TaxTMI 
TaxTMI 
2021 (8) TMI 1093
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....plained cash credit under section 68 of the Income Tax Act, 1961 (hereinafter called "the Act"). The assessee is an individual. He derives income from running Bar and Restaurant business under the name and style "Sagar Bar and Restaurant". In the course of assessment proceedings, the AO noticed that the assessee had deposited a sum of Rs. 33,00,000/- in his bank account with State Bank of India (SBI) in various dates. The AO called upon the assessee to explain the source of funds from which the aforesaid deposit of Rs. 33,00,000/- was made in the bank account. The assessee in a letter dated 10.12.2018 submitted before the AO that the sum of Rs. 33,00,000/- was funds given to the assessee by one Mr. Suresh Shervegar to enable the assessee to....
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....dence in the form of relevant extract of bank statements of the loan creditor- Mr. Suresh Shervegar 98-102 2 Additional evidence in the form of relevant extract of bank statements of the loan creditor-Mr. Santhosh Shervegar 103-106 3 Additional evidence in the form of copy of income tax return of the loan creditor- Mr. Suresh Shervegar 107-111 4 Additional evidence in the form of affidavit of loan creditor- Mr. Santhosh Shervegar 112-113 5 Additional evidence in the form of affidavit of Mr. Laxman Shervegar, father and sub-loan creditor of Mr Suresh Shervegar 114-115 6 Additional evidence in the form of copy of income certificate issued by Senior Assistant Director of Horticulture (ZP), Udupi, a ....
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....tion under question. However, on conclusion of the assessment proceedings, the AO has made the impugned addition, without offering any further opportunity to the Appellant of being heard, only on the basis of non-appearance of the loan creditor/ non-submission of the documents by the loan creditor in response to the summons dated 17.12.2018 issued u/s 131 of the Act. During the Appellate proceedings before the Commissioner of Income tax (Appeals), the AR of the Appellant CA. Manohar BV personally appeared before the authority and made oral representation of the case. An attempt was made to trace each receipt of loan to the bank statement of the assessee to prove that the same were received through proper banking channel. Unfortunately, the ....
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....dditional evidence." The assessee therefore prayed for admission of additional evidence in the interest of justice. 8. The learned DR opposed the prayer of the learned Counsel for the assessee for admission of additional ground. According to him, the assessee has not shown any valid reasons as to why the additional evidence now filed before the Tribunal was not filed before the lower authorities. According to him, the additional evidence now sought to be filed is purely an afterthought. 9. I have considered the request for admission of the additional evidence and I find that the additional evidence is in the form of bank statements and it cannot be said that the additional evidence sought to be filed is to fill up the lacunae in th....
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.... (ii) Deposit of Rs. 3,00,000/- each on 08.06.2015, 20.08.2015, 11.09.2015, 16.10.2015, 11.11.2015 and 10.12.2015 is explained as money given by Mr. Suresh Shervegar. The Bank A/c. of Mr. Suresh Shervegar for the period 24.07.2015 to 10.12.2015 with Corporation Bank, Perdoor showing payment to assessment is reflected in these statements. Bank statement of Mr. Suresh Shervegar with Vijaya Bank, Perdoor showing payment ot assessee of Rs. 3,00,000/- on 08.06.2015 has also been filed. These are filed as additional evidence at pages 98 to 102 of assessee's Paper Book. Income Tax returns for Assessment Year 2015-16 and 2016-17 of Mr. Suresh Shervegar (copy at pages 107 to 111 is also filed as additional evidence. (iii) The deposit....