2015 (5) TMI 1152

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....five animals. On the basis of information received on account of AIR data, AO found that assessee has made cash deposits to the tune of Rs. 17,15,169 in SB A/c held by him in Corporation Bank, Jubilee Hills Branch, Hyderabad during FY 2004-05 relevant to AY under dispute. As assessee had not filed any return of income, AO reopened the assessment u/s 147 of the Act and issued notice u/s 148 of the Act. Subsequently, a notice u/s 142(1) was also issued to assessee calling upon him to file return of income for the AY under consideration. During the assessment proceeding, when AO called upon assessee to explain the source of cash deposits made into bank account, assessee submitted an affidavit stating therein that the said amount was taken from....

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....e context of facts and materials on record, deleted the addition observing as under: "6. The submissions of the appellant, the order of the AO and the facts and issues were carefully considered. An affidavit was filed by the appellant before the AO dated 18/12/2009 and the same was reiterated by similar affidavit in appeal. Keeping in view the gamut of facts, issues and circumstances of the case, the contentions of the appellant hold water and the appeal is allowed." 5. Ld. DR submitted before us, only on the basis of the affidavit filed by assessee, ld. CIT(A) has deleted the addition without considering the fact that assessee has failed to properly explain the source of cash deposits made into the bank account with supporting evidence. ....

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....e made by Sri S.N. Murthy for the purpose of obtaining educational visa for assessee' son. Ld. AR submitted, only because assessee was not able to obtain any confirmation from Sri S.N. Murthy or Sri S.N. Murthy was not found in the address for whatever may be the reason, it will not lead to believe that the cash deposits were not made by Sri S.N. Murthy, but, by assessee. Ld. AR submitted, the statements made by assessee in affidavit are presumed to be correct unless evidence to the contrary is brought on record. Thus, he submitted, finding of ld. CIT(A) deserves to be upheld. 7. We have considered the submissions of the parties and perused the orders of revenue authorities as well as other material on record. Undisputedly, there are cash ....