TaxTMI 
TaxTMI 
2020 (4) TMI 185
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....ted, the facts of the case are that the assessee was issued issued a notice u/s 148 dated 28.09.2016 on the basis of information in possession of the Assessing Officer that the assessee has deposited a sum of Rs. 73,50,000/- in her bank account during the F.Y 2008-09 and since the assessee has not filed her return of income, assessee's income to the extent of Rs. 73,50,000/- has escaped assessment. Subsequently, the assessee filed the return of income declaring total income of Rs. 1,74,565/- in response to notice issued u/s 148 of the Act. During the course of assessment proceedings, the assessee submitted that the amount was withdrawn from her husband's bank account maintained with Axis Bank and subsequently deposited in her account. It....
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....not established that assessee has taken loan in cash from her husband. In view of the same, the Assessing Officer came to the finding that the assessee has not received any amount from her husband and deposited her own undisclosed income in bank as cash. Hence, addition on account of unexplained cash credit as per section 68 of IT Act was made for Rs. 73,50,000/- to the total income of assessee. 4. Being aggrieved, the assessee carried the matter in appeal before the ld. CIT(A). The ld CIT(A) has given a finding that the cash amount found deposited in the appellant's bank account directly corresponds with the identical cash amount withdrawn from the bank account of her husband, Sh. Ajender Tomar who is an existing income tax assessee and....
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.... was accordingly submitted that these were mere contentions which are not supported by any facts which has been brought on record by the assessee and the theory of loan taken from the husband of the assessee cannot be believed and accepted. Drawing our reference to the current account statement of the husband of the assessee, it was submitted by the ld. DR, the findings of the ld CIT(A) that the amount withdrawn from the husband's bank account matches with the amount deposited in the assessee's bank account cannot be accepted as the ld. CIT(A) failed to appreciate the fact that these cash withdrawals were made by self-cheque issued by the husband of the assessee and not the cheque issued in favour of the assessee, therefore merely because t....
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....hole of cash deposits cannot be brought to tax. He supported the findings of the ld. CIT(A) 7. We have heard the rival contentions and perused the material available on record. Merely identifying the person from whom the money has been received and carrying out matching of the transactions of cash withdrawals and subsequent deposits in the assessee's bank account doesn't absolve the assessee from her responsibility in its entirety as so stated under section 68 of the Act. The purpose for which the money has been received and the genuineness of the transaction is equally an important aspect which the assessee has to demonstrate to satisfy the initial onus cast on her. In our view, the identity, creditworthiness and genuineness of the tran....