2016 (8) TMI 1410

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....Rs. 99500/- on 29.03.2007. As per information received by the AO from CIB it was found that the Assessee has deposited a sum of Rs. 4172853/- in bank account No. 20010462 and bank account No. 20013626 with Bank of Baroda and Kisan Credit Card No. 55225. This also included a sum of unexplained cheque deposits in the bank account. On account of non furnishing of proper explanation Ld. Assessing Officer made addition on this account considering peak of one bank account and unexplained cheque deposits of Rs. 2190527/- vide order dated 7.10.2009. The matter was carried by the Assessee before the ld CIT(A), who consequently, confirmed above addition. Before ITAT also the addition was confirmed vide order dated 31st of October 2012. Therefore, the....

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....ies and submitted that where the Assessee did not provide any evidence about the nature and source of amount received then in absence of any explanation it is considered as amounting to concealment of income. He relied on the decision of Hon'ble Supreme Court in case of CIT Vs. Mak data 358 ITR 593 (SC). In view of this he submitted that penalty levied may be confirmed. 5. We have carefully considered the rival contentions. The Assessee is found have been depositing money into his bank account in cash as well as cheque for which the Assessee could not given adequate explanation and therefore such sum was found to be undisclosed income of the Assessee. Further, the Assessee did not give complete name, address of those persons on account....

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....he assessee. The survey was conducted more than 10 months before the assessee filed its return of income. Had it been the intention of the assessee to make full and true disclosure of its income, it would have filed the return declaring an income inclusive of the amount which was surrendered later during the course of the assessment proceedings. Consequently, it is clear that the assessee had no intention to declare its true income. It is the statutory duty of the assessee to record all its transactions in the books of account, to explain the source of payments made by it and to declare its true income in the return of income filed by it from year to year. The AO, in our view, has recorded a categorical finding that he was satisfied that th....