absence of any documentary evidence from the side of assessee we are of the view that the addition made by AO and confirmed by Ld. CIT(A) has been correctly done. Therefore we do not interfere into the orders of Authorities below. This ground of assessee's appeal is dismissed. 13. Coming to last ground raised by assessee for the....