2013 (11) TMI 1646

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....antial questions of law: "2(A) Whether on the facts and circumstances of the case, the Hon'ble ITAT was right in considering in law, the deposits in the saving bank account of the assessee as "Trading Receipts" without any evidence of the existence of business on record? (B) Whether on the facts and circumstances of the case, the Hon'ble ITAT was right in restricting the addition from Rs. 35,33,414/- to Rs. 1.80 lacs by way of business income from retail trade u/s 44AF of the Act where the assessee failed to furnish name and addresses of the suppliers? (C) Whether on the facts and circumstances of the case, the Hon'ble ITAT's order is perverse and bad in law being based on no evidence with respect ....

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....e income from undisclosed source. 3. Feeling aggrieved and dissatisfied with the assessment order, the assessee preferred appeal before the learned CIT (A) and by order dated 04.02.2010, the learned CIT(A) partly allowed the said appeal by restricting the addition of Rs. 35,33,414/- to Rs. 1.80 lacs under Section 44AF of the I.T. Act. 4. Feeling aggrieved and dissatisfied with the order passed by the learned CIT(A), the revenue has preferred appeal being appeal No.ITA No.1519/Ahd/2010 before the learned ITAT and the assessee preferred cross objections in the said appeal. By impugned judgment and order, the learned ITAT has dismissed the appeal preferred by the revenue as well as the cross objections preferred by the assessee by confir....

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....sactions recorded in the bank a/c no. 2831 with Amarnath Co-op Bank Ltd. do not pertain to his HUF. The contemporary evidence by way of filing the return of income in the status of HUF after the time allowed u/s. 139(4) of the Act and that too after issuance of first show cause notice by AO, making application for PAN on 28.07.2009, neither getting registered under Gujarat VAT Act nor filing any returns under it, failure to furnish name and address of the suppliers in respect of Iron scrap business claimed by the appellant - all these facts clearly establish that claim of the business of HUF was an afterthought and it was rightly rejected by AO. 4.3. Now, coming to the next contention of the appellant that the transactions in the s....

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....recede the sale or subsequent to it depending upon the terms and conditions between the concerned parties. Therefore in the present case the contention of the appellant that the transactions in this bank a/c pertain to his business deserves to be accepted but still there would be a question of determining income in respect of these transactions. There is no evidence on record excepts the statement of the appellant with regard to the nature of business carried on by him and the details relating to the computation of income. The appellant has riled return of income on 13.08.2009 declaring income of Rs. 1,76,660/- u/s 44AF in respect of the transactions appearing in this bank a/c. In view of such statement made by the appellant in his return o....