2019 (3) TMI 1066

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....cts relating to the above issue, the assessee was an individual and had furnished the return of income declaring total income of Rs. 3,40,870/-. The case of the assessee was taken up for scrutiny. The assessee was a proprietor of M/s Mechatronic Systems. During the year under consideration, on sales of Rs. 65,15,396/-, the assessee had declared net profit at the rate of 6.51% i.e. Rs. 4,24,083/-. The Assessing Officer, during the course of assessment proceedings, noted that the assessee had deposited cash amounting to Rs. 13,88,500/- in the Cosmos Co-operative Bank Ltd., Laxmi Road Branch, Pune on various dates. The assessee was asked to explain the source of the cash deposits. In reply, the assessee pointed out that the said deposits were ....

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.... stated to have been received in cash. It is claimed that mother has gifted Rs. 3,40,000/- out of Sale proceeds of agricultural land. The copies of agreement of Sale filed on 05/04/2006 whereas the assessee has deposited cash between the period 01/04/2007 to 31/03/2008. No copy of any gift deed has been filed. Besides the reason for cash of Rs. 3,40,000/- in home without depositing in the Bank account over a period of more than one year have not been stated. Similarly, no proofs has been adduced regarding gift received out of agricultural income of Rs. 1,50,000/- has been produced. Similarly, no evidence has been produced regarding gift out of ICICI account of the mother and the details of withdrawals made in cash and gifted to the assessee....

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....ssessee is in appeal before the Tribunal. 7. The learned Authorized Representative for the assessee stressed that once the sources of the cash deposits have been explained there was no merit in the aforesaid addition to be made in the hands of the assessee. In this regard, he referred to the various documents filed before the CIT(A) and the Assessing Officer during the remand proceedings and pointed out that once the source is explained being out of sale of agricultural land and the gold jewellery, then there was no merit in the aforesaid addition to be made in the hands of the assessee. 8. The learned Departmental Representative for the Revenue, on the other hand, placed reliance on the orders of the authorities below and submitted that ....