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TaxTMI 
TaxTMI 
TaxTMI 
2017 (9) TMI 308
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.... the addition made u/s 69A of the Income Tax Act, 1961 in a sum of Rs. 41,93,900 (wrongly taken by the A.O at Rs. 41,93,100). This sum of Rs. 41,93,900 comprises Rs. 22,08,800/- and Rs. 19,85,100. (b) The C.I.T (A) failed to appreciate the facts of the appellant's case that the appellant and her husband (Jayesh K. Vora) have been maintaining the following Bank Accounts with the Thane Janata Sahakari Bank Ltd In its Goregaon (East) branch. In the name of the appellant (Mrs. Sejal J. Vora) S.B. Account Number 706; In this account the gross cash deposits for the year ended 31-3-2011 amounted to Rs. 22,08,800. ii. S.B Account Number 601; This account is in the joint names of the appellant and her husband ....
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....hich there are several cash deposits as also cash withdrawals and should have therefore restricted the addition to Rs. 15,87,800 representing the peak of the cash deposits. 3. (a) The First Appellate Authority should not have enhanced the assessment made by the A.O, by a sum of Rs. 14,96,950 representing the difference between the amounts mentioned in the loan confirmation letters furnished by Jayesh K. Vora and the balances appearing in the name of )ayesh K. Vora in the statements submitted by the appellant to the A.O.-------- while the statement furnished by the appellant showed Jayesh K. Vora as a creditor of the appellant in a sum of Rs. 13,42,831.51, the confirmation letter issued by the creditor showed that he had to pay 1,54....
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....ayesh K Vora in the books of account of the appellant and forming part of Rs. 13,42,891.51/-, excluding those loans which are confirmed by the creditor (appellant's husband). The appellant craves leave to add to, modify, vary or delete any of the above grounds before or at the time of hearing of the above appeal." 3. The brief facts of the case are that the assessee filed the return of income on 31.03.2012 declaring total income to the tune of Rs. 3,87,698/-. The case was selected for scrutiny under CASS. Notice u/s 143(2) of the Act dated 28.09.2012 was issued and duly served upon the assessee on 29.09.2012. Thereafter, notice u/s 142(1) of the I.T. Act, 1961 was issued and served upon the assessee. Thereafter, on account of change ....
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....rading Corporation proprietary concern of Jayesh K Vora. The contention of the assessee's is that the assessee was having Account No. 706 in which the cash deposit was found to the tune of Rs. 22,08,800/- as on 31.03.2011 and the Account No. 601 was with the joint name of the assessee and her husband in which the amount to the tune of Rs. 19,85,100/- was found and the said amount had been assessed in the return of her husband of the assessee Jayesh K Vora. Therefore, the said amount is not liable to be added to the income of the assessee in accordance with law. It is also argued that the Account No.706 belongs to the assessee's in which there was a withdrawal and deposit therefore peak credit is liable to be taken into consideration in view....
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....s, the said amount is not liable to be added with the income of the assessee. We direct accordingly. The other contention of the assessee is that he was having the SBI Account No.706 in which there was a deposit and withdrawal and the total deposit up to the year ended on 31.03.20111 was amounting of Rs. 22,08,800/-. The copy of the said account is lies at page 14 to 15 of the paper book in which there are number of withdrawal and deposit and the total deposit was to the tune of Rs. 22,85,800/-. The big amount of deposit is to the tune of Rs. 15,67,800/-. In view of the law settled in CIT(A) Vs. Saraf Trading Company 2015 376 ITR 534 Allahabad High Court and ACIT Vs. Century Textiles & Industries Ltd. 2015 153 ITD 453 ITAT Mumbai Bench. We ....
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.... confirmation of the loan creditor has been declared as M/s. Sejal B Vora Corporation proprietary concern and in this confirmation there is only on secure of transaction of Rs. 30,00,000 and no closing balance was declared. The second confirmation is in the name of Shri Jayesh K Vora. The loan creditor has a debit balance of Rs. 1,54,118/- paise. Thus instead of declaring Shri Jayesh K Vora as sundry debtor for Rs. 1,54,118.49/- paise, the assessee has declared him as a unsecured loan creditor for Rs. 13,42,83.51/- paise. This difference to the tune of Rs. 14,96,950/- was assessed as unexplained undoubtedly, this addition was not made by the AO. We are of the view that the said loan transactions are required to be examined at the end of the....