TaxTMI 
TaxTMI 
2020 (2) TMI 18
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....e Act. 2. The facts relating to the above said issue are stated in brief. The revenue carried out search and seizure operations in the hands of M/s Rajatha Jewels u/s 132 of the Act on 28-01-2016. Consequent thereto, the present assessment of the assessee herein was completed by the AO u/s 153C r.w.s. 153A r.w.s 143(3) of the Act. The AO noticed that the assessee has deposited cash aggregating to Rs. 30.00 lakhs in her bank account maintained with Kotak Mahindra Bank. The AO asked the assessee to explain the sources for the deposits so made. The assessee submitted that she had received Rs. 12.00 lakhs from her brother Shri Abhilash and Rs. 4.00 lakhs from her mother Smt. Subhashini. Both the amounts were used to make cash deposits into th....
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....e said amount was paid by him to the assessee in cash, since she was his sister. He submitted that there is no reason to doubt the genuineness of explanations furnished by the assessee. He further submitted that Smt. Subhashini is also assessed to tax and she has declared a total income of Rs. 28.25 lakhs in AY 2014-15. Accordingly he submitted that there is no reason to reject the claim of receipt of money from Smt. Subhashini, mother of the assessee. With regard to the claim of deposit of money out of past cash withdrawals, the Ld A.R submitted that the assessee has prepared a cash flow statement to substantiate the said claim. The Ld A.R also contended that the bank pass book cannot be treated as "books" within the meaning of sec.68 of t....
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.... payments. I have noticed earlier, both are assessed to income tax and are declaring total income exceeding Rs. 25.00 lakhs. Since both the persons are blood relations, the transactions have been entered through cash. Besides the above, Shri Abhilash is a director of a company and the said company has also confirmed the transactions entered between it and Shri Abhilash. Though the assessee furnished copies of income tax returns of Smt. Subhashini (mother) before the AO, a specific confirmation letter was not filed. Nevertheless, the documents referred above would show that the identity of the creditors was not doubted and the credit worthiness of both the creditors, in my view, has been proved. Since the transactions were between blood rela....