2017 (5) TMI 159

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....om the assessment order dated 28th December, 2011 passed by learned Assessing Officer (hereinafter called "the AO") u/s 143 (3) of the Income-tax Act,1961 (Hereinafter called "the Act"). 2. The grounds of appeal raised by the assessee in the memo of appeal filed with the Income-Tax Appellate Tribunal, Mumbai (hereinafter called "the Tribunal") read as under:- "1. The Learned Income Tax officer & the Learned CIT(A) - 32 have erred in adding Rs. 363500/- on account of cash deposits in the bank. 2. Your appellant has made cash deposits of Rs. 363500/- into his Dena Bank, Vile Parle Branch a/c no.013110008919. Your Appellant has received deposits for trading from various persons in the month of April 2008.The amounts received have been de....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Dena Bank, Vile Parle branch. The assessee was asked to submit cash book along with the narration for each entry. The assessee submitted cash book. On perusal of the cash book, the A.O. observed that the assessee had taken cash deposit for trading from 19 persons from 10.4.2008 to 30.4.2008 ranging between Rs. 17,500/- to Rs. 20,000/-. The A.O. rejected the contention of the assessee that it has received trading deposits as it was found by the AO that assessee is giving conflicting statements as some time the assessee is claiming to be sub-broker and while some time the assessee was claiming that he is not sub-broker but trader in shares. hence, the AO made addition of Rs. 3,63,500/- received as cash deposits by treating the said amount as ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... to the tune of Rs. 3,63,500/- , vide appellate orders dated 26-11-2012 passed by learned CIT(A). 7. Aggrieved by the appellate orders dated 26-11-2012 passed by ld. CIT(A), the assessee is in appeal before the tribunal. 8. None appear before the tribunal on behalf of the assessee when the appeal was called for hearing. On the other hand, the ld. D.R. relied on the orders of the authorities bellow and submitted that the assessee has not proved genuineness , creditworthiness and identities of the lenders of these cash deposits. 9. We have heard ld. D.R. and carefully perused the material available on record including paper book filed by the assessee. We have observed that during the year under consideration the assessee was engaged in the....