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TaxTMI 
TaxTMI 
TaxTMI 
2022 (12) TMI 530
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....0- 11. 2. The brief facts of the case is that the assessee is an individual and engaged in agricultural activities and not filed the Return of Income. It is noticed by the Assessing Officer from the AIR information, the assessee has made cash deposits of Rs. 14,50,500/- in the saving bank account with Bank of India. In order to verify the above transaction, a letter dated 01.03.2017 was issued. However, no response from the assessee. 2.1. Therefore the assessment was reopened by issuing a notice u/s. 148 of the Act on 27.03.2017 and duly served upon the assessee by affixture. The Assessing Officer issued further notices u/s. 142(1) calling upon the details from the assessee however, as there is no response to the above notices. The Assess....
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....ese total four vouchers are in the range of Rs.2100/- to Rs.1890/- which do not bear the signatures of recipients even. These vouchers are dated 01/11/2009, 01/12/2009, 01/03/2010 & 01/07/2009. Such kind of self-serving evidence does not prove the creditworthiness of the creditor. Further, the AO as well as the appellant has not furnished any further details in this regard so as to explain as to whether the source of cash loan given is receipts of one year or the past savings of the said creditor. However, the appellant has relied on the decisions in the case of ACIT vs. Vardaan Fashion &. others and in other five cases. Ongoing through these decisions, it is noticed that all these decisions are with regard to penalty proceedings u/s.271D w....
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....o not commensurating to their creditworthiness. All the land co-owners must be having their respective families and considering their land holding, it can't be believed that each one of them must be having such creditworthiness. (iii) In none of the case, any evidence of sale of agriculture produce has been submitted. Mere holding of land does not prove that there was agricultural produce which remitted in sufficient cash which in turn could be lent further. Thus, the AO as well as the appellant both have failed to submit cogent evidences to prove the creditworthiness of these persons. In fact, the appellant appears to have created these manufactured evidence to explain the source of deposits made in cash. In view of these facts, th....
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.... been engaged in any business activities during the year under consideration. She has not maintained any bank account and no return of income has also been filed by her. The AO has not made any further enquiries about the source of her income and he has also failed to give a finding with regard to her creditworthiness. Mere filing of contra confirmation will not prove the creditworthiness of the creditor. Considering this fact, this credit of Rs.19,000/- is treated as unexplained. ............... (19) Rs.17,500/- is claimed to have been taken from Shri Vikrambhai Bholabhai Patel. He has filed contra confirmation. His source of income is from business. He has not maintained any bank account and no return of income has also been filed by ....
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....Shri Ghanshyambhai Gandalal Patel. His statement on oath was recorded wherein the source of income is claimed to be as agricultural income. He has not filed any return of income. No supporting evidences like copy of 7/12 in support of agricultural income earned by him has been produced. The AO has failed to give a finding with regard to his creditworthiness. Mere filing of contra confirmation will not prove the creditworthiness of the creditor. Considering this fact, this credit of Rs.18,500/- is f treated as unexplained. c. Rs.20,000/- is claimed to have been taken from Shri Jayantibhai Chandulal Patel. His statement on oath was recorded wherein the source of income is shown as labour work, Pashupalan work. He has not filed any return of....
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....it for purchase of property. 4.2. In support of the same, the Confirmation Letter from the concerned creditors were produced with their Aadhar Card, since many of them are not Income Tax assessees. The Assessing Officer during the Remand Proceedings, partially accepted the some of the creditor's loan transactions and remaining creditor's loan transactions are not accepted by the A.O. and added as the unexplained income of the assessee. As the assessee having repaid the above loans, since the purchase of property was not materialized, the additions made by the Assessing Officer is liable to be deleted. 5. Per contra, Ld. D.R. appearing for the Revenue strongly supported the order of the Ld. CIT(A) and pleaded that the additions made by the....