TaxTMI 
TaxTMI 
2022 (11) TMI 471
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....owed by notice under Section 142(1) of the Act alongwith questionnaire dated 05.05.2014 was served upon the assessee. It appears that the AIR details consist of 107 entries for deposit of amount into the bank and entry for sale of immovable property whereupon assessee was directed to furnish the details, particularly, in regard to the long term capital gain earned on sale of immovable property situated at Paldi, Ahmedabad, for a consideration of Rs.62,00,000/-. However, no document has been filed by the assessee. On the other hand, AIR details reveals deposit of Rs.5,10,00,70/- in the ICICI Bank and in Sardar Vallabhbhai Sahkari bank Ltd. Further, deposit of Rs.6,13,000/- by the assessee in ING Vaisya Bank Ltd. and Rs.33,19,000/- in Axis Bank also revealed from the said AIR information. In the absence of any detail submitted by the assessee neither capital gain earned by the assessee could be worked out. Having no other alternative, the addition was made by the Ld.AO on the basis of the figures furnished by the department as per AIR/CIB, which was, in turn, deleted by the First Appellate Authority. Hence, the instant appeal before us. 4. During the course of appellate proceeding....
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....ves that the above said receipts were business receipts and in no stretch it can be considered as unexplained income of the assessee. The appellant has duly recorded such receipts in its books of accounts. Moreover, such books of accounts have been audited and thereafter overall loss has been determined at Rs.52,74,176/-. (Please refer page no.9 , Part-C of Annexure-1 to Form BCD.) Accordingly, it is kindly requested Your Honurs to delete the addition made by learned AO. Alternatively and without prejudice to the above, the appellant most respectfully submits that the bank statement of the appellant reveals that there were credit entries and subsequently there were debit entries. Please refer page no.34,35, 47 to 54, 62 to69, 89 to112 of the P/B. Accordingly, It is therefore requested Your Honors to kindly provide the benefit of Telescoping to the appellant and addition to the extent of peak shall be sustained." 5. In support of the contention made by the assessee, reliance was placed on the judgment passed by the Hon'ble Apex Court in the matter of Anantharam Veerasinghaiah & Co. vs. CIT, reported in (1980) 123 ITR 457 (SC) & Hon'ble High Courts in CIT vs. K. S. M. Guruswamy Na....
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....ortation and delivery proof, I find that as per the tradition in the cloth business, all the deliveries have been ex-godown i.e. goods have been delivered by the supplier of the appellant directly to the purchaser and the price does not reflect transportation component separately. As regards separately delivery challans, I find that all the sales bills have recipient's signature as a proof of having received the delivery of the goods. The appellant has corroborated his explanation that certain important documents were called at very fag end of assessment proceedings and the same remained to be considered during original assessment proceedings, therefore, the additional evidences are logically required to be admitted in interest of natural justice. During the assessment proceedings there was death of uncle of the appellant (page 31/PB) and hand written letter has been acknowledged by the AO to adjourn the matter to 17.02.2015. Appellant has tried to explain the cash deposited with bank account statement for proprietary concerns such as Lotus Trading, lnnotex Solutions & Inspiration as per letter filed on 30.03.2015 (Pages 29- 136/PB). The appellant has explained his business at ....
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....he materials available on record. 7.1 It appears from the evidence adduced by the assessee, which is also placed on record before us by way of filing of paper book and the orders passed by the authorities below that the assessee has been stated to be carried out business of trading of fabrics through proprietary firm, namely, M/s. Innotex Solutions, M/s. Inspiration and M/s. Lotus Trading and booked loss under all the concerns, which was also transferred to the individual balance sheet of the appellant. The assessee worked out loss at Rs.52,74,176/-. Inadvertently, the return prepared uploaded with wrong information declaring profit at Rs.2,09,504/-, which was the job work income in the individual account of the assessee and after claiming deduction under Section 80C of the Act, the income was declared at Rs.1,79,504/-. So far as the bank deposit is concerned, it was assessee's case that the said receipts were its business receipts. The bank account statement, bank book and cash book of the appellant in respect of each bank account were duly furnished before the Ld. CIT(A) which is also appearing before us being part of the paper book alongwith bank statements. The audit report ....