TaxTMI 
TaxTMI 
2022 (7) TMI 941
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....d income u/s 68 of the Act. It is submitted that in the facts and circumstances of the case, such addition should not have been made. It is submitted that it may please be so held now. 2.0 The learned CIT(A) grossly erred in law and on facts in confirming the addition on wrong perception that the amounts deposited in the bank account were cash deposits, whereas actually the amounts were transferred by NEFT or through the banking channels by the payers whose full particulars were provided by the appellant during the course of assessment proceedings and thus the onus that lay on the appellant u/s 68 was fully discharged by her. The learned CIT(A) failed to appreciate that in spite of complete details relating to the payers having been with the learned AO and the entire payment having been received through the banking channels, there was no action taken by the learned AO to verify the above facts and the addition u/s 68 was made. It is submitted that it be so held now and the addition made u/s 68 be deleted. 2.1 The learned CIT(A) failed to appreciate that even otherwise also the amounts deposited in appellant's bank accounts could not have been assessed in her h....
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....on by way of affidavit of the assesse-herself stating on oath all the above facts and giving all the details of the persons who had operated the bank account, including their names, address, PAN and their bank details also,as also manner and mode of the transfers; ii) pointing out that even narration in the bank account substantiated the explanation of the assessee as stating the money coming from one Prakashkumar Parmar through NEFT and immediately thereafter being paid to "CCFC" on account of loss incurred in shares; iii) that the statement from "CCFC" had also been filed reflecting cheques received from the bank account of the assessee and corroborating assessee's explanation that the amounts deposited through NEFT by Shri Prakashkumar Parmar were paid to broker firm. In this regard, our attention was drawn to the following documents placed in the Paper Book filed before us; viz i) Affidavit of the assessee, Anandiben Jayantilal Shah dated 30.11.2015 placed at page no.30 to 32 stating on oath the fact that her bank account was being operated by Shri Ashit P. Shah and Prakashkumar Parmar, and the fact that she was an old uneducated lady and had no knowl....
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.... hands of the assessee, which was highly unjustified. In this regard, the ld.counsel for the assessee drew our attention to the findings the ld.CIT(A) at page no.4 of the impugned order. "4. During the course of scrutiny assessment, when inquiry was made about deposits made in this bank account, your appellant submitted the names, addresses and PAN and even bank details of the person from whose account deposits by way of NEFT/other mode of transfers were made and that of real owner. An affidavit was also filed about the real person behind the scene and other relevant information to suggest that the transactions in shares and consequential profit/loss belonged to one Mr.Asit P. Shah whose name, address and other details were also furnished." 6. The ld.DR on the other hand, relied on the orders of the authorities below. 7. We have heard the contentions of both the parties and considering all the facts and circumstances of the case, the explanation furnished by the assessee, and the evidences filed, we are of the view that the assessees explanation of the credits/deposits in her bank account of Rs.20,50,422/- as being amounts deposited by Sh Prakash Parmar in the course....
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....r which reasonably satisfactory explanation had been given by the assessee duly corroborated with evidences and her own affidavit, could not have been made. 11. In view of the above, we hold, the addition made under section 68 of the Act of Rs.20,50,422/- on account credits in her bank account is not sustainable and the same is directed to be deleted. The grounds of the appeal of the assessee are allowed. 12. In the result, appeal of the assessee is allowed. Order pronounced in the Court on 13TH July, 2022 at Ahmedabad. ============= Document 1 4. Decision: I have carefully considered the assessment order, grounds of appeal raised and submission of the appellant. The legal heir has been brought on record during assessment proceedings itself. It is claimed that share transactions were being done by using appellant's bank account by someone else and loss was incurred in share transactions. In order to meet the liability of payment cash was deposited in the bank account. The appellant's son has attended assessment proceedings before the AO. The AO has concluded that the cash deposited of Rs. 20,50,422/- remained unexplained because of lack of c....