TaxTMI 
TaxTMI 
2019 (3) TMI 280
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....ed as 'the Act') in the business premises of the assessee on 30.11.2012. The assessee is an employee of M/s. Amrit Group having salary income from M/s. Amrit Homes Pvt. Ltd. and M/s. Amrit Colonizer Pvt. Ltd. The assessee is working as a liaison officer in M/s. Amrit Group. Assessee is also a member of M/s. Amrit Group, Bhopal. The group is engaged in the business of Builders and Developers. The flagship concerns of the group are M/s. Amrit Homes Pvt. Ltd. and M/s. Amrit Colonizers Pvt. Ltd. The main persons of the group are Shri Dilip Singh Bindra, Shri Prit Singh Bindra and Shri Mahendra Ahuja. Subsequent to the search, a notice u/s 153A of the I.T. Act dated 3.6.2013 was issued to the assessee to file returns of income for A.Y.s 2007-08 ....
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....h party in respect of cash found in the locker. Accordingly, the A.O. has assessed entire income of Rs. 9,25,000/- u/s 69A of the Act. The assessment is completed. 3. On appeal, Ld. CIT(A) confirmed the order of the A.O. by observing that the explanation given by the assessee is not convincing for the reason that a person would go, operate the locker and keep cash there from time to time, whereas depositing cash in the bank or making a FDR is a better and easier option. The amount so deposited earns interest also. 4. On being aggrieved, the assessee carried matter in appeal before the Tribunal. Ld. Counsel for the assessee has submitted that the assessee and his wife both are working and so far as the amount found, returns of income f....
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....sed by the authorities below. 6. We have heard the rival submissions, perused the materials available on records and gone through the orders of the authorities below. There is a search & seizure operation carried on and in the locker No.44 of Bank of India, Kolar Road, Bhopal an amount of Rs. 9,25,000/- was found. Subsequently, A.O. was asked to file a return of income. Accordingly, the assessee has filed returns of income for all the assessment years 2007-08 to 2012-13. Assessee's wife had also filed returns of income for the A.Ys 2007-08 to 2012-13. In the course of search, a statement was recorded u/s 132(4) of the Act, wherein the assessee has submitted that the amount kept in the locker was past savings of the assessee and his wife ....
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....012. Both were carrying out business for past 25 years and were filling their return of income regularly. The appellant was carrying on the business of civil construction and supply of building material and his wife was carrying on profession of coaching in the name and style as Neeta Tutorial. Her qualification are M.A. Bed & PGDCA. They had built up house property at Plot No.190, Sarvdharm Colony, Bhopal. They had also plot No.179 at Sarvdharm colony, plot at Mandakini housing society & car before 31.3.2006. When the appellant started getting rental income, he stopped his business and started earning salary income from Amrit Colonisers Pvt. Ltd. from 1.4.2011. the appellant had prepared memorandum account books and had filed the capital a....
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....6,76,000/- on last date of locker operation i.e. 14.9.2012 as evident from memorandum cash book filed by the appellant and his wife during the course of assessment proceedings. The brief chart showing the income of the appellant and his wife from different sources as well as their bank deposits and withdrawal and investment prepared from the balance sheets is enclosed herewith which will show that appellant and his wife had cash balance of more than Rs. 9,49,000/- on the date of locker operation i.e. 14.9.2012. On perusal of the same your honour will appreciate that all the cash found in the locker at Rs. 9,25,000/- on the date of locker operation by the department was explainable and there was no unexplained investment so as to invite the ....