2013 (6) TMI 910

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....kot. 2. The Ld. C.I.T.(A) erred in not taking in to consideration specific grounds of appeal taken before him about the Gift of Rs. 3,51,000/-, unexplained cash credits of Rs. 1,05,000/- & unexplained credit entry of Rs. 55,000/-. 3. The order of the Ld. C.I.T.(A), being against well settled law in this behalf, deserves to be set aside, because he also failed to consider on merits/without giving any opportunity. 2. The assessee is an individual. She filed her return of income on 10-06-2004 returning total income at Rs. 1,10,860/-. Perusal of capital account filed by the assessee before the AO revealed that the assessee had recorded receipt of Rs. 3,51,000/- in the said capital account as gift from Shri Amulbhai Chimanla....

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.... amount as gift, does not exist. (ii) It is seen that though Shri Amul Kamdar is assessed to tax, he has no capacity of fund to gift such a huge amount to the assessee. Besides in spite of requested, Shri Amul Kamdar has failed to explain the source of cash aggregating Rs. 3,51,000/- deposited into his bank account within the short span of three days i.e. between the period 14/6/2003 to 17/6/2003. (iii) As discussed above, a cash of Rs. 3,51,000/- in aggregate was deposited into assessee's bank account between the period 14/6/2002 to 17/6/2003. Against the said deposits, a cheque of equal amount bearing No.39761 dtd. 19.06.2003 for the impugned gift was issued which was credit into the assessee's bank account on 19.06.2003....

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....treat the said amounts as unexplained. Accordingly, a sum of Rs. 1,05,000/- (Rs. 37,000/-(+) Rs. 33,000/- (+) Rs. 35,000/-) is treated as the assessee's income of the year u/s.68 of the Income tax Act, 1961. 4.5 The facts and circumstances of the case clearly establish that the amounts credited against the name of Shri Yatin Kamdar and in fact in the name of three other persons mentioned above is nothing but the assessee's own unaccounted money which she has introduced into her books of account in the name of Shri Yatin Kamdar and other three persons mentioned above. When the assessee failed to substantiate the source of these credit entries, she has come out with the theory of receipts of advance money from Shri Yatin Kam....