TaxTMI 
TaxTMI 
2016 (10) TMI 487
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....2.2010 for assessment year 2008-09. In this appeal various grounds have been raised out of which ground No.1 and 10 are of general nature and do not require separate adjudications. The other grounds raised are as under:- "2. For that the closing balance with Bank of India Rs. 102,699/- has been fully explained in Written Submission, as it consist of opening balance Rs. 90,127/- and deposit in cash Rs. 20,000/- out of withdrawal from disclosed bank account with UBI, as such the Ld. CIT(A) was wrong in upholding he said addition. 3. For that on the facts of the case, the ld. CIT(A) has failed to consider the Written Submission explaining deposits with AXIS Bank tallied with UBI account and opening balance required considerat....
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....cally u/s. 234A & 234B Rs. 25,557/- and R.281,127/- is wrong and illegal. Shri Saumitra Choudhury, Ld. Authorized Representative appeared on behalf of assessee and Shri Rajat Kumar Kureel, Ld. Departmental Representative appeared on behalf of Revenue. 2. The facts in brief as have been brought on record are that the assessee is an individual engaged in the business of advertising agency. The return of income was filed declaring income from "business and interest" for Rs. 1,35,762/-. Thereafter the case was selected for scrutiny assessment through CASS module and assessment was framed u/s 143(1) of the Act at Rs. 27,81,470/-. 3. The issues raised in ground no. 2 to 5 are interconnected so they are being clubbed together and disposed....
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....bank account of AXIS Bank as on 31.03.2008 and this account was not disclosed by the assessee in his return of income. Accordingly, the AO proposed to add the same to the total income as from the undisclosed source. In rebuttal, assessee submitted that all the transactions of this bank account are of personal nature and therefore it was not disclosed. However the AO disregarded the plea of the assessee by treating the same as undisclosed income for Rs. 2,76,150/- and accordingly added to the total income of the assessee. 4. Aggrieved, assessee preferred an appeal to ld. CIT(A) who has upheld the order of the AO. Being aggrieved by the order of the ld. CIT(A), the assessee came in second appeal before us. 5. The ld. AR before us filed ....
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....disagree with the view taken by the lower authorities that the credit entries reflecting in the undisclosed bank statement are representing the income from undisclosed sources. It is because that it is the duty of the lower authorities to establish the exact nature and character of such receipts. The argument placed by Ld AR that these credit entries are reflecting from the disclosed bank account has not been considered by the lower authorities. Ld. AR before us has filed the reconciliation statement of all the entries reflecting in the disclosed and undisclosed bank account. We find that all the credit entries reflecting in the undisclosed bank account are coming from the disclosed bank account of assessee. In support of this, Ld. AR has f....
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....of business expediency. On the other hand, Ld. DR submitted that payment made by assessee is against the provision of Sec. 40A(3) of the Act. The payment made by assessee also does not fall in any of the exception as specified under Rule 6DD(k) of the IT Rules. Ld. DR also vehemently relied on the order of authorities below. 11. We have heard the rival contentions of both the parties and perused the materials available on record. From the aforesaid discussion, we find that the genuineness of the transaction and identification of the parties have not been doubted by the lower authorities. In the identical case having aforesaid facts and circumstances the Hon'ble jurisdictional High Court in the case of CIT vs. Crescent Export Syndicate in....