AI Drafter 
TaxTMI 
TaxTMI 
2018 (8) TMI 1254
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....d by the Ld. lower authorities are contrary to law, materially incorrect and unsustainable in law as well as on facts. All the finding and conclusions of the ld. lower authorities are also contrary to the material, opposed to the facts, equity and law. 2. That the ld. lower authorities have erred and were not justified in holding that the appellant is the owner of the cash which was found in the suitcase while travelling in train and thereby making addition of Rs. 5,34,700/- u/s 68 of the Income Tax Act. 3. The arbitrary findings and conclusion drawn by the ld. lower authorities are grossly wrong and based upon assumption and presumption also opposed to the facts and law. Therefore the addition made by the ld. AO and susta....
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....on of the court. Ld. Counsel reiterated the submissions as made in the written submissions. The submissions of the assessee are as under: SUBMISSIONS 1. Cash seized was Gift from wife's family a. As evident from the facts of the cases narrated above, the brother in law of appellant Shri Vikas Jalan, withdrew money from his proprietorship concern- 'Khatu Shyam Enterprises' amounting to Rs. 2,500,00/- and Rs. 2,75,000/- on 31.08.07 and 07.09.07 respectively.(Total Rs. 5,25,000/-) b. The delivery of above cash amount was being made through father Shri Omprakash Jalan who was travelling in same train -Rewanchal Express. Since, he did not have a confirmed reservation; he handed over the money to his son-in-law....
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....,91,585/- was presented by the 'Danish Grah Nirman Society' in their bank account and it was cleared on 13th Aug. It is pertinent to note that 11 years back, the banking system took atleast 2 days to clear a cheque and thus, appellant being in custody from 10.09.07 till 12.09.07 (Friday to Sunday) cannot sign and get the cheque cleared from his account same day. The counterfoil of the deposit slip is also dated 11.09.07 which is enclosed on pg. no .... c. Smt. Ekta Agrawal drew a sum of Rs. 3,00,000/- on 22.08.07 vide draft no 062016 from her account with the firm M/s Sitaram & Sons Siswa bazaar district Maharajaganj (U.P) and deposited the same in joint account with husband in State Bank of India, Arera Colony, Bhopal. The copy of....
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....gement - Dhakeswari Cotton Mills Ltd. v. Commissioner of Income-tax [1954] 26 ITR 775 (SC) In which it was held -"that in making the assessment under section 23(3) he is not entitled to make a pure guess and make an assessment without reference to any evidence or any material at all and there must be something more than bare suspicion to support the assessment under section 23(3). The rule of law on this subject has been fairly and rightly stated by the Lahore High Court in the case of Seth Gurmukh Singh v. CIT [1944] 12 393. In the instant case, the Tribunal violated certain fundamental rules of justice in reaching its conclusions. 3. On the contrary, the Ld. D.R. opposed the submissions and supported orders of the authorities ....
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