TaxTMI 
TaxTMI 
2018 (1) TMI 335
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....who is an employee of M/s. Seacem Paints (I) Pvt. Ltd. He filed his return of income for the year under consideration on 07.01.2013 declaring a total income of Rs. 2,81,015/- comprising of the salary income and income from other sources. As per the AIR information received by the A.O., the assessee had made cash deposits aggregating to Rs. 12,12,000/- in his bank account maintained with Axis Bank, Maheshtala Branch during the year under consideration. During the course of assessment proceedings, the assessee was called upon by the A.O. to explain the nature and source of the said cash deposits. The assessee however failed to offer any explanation. The A.O., therefore, proceeded to treat the cash deposits found to be made in the bank account....
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....ccount with Axis Bank, Maheshtala Branch. 5. The explanation/submission made by the assessee as above was not found acceptable by the Ld. CIT(A) and he proceeded to confirm the addition of Rs. 12,12,000/- made by the A.O. under section 68 for the following reasons given in his impugned order: "I have carefully considered the facts of the case and the submissions of the assessee. First of all appellant has not submitted any agreement between self and M/s. Tysom Agencies Pvt. Ltd. regarding the purchase / sale of property. Appellant has also not explained the reason why this deal was cancelled. Appellant has claimed to have returned Rs. 8,00,000/- in cash on 02.03.2012, but source of this cash is not revealed. Further perusal of t....
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....nexplained. Assessee's explanations regarding source of cash is not acceptable for the reasons mentioned above. Hence, addition of Rs. 12,12,000/- is confirmed". Aggrieved by the order of the Ld. CIT(A), the assessee has preferred this appeal before the Tribunal. 6. The learned counsel for the assessee submitted that proper and sufficient opportunity was not given by the A.O. to the assessee to explain the source of cash deposits found to be made in his bank account with Axis Bank, Maheshtala Branch. He contended that such opportunity was received by the assessee only during the course of appellate proceedings before the Ld. CIT(A) and availing the same, source of cash deposits made in his bank account in Axis Bank was explained by th....
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....same was not considered relevant while preparing the written submissions made to the CIT(A) as the subject matter under appeal was not such refund on 02.03.2012, but the cash deposited by the appellant in his bank accounts during the period May, 2011 to November, 2011. However, the refund of the amount was out of cash balance as on that date as evidenced by the Cash Book. (Ref: Pages 18 to 20 of Paper Book) (i) Cash amounting to Rs. 8,00,000/- from Tysom Agencies Pvt. Ltd. was received by the appellant on 15.06.2011 but the unspent amount out of this sum together with the cash withdrawal of Rs. 2,35,000/- made on 21.07.2011 was deposited by the appellant in the bank account in the month of August, 2011. The appellant wa....
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....t payments in future. Documents submitted during appeal proceedings are self serving documents and these have been manipulated to support the appellant's contentions During the appeal proceedings, the appellant furnished Bank statements (Ref: Pages 7 to 16 of Paper Book) for verification of cash withdrawals from bank, his Balance Sheet as at 31.03.2011 (Ref: Page 2 of Paper Book) for verification of opening cash balance and his correspondences with Tysom Agencies Pvt. Ltd. (Ref: Pages 3 to 6 of Paper Book) for the verification of the cash available with him on the date of making cash deposits in his bank account by the CIT(A). All these documents involved one or more outside party and as such, cannot be said to be....
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....found to be made in his bank account with Axis Bank, such explanation was offered by him during the course of appellate proceedings before the Ld. CIT(A). Documentary evidence to support and substantiate the said explanation was also filed by the assessee before the Ld. CIT(A). For instance, the claim of the assessee of having received an advance of Rs. 8,00,000/- against property from M/s. Tysom Agencies Pvt. Ltd. was duly supported by a letter issued by the said party confirming the payment of advance to the assessee. Similarly the claim of the assessee of having withdrawn cash from his other bank accounts maintained with Bank of Maharashtra and Axis Bank was also supported by the copies of relevant bank statements filed by the assessee. ....