2017 (1) TMI 1293

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....i and old garments. He filed his return of income u/s 44AD declaring net profit of Rs. 1,58,240/-. In course of assessment proceedings, the Assessing Officer noted that assessee was maintaining saving bank account with IDBI Bank, Palwal, in which, as per AIR, he had deposited Rs. 28,62,700/- in cash. He, further, noticed that Rs. 5 lakhs was also credited by cheque in saving bank account maintained with IDBI. Accordingly, he obtained copies of bank statements from the bank as well as from the assessee and required the assessee to explain the source of cash deposited in these bank accounts along with documentary evidences. The assessee in his reply enclosed the copy of cash book and also pointed out that all the cash deposited in the bank wa....

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....oticed that the assessee has deposited Rs. 30,62,000/- in cash in his bank account whereas on perusal of return of the assessee it is found that he has earned only business income of Rs. 1,58,237/- during the year consideration. However, there are various heavy deposits regarding which no detail has been furnished. Clearly, these deposits cannot pertain to business since no regular pattern of business is reflected in the bank statement but lump-sum deposits. The assessee has not furnished any details or description of the bank transactions, i.e., deposits and withdrawals. In view of the submission of the assessee, his return of income it will meet and of justice, if the benefit of opening cash in hand of Rs. 2,05,400/- and initial deposit o....

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....unable to provide any justification as to why only Rs. 3,23,000/- were deposited in the bank out of the total sale proceeds of Rs. 28,66,780/-. The appellant has also been unable to justify as to where the rest of the sale proceeds were utilized. The same reasoning hold true for my dismissing the appellant's explanation for deposit of Rs. 99,000/- on 08.10.2010. With these remarks, the addition on Rs. 8,79,000/- is confirmed, as unexplained income of the appellant deposited in his bank account u/s 68. Thus this Ground of the appeal is partly allowed." 5. Being aggrieved, the assessee is in appeal before us and has taken following effective ground of appeal :- "2. That on the facts and in the circumstances of the case, the Learned Commiss....

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....To whomsoever it may concern Date 28.10.2015 This is to certify that our customer Mr. Brijesh Kumar (Account no.343104000014340) has withdrawn cash of Rs. 600000 from his account on 30.08.2010 cheque no.14676. The cheque is in the name Rakesh Sharma. This letter is issued on specific request of customer and bank bears no risk or responsibility for it. For IDBI Bank Ltd." 8. Ld. counsel further referred to page 5 - 6 of Paper Book wherein the bank account of assessee is contained in which Rs. 6,00,000/- has been shown as being withdrawn in the name of 'Palwal - Rakesh Sharma' on 30.08.2010. He, therefore, submitted that the very premise on which Ld. CIT(A) gives his finding, was not correct. Ld. counsel further referred to page 3 of L....