AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
2016 (5) TMI 756
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.... total income of Rs. 1,58,969/-.The Assessee had one bank account in his name with ICICI Bank Ltd., wherein cash deposit totaling Rs. 22,53,262/- were made during the previous year. There was another account with ICICI Bank Ltd in the name of the assessee and name of his minor son Aswin Baheti, wherein cash deposit totaling Rs. 12,26,500/- had been made during the previous year. 3. In the course of assessment proceedings AO called upon the assessee to explain the source of funds out of which cash deposits referred to above were made in ICICI Bank Ltd. The asseessee submitted before AO that sums that had been withdrawn from the very same ICICI Bank account had been re-deposited in the very same account. The assessee also explained that it....
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....r reported to the AO that such a concern was not available at the given address. This fact was confronted to the assessee by the AO. Notice u/s 131 of the Act was also issued to Maxpro India by the AO. This was ought to be served on Maxpro India at the address given in the bill namely 89, Burtolla Street, Kolkata-700007. Inspector of Income tax department who went to serve notice u/s 131 of the Act reported that Maxpro India could not be found at the address given. He had detailed the efforts made by him in this regard. In the given circumstances AO was of the view that sale of gold and receipt of cash on such sale could not be verified. The assessee submitted before AO that it had sold gold to Maxpro India and was unable to explain as to w....
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....ohan Lal Dujari has arranged it free in Delhi, Rajasthan (for my mother sister) and in Assam for (Radha Kishan Damani). Mr. Dujari has also expired in the month of January 2014 " Assessee's above submission is perused carefully. At this stage the same cannot be verified since as per assessee's statement the person Sri Mohanlal Dujari has expired in January 2014. Moreover, during the course of the proceeding never he had given such statement before the expiry of Mohanlal Dujari. So, the statement of the assessee clearly seems to be an afterthought. Hence, the contention of the assessee cannot be sustained. As such the nature and source of aggregate cash deposit in assessee's bank accounts is treated as unexplained. On the b....
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.... copy of the bank statement of the said party for the bank account maintained by them with ICICI Bank and copy of the said bank account was also filed before us. The same had also been filed before CIT(A). It was submitted that it would be evident from the said bank account that even at the time when the AO made the enquiry, the said party was in existence and doing business from the same address as mentioned in the said bank statement. Therefore, it cannot be said that the said party was not in existence at the given address and the Inspectors report cannot be relied on. It was submitted that there was no justification to treat the sale of the said gold ornaments as not genuine. 10. In the alternative he submitted that the addition of t....
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....ition of undisclosed income. The learned counsel for the assessee placed reliance on the following decisions of ITAT, Kolkata :- i) ITA No.141/Kol/2012 in the case of Dilip Kumar Nahata order dated 09.05.2012. ii) ITA No.1903/Kol/2009 in the case of Uday Shankar Mahawar. 12. The learned DR placed reliance on the order of CIT(A). 13. We have given a careful consideration to the rival submissions. We have already observed that if the receipt of sale of gold is accepted and various withdrawals of the bank accounts are considered then that would sufficiently explain the sources of funds out of which cash deposits were made in the bank accounts. It has been the plea of the assessee that he had financial problem and was in need ....
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....f the department to procure the presence of Maxpro India for verification of the claim made by the assessee remains unexplained. We are of the view that in the light of the documentary evidence on record the assessee has successfully explained the sale of gold through Maxpro India and the conclusions to the contrary by the revenue authorities cannot be sustained. Since the sale of gold is held to be properly explained the sale proceedings of the gold and withdrawals from the bank account was sufficiently explained the cash deposits in the bank account. 14. The anomaly pointed out by CIT(A) is that on 19.04.2010 cash of Rs. 3,00,000/- was withdrawn from ICICI Bank and on the very same day deposit of Rs. 49,000/- is made in ICICI bank at B....