TaxTMI 
TaxTMI 
2017 (5) TMI 837
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....sh deposits of Rs. 25,66,500/- in his bank account maintained with Corporation Bank, Maneser. The assessee was asked to produce the Assessee by : Department by: Date of Hearing 03//05/2017 Date of pronouncement 16 /05/2017 source of this cash deposit along with the evidence to support his claim. The assessee stated that the amount was taken from his mother but could not produce any evidence in this regard and stated that same will be submitted shortly. Further the assessee filed a ikrarnama and certificate from village Sarpanch that his mother is legal heir of his maternal grandmother (mother's mother), however, the assessee could not furnish any evidence to prove the source of cash deposits. Hence the same was treated as undisclosed income....
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....equivalent to one acre is to be given to Smt. Vidya Devi mother of the assessee. No other details have been mentioned. The assessee at the remand proceedings explained cash in hand of Rs. 30, 70,000/- on 1.4.2010 and out of it cash has been deposited in his bank account after a gap ranging 3-10 months of withdrawal from the bank account of his grandmother Smt. Saraswati Devi. No explanation of when the amount was received and purpose of keeping cash have explained. The AO therefore reported that creditworthiness and genuineness of the transaction remained unapproved and requested the Ld. CIT(A) to dismiss the appeal of assessee. 3. The assesee in the rejoinder reiterated the same facts that Late Smt. Saraswati Devi maternal grandmother w....
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....was due to receive certain compensation from Rajasthan Government. The grandmother had executed an ikararnama 09.11.2009 In the favour of the mother of appellant (Vidya Devi) consenting to either give amount of compensation equivalent to one acre or transfer one acre land to her. The grandmother subsequently in her lifetime got compensation from Rajasthan Government in lieu of acquisition of her land. This compensation was deposited in the aforesaid bank with the Rajasthan Bank Ltd. It is contended that in the month of August and November, 2009, the maternal grandmother withdrew large cash from her account from the bank of Rajasthan Ltd. and the cash reached the appellant as both the mother of appellant and grandmother were living with him.....
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.... lady and it is unexpected that she can keep such large cash with her and if that has happened no independent statement of any person has not been recorded who could testify that such large cash was kept in personal custody for a large period of time. Further, if maternal grandmother was living with the appellant, it is much more convenient to keep such large cash in the bank account. The contention of the appellant is unreliable hence rejected. 3.8 However, the other part of the contention that there has been cash withdrawal and redeposit in the corporation bank of the appellant and the benefit of the same need to be given to the appellant needs consideration. For this purpose, the activity of cash deposit and withdrawal in the corporat....
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.... Ld. Counsel for assessee reiterated the submissions made before authorities below and submitted that Smt. Saraswati Devi received compensation and amount was deposited in bank account which in turn was given to Smt. Vidya Devi mother of the assessee and that same was given to the assessee which was deposited in bank account of the assessee. On the other hand Ld. DR relied upon orders of the authorities below and submitted that assessee has failed to prove source of the cash deposit in his bank account. Therefore appeal of the assessee may be dismissed. 7. I have considered rival submissions and do not find any justification to interfere with the orders of the authorities below. It is not in dispute that there are cash deposits amounting....
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....sh on 18th August, 2009 in a sum of Rs. 25 lacs and on 9.10.2009 there is a withdrawal of Rs. 42 lacs in cash. However the assessee has been making cash deposits in his bank account after gap of long period on different dates. If any cash amount is available to mother of the assessee which is alleged to have been given to the assessee, it is not explained why assessee was making deposits in his bank account on different dates of different amount and why full amount was not deposited in his bank account at the earliest. This itself create a serious doubt in the explanation of the assessee of availability of the cash through his grandmother. Filing a copy of ikrarnama and certificate from village Sarpanch will not prove the source of cash dep....