2019 (4) TMI 1366

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....t there was a deposit of Rs. 1,21,00,000/- in cash on 27.11.2008 in the Savings Bank account of the assessee with ING Vysya Bank Ltd. According to the Ld. counsel, the Assessing Officer accepted the explanation of the assessee to the extent of Rs. 10,00,000/-, however, rejected the explanation of the assessee to the extent of Rs. 1,11,00,000/-. According to the Ld. counsel, the assessee claimed before the Assessing Officer that a sum of Rs. 61,00,000/- was drawn from partnership firm M/s Balu Process in which the assessee is a partner. According to the Ld. counsel, M/s Balu Process is a dying unit. As regards withdrawal of Rs. 61,00,000/- from the partnership firm, according to the Ld. counsel, the assessee has filed copies of capital and....

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....ssee to the extent of Rs. 10,00,000/-. However, the Assessing Officer disbelieved the claim of the assessee to the extent of Rs. 1,11,00,000/-. With regard to withdrawal from partnership firm, the Assessing Officer found that the assessee claims realization of sale of stock to the extent of Rs. 25,12,950/- and sale of machineries to the extent of Rs. 28,99,790/- and also lease rental of Rs. 6,56,250/-. The assessee claimed before the Assessing Officer that the partnership firm closed its operation. Therefore, the Assessing Officer called upon the assessee to furnish evidence for sale of stock as well as sale of machineries. However, the assessee has not filed any material to support the sale of stock and to support the sale of machineries. ....

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....n the absence of any source for gift of Rs. 12,00,000/- by the assessee's father-in-law, the Assessing Officer found that there was no genuine transaction for the purpose of establishing cash credit. The assessee has to necessarily prove the identity of the creditors, genuineness of transaction and creditworthiness of creditors. In this case, even though the assessee claims gift amount from father-inlaw, the genuineness of transaction and creditworthiness of creditors or the donors were not established. Therefore, the CIT(Appeals) has rightly confirmed the addition made by the Assessing Officer. This Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed. 6. Now coming to c....