2018 (2) TMI 437

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....its of Rs. 23,95,265/- against declared income at Rs. 7,01,910/- by the Assessee. 2. In the facts and circumstances of the case and in law the learned CIT(A) has erred in confirming the AO's action assessing the income at Rs. 30,97,265/- against the declared income at Rs. 7,01,910/- by the Assessee. 3. Reasons given by Ld CIT(A) for confirming AO's action of taking the income at Rs. 30,97,175/- as against income disclosed by the Assessee at Rs. 7,01,910/- are insufficient and contrary to the facts and evidence on record. 3. Brief facts of the case are that the assessee is an individual engaged in profession of income tax and sales tax consultant. During the previous year concerned the assessee had declared Total Receipts of Rs.....

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....s are maintained. That in the appellate proceedings the assessee has given disjointed arguments and after repeated queries given on order sheet, the assessee has not attended the last proceedings also. Hence, the ld. Commissioner of Income Tax (Appeals) observed that the appellate order is passed on the basis of the facts available on record. The sole grounds of appeal is hereunder treated as one oriented towards the addition of Rs. 23,95,265/- as unexplained cash credits by the Assessing Officer. The ld. Commissioner of Income Tax (Appeals) adjudicated as under: 4.4 In the appellate proceedings the assessee claimed that in his bank statement a sum of Rs. 5,00,000/- was deposited in cash on 24/05/2010 and the same amount was drawn by the ....

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....f income separately. The assessee filed a copy of her bank statement but it was noted that this account statement of M/s Mogaveera Co-Operative Bank Ltd is also in the name of the assessee himself. The assessee claimed that this account was jointly held with his wife and the transactions belong to his wife only. The assessee also filed a simple confirmation from his wife mentioning that she had given a sum of Rs. 7,25,053/- to the assessee during the FY 2010-2011. This figure is different from the earlier figure given by the assessee and no date-wise details have been filed. The assessee was directed in writing to prove the creditworthiness of his loan creditors but there has been no response. In view of these facts the claim of unsecured l....

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.... Amount (In Rs) 08/06/2010 50,000 18/08/2010 10,000 23/08/2010 10,000 12/10/2010 10,000 23/11/2010 5800 30/08/2010 1625 31/12/2010 5000 Total 92,425 The contention of the assessee has been verified from the bank statement and the addition of Rs. 99,425/- is deleted. 4.7 The assessee has also claimed that the cash deposits of Rs. 2,90,000/- and Rs. 2,20,000/- in the bank account on 25/05/2010 and 28/05/2010 respectively are covered by the professional income earned by him till that point of time. It is however seen that the assessee has not argued his case properly and the first deposit of Rs. 2,90,000/- has been made on the same day when there was a withdrawal of Rs. 5,00,000/- in cash by the assessee as already discusse....