TaxTMI 
TaxTMI 
2025 (6) TMI 1311
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.... out of explained sources no addition in called for in this respect. c. The addition, if any, ought to have been restricted to the peak credit since the addition of gross deposits amounts to double taxation of the same amount. The appellant prays that the AO be directed to delete the addition. The appellant craves leave to add to, amend, alter, delete or modify all or any of the above ground of appeal or raise a new ground of appeal before or at the time of hearing." 3. Briefly stated, the facts of the case are that the assessee is an individual and a dealer in petrol, diesel etc. He did not file is return of income for AY 2013-14 under consideration. On perusal of AST data, the Ld. Assessing Officer ("AO") found that during the relevant AY, the assessee made cash deposit of Rs. 41,07,000/- in the bank account held with Bank of Baroda Branch, Nandani. Accordingly, the Ld. AO issued letter to the assessee requesting him to file the return of income but the assessee failed to do on account of which source of investment remained unexplained. As no return of income was filed, the case was reopened and notice u/s 148 of the Income Tax Act, 1961 (the "Act") ....
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....ssment year in which this order by the Hon'ble High Court was delivered. Later, Section 2 (12A) was introduced in the Act defining books or books of account by the Finance Act, 2001 with effect from 01.06.2001 and the same reads as follows: "(12A) "books or books of account" includes ledgers, day-books, cash books, account-books and other books, whether kept in the written form or as print-outs of data stored in a floppy, disc, tape or any other form of electro-magnetic data storage device," The above definition is inclusive definition and it includes not only ledgers, day-books, cash books, account-books and other books, but also the printouts of data stored in a floppy disc, tape or any other form of electromagnetic data storage device. 5.5 In another case on the facts similar to the instant case of this pending appeal, Delhi High Court affirmed the order of the Tribunal. (Related Assessment year 2011-12) in the case of Shashi Garg vs. PCIT [2020] 269 Taxman 27: 113 taxmann.com 92 (Delhi). It was held that the assessee had withdrawn huge amount of cash from his bank account on different dates in order to purchase an immovable property. Assessee fail....
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....pellant has not able to submit any cash flow statement to justify the source of cash for the deposit in the bank account. It is also noted from the bank account statement that there are cash deposits throughout the period of six months from April to October. There are withdrawals by selfcheque and also RTGS transfer to different accounts after the cash deposits. The reasons for the same are not explained neither before the Assessing Officer nor during the appeal proceedings. 5.8 The Income Tax Appellate Tribunal (ITAT) Delhi recently delivered a judgement in the case of Gloria Eugenia Rynjah Benerji vs. ITO, (ITA no 3510/Del/2019) where it upheld the addition made by the Assessing officer (AO) under section 68 of the Income Tax Act, 1961, despite the fact that the AO had mentioned the wrong section in his order. The ITAT held that the addition could not be deleted merely on a technical ground and that the peculiar facts of the case did not warrant any relief to the assessee. The Delhi High Court in the case of CIT vs. Nova Promoters & Finlease Pvt. Ltd. and in the case of N.R. Portfolio Pvt. Ltd. has held that mere mention of wrong provision does not invalidate the assessm....
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....so attached the relevant bank statement for which please refer page no. 26 of paper book. 4. Finacle having account no. 11560100003684 page no. 27 & 28 are for different period. 5. Jaikisan Gramin Bigar Sheti patsanstha: There are no cash transaction in this bank account, we have also attached the relevant bank statement for which please refer page no. 29 of paper book. 6. Following Bank account statements are enclosed in the paper book however they pertain to other members of appellant family and are not relevant for working out peak credit. Sr. No. Name of the Bank Account in name of Page No. 1. Shri Bharat Urban Co-op Bank Ltd. Suraj Nemgonda Patil 30 2. Karmaveer Bhaurao Patil Multistate Co-op Credit Society Ltd. Suraj Nemgonda Patil 31& 32 3. Karmaveer Bhaurao Patil Multistate Co-op Credit Society Ltd. Suraj Nemgonda Patil 33 & 34 4. Karmaveer Bhaurao Patil Multistate Co-op Credit Society Ltd. Suraj Nemgonda Patil 35 5. Karmaveer Bhaurao Patil Multistate Co-op Credit Society Ltd. Suraj Nemgonda Patil 36 & 37 6. Karmaveer Bhaurao Patil Multistate Co-op Credit Society Ltd. ....
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.... 1,00,000.00 12,70,000.00 18-05-2012 By Cash 1,00,000.00 11,70,000.00 21-05-2012 By Cash 1,00,000.00 10,70,000.00 22-05-2012 By Cash 1,00,000.00 9,70,000.00 23-05-2012 By Cash 1,00,000.00 8,70,000.00 03-09-2012 By Cash 3,00,000.00 7,70,000.00 06-09-2012 Self 1,00,000.00 4,70,000.00 07-09-2012 Self 1,00,000.00 5,70,000.00 09-10-2012 By Cash 70,000.00 6,70,000.00 10-10-2012 By Cash 3,80,000.00 6,00,000.00 13-10-2012 By Cash 2,00,000.00 2,20,000.00 15-10-2012 Self 2,00,000.00 20,000.00 15-10-2012 To Cash 2,00,000.00 2,20,000.00 16-10-2012 Self 2,50,000.00 4,20,000.00 17-10-2012 Self 2,50,000.00 6,70,000.00 18-10-2012 To Cash 2,00,000.00 9,20,000.00 19-10-2012 Self 1,50,000.00 11,20,000.00 25-10-2012 Self 2,10,000.00 12,70,000.00 6.1 In view of the above submissions, he requested the Bench that the addition may b....