2015 (5) TMI 1077

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....e Respondent : N. Madhavan, Joint Commissioner of Income-tax ORDER N. R. S. Ganesan (Judicial Member) 1. This appeal of the assessee is directed against the order of the Commissioner of Income-tax (Appeals)-II, Chennai, dated January 21, 2014, and pertains to the assessment year 2010-11. 2. Shri M. Karunakaran, the learned counsel for the assessee, submitted that the only issue arises ....

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....in. The amount withdrawn was also redeposited at Tuticorin and again withdrawn at Chennai. Therefore, according to the learned counsel, the very same amount was withdrawn and used for deposit on various dates. However, the Assessing Officer disallowed the amount of Rs. 32,39,731 as unexplained cash credit. On appeal by the assessee, the Commissioner of Income-tax (Appeals), however, directed the A....

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....sessee and the said employees. Since these employees were working with the concern in which the assessee was one of the directors, the amounts withdrawn by the employees are to be treated as withdrawn by the assessee. The claim of the assessee that the amount withdrawn from one place was deposited in another place, is not substantiated by producing any evidence. The amount was withdrawn in Chennai....

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....d. The assessee is maintaining a savings bank account with Axis Bank at Chennai. The assessee deposited a sum of Rs. 32,39,731 during the year under consideration. The assessee issued cheques in favour of one Shri Esakki Muthu and Shri Chermakani, both are employees of M/s. Jenson Enterprises P. Ltd. The reason for issuing cheques was not known. The fact remains that monies from the assessee's....