TaxTMI 
TaxTMI 
2017 (12) TMI 1115
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....that purported addition of Rs. 12,63,838.00 as an undisclosed income of appellant in unjust since there has been deposits and withdrawals in said S.B.I. A/c. Even there had been more withdrawals than deposits. Hence no addition is sustainable. 2. For that the addition of entire amount as undisclosed is unjust since the said A/c was joint in nature and appellant's wife was income tax assessee having same commission income from G.T.F.S. like appellant. So entire amount can not be of appellant's only. 3. For that source of said add back amount was the past savings of both of appellant and his wife accumulated from their commission income. 4. For that estimated addition of Rs. 4,37,461.00 is unjust and illegal since it amounts to ....
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....nk account with SBI Nabadwip Branch vide Account Number 01150060231 in the joint names of himself and his wife Monika Debnath. The ld AO collected the said bank statement from SBI u/s 133(6) of the Act and found that the following credits were reflected in the said bank statement :- Sl.No. Date of Credit Amount 1 12.04.2006 22,045/- 2 12.04.2006 10,587/- 3 10.05.2006 28,049/- 4 13.06.2006 44,655/- 5 28.06.2006 26,806/- 6 06.07.2006 66.89/- 7 27.07.2006 2,00,000/- 8 17.08.2006 54,782/- 9 11.09.2006 31,717/- 10 12.09.2006 15,000/- 11 20.09.2006 29,539/- 12 20.10.2006 19,622/- 13 09.11.2006 6,50,000/- 14 22.12.2006 33,028/- 15 03.01.2007 2,488,.89/- 16 12.01.2007 11,867/- 17....
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....and no supporting evidences were submitted by the assessee. Accordingly he estimated the allowability of expenses @ 50% of gross commission received by placing reliance on the Circular No. 553 dated 15.5.1991, 648 dated 30.3.1993 and 677 dated 28.1.1994. Accordingly, he disallowed a sum of Rs. 4,37,461/- in the assessment. 6. The ld AO by making the aforesaid addition / disallowance, determined the total income of the assessee as under:- Gross Commission received 8,74,922 Less: Deduction allowed as above 4,37,461 4,37,461 Amount of undisclosed income representing total credits In SBI 12,63,839 Assessed Commission income 17,01,300 Add: Income from other sources as per return ....
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....sited in SBI. For example on 13.6.2006, the assessee has received Rs. 29,169/- and his wife has received Rs. 15,486/- and there is a single credit in SBI bank account on 13.6.2006 to the tune of Rs. 44,655/- ( 29169+15486). Similar is the case for other dates as prepared in the tabulation above. Moreover, we find that both the assessee as well as his wife had duly credited the gross commission received in the sums of Rs. 8,74,922/- and Rs. 12,19,911/- in their respective income and expenditure account and this figure duly matches with the TDS certificate issued by GTFS to each of them. Hence there cannot be any addition that could be made based on credits found in the SBI bank account when the ld AO himself accepts the fact that the said cr....