TaxTMI 
TaxTMI 
2023 (11) TMI 733
X X X X Extracts X X X X
X X X X Extracts X X X X
....tion of Rs 10649030/- made by the learned AO u/s 69A of the Act without properly considering the reply furnished by the appellant and evidences produced during the course of assessment and appellate proceedings. 3. That on facts & in the circumstances of the case the learned AO has also erred in making addition of Rs. 10649030/- being total of deposit/ credit entitles in assessee's bank accounts with Bank of Baroda Jaipur and Punjab National Bank Sikar as unexplained income. 4. That on the facts & in the circumstances of the case both the leaned lower authorities have also erred in not properly considering the entries in the bank account and considering the total amount of credits in bank accounts of Rs 10649030/- as unexplained income particularly when the said entries also consist of a sum of Rs 1250000/- as credited on account of bounced cheques and amounts of Rs 3906898/- and Rs 1455000/- being amounts received by cheques and cash amounts deposited from identifiable persons duly supported by documents.'' 3. It is also pertinent to mention that the assessee has filed three Misc. Application No. 45/JP/2020, 06/JP/2021 & 09/JP/2022 which have been disposed....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 4. The assessee filed affidavit that the transactions were belonged to Sh. Amit Goyal/Tirupati College/Scholl Management. However, Sh. Amit Goyal also filed an affidavit and denied having any such transaction as stated by the assessee. Since there are two affidavits and both are saying just opposite fact, in my opinion, the both affidavits loss. their legal power itself. 5. The assessee except his affidavit and statement has brought noting on records which can co-relate or at least prove in lesser degree that the transactions were not related to him. 6. The assessee claimed that the interest earned from these savings bank accounts his but, the transactions are not. This is a significant contradictory stand which is taken by the assessee. 7. The nature and source of these deposits remain unexplained. Therefore, considering overall facts of the case, I inclined to treat that the cash/credit entries made by the assessee himself and belongs to him. 6.3 Perusal of the order and submissions made by the appellant indicates that the factual observation of the AO are not rebutted by the appellant. In nutshell the money deposited in cash ....
X X X X Extracts X X X X
X X X X Extracts X X X X
...., the assessee filed his ITR on 12.09.2017 declaring following particulars of his income:- Income from salary Rs. 1,09,500/- Income from other sources Rs. 1,413/- Gross Total income Rs. 1,10,913/- Less: 80TTA Rs. 1,413/- Net Income Rs. 1,09,500/- Notice u/s 143(2) and notice u/s 142(1) with questionnaire wa....
X X X X Extracts X X X X
X X X X Extracts X X X X
....transactions are not. This is a significant contradictory stand which is taken by the assessee. 7. The nature and source of these deposits remain unexplained. Therefore, considering overall facts of the case, I inclined to treat that the cash/credit entries made by the assessee himself and belongs to him. As per section 69A of the Income tax Act, 1961, where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the [Assessing] Officer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year. Section 69A deals with unexplained moneys of which the assessee is found to be the owner. The burden is on the assessee to prove the source of depo....