AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
2019 (5) TMI 1952
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....icer's Order under section 144 of the Income Tax Act, 1961. 2. That the authorities below have erred in law and on facts in making the addition of Rs.33,57,510/- being the peak amount of deposit in the bank account as unexplained investment. 3. That the order passed by the authorities below is bad in law and against the facts of the case. 4. That any other relief or reliefs deemed fit in the facts and circumstances of the case may be granted. 5. The appellant craves leave to add, alter or vary the grounds of appeal before or at the time of hearing. 2. Apropos, ground no. 2, the assessee challenged that the addition of Rs.33,57,510/- on account of the peak cash deposit in his bank account as unexplained....
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....miti Ltd., Agra and the cash deposited during the year under consideration in his saving bank account belongs to the society. The society is engaged in the business of sale & purchase of plots. The society has made the sale of plots of the society but the sale proceeds of the plots have been deposited by him in his personal bank account in Punjab National Bank, Rohta, Agra. In support of his contention, the assessee submitted copy of sale deeds,certificate, and a chart showing the details of the amount collected for depositing into his saving bank account to show that the cash deposit belongs to the society and not to him. It was pleaded that the addition made by the AO is not justified and needs to be deleted. The ld. CIT(A) considering th....
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....lots of land and a copy of registration certificates dated 16.06.2009 in the name of the said society, are enclosed. After perusing these, I find them to be not sufficient and reliable enough to prove that the cash deposited in the appellant's bank account belonged to the society and not to the appellant. " 5. Being aggrieved, the assessee has filed this appeal before us. 6. Ld. Authorized Representative for the assessee reiterated the submissions made before the ld. CIT(A). The Ld. AR contended that the ex-parte order has been passed in haste based on wrong facts. The AO in his assessment order himself accepted by stating that the assessee is carrying onthe business of dairy products besides interest income on bank deposits. He conte....
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.... awareness of accounting for the purpose of Income Tax. In support of his contention he submitted copy of sale deeds, cash flow statement, registration certificates and ledger containing details of amount deposited and amounts returned to the society and its members during the year under consideration which are placed on record. 8. The Ld. counsel has taken alternative argument that since the deposits and withdrawals were made regularly by the assessee in his saving bank account, hence, the deposits can be treated as business turnover of the assessee if the lower authorities were not satisfied with the explanation of the assessee. For this purpose, he referred to the preceding year's assessment proceedings in the assessee's own case, whe....
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....o be accepted but in the absence of documentary evidence in support of amount returned to society, the ledger itself filed by assessee cannot be held as sufficient documentary evidence to reach any conclusion. But we find force in the argument raised by the ld. AR of assessee that, the assessee is carrying on a small business of dairy products through cash transactions and in absence of any other source of income, the total deposits made in the assessee's saving bank account can be considered as his business turnover which gets support from the observation of the assessing officer for the year under consideration and the AO's observation in assessment of the preceding year where on identical facts, the trading turnover of "dairy business" o....