2020 (8) TMI 961

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....ome consists of salary and other sources. In the assessment order the assessing officer noted that assessment was reopened for the following reason: "For the assessment year 2011-12 under consideration, details of ITS information available from the ITD systems reflected that the assessee has made transaction during the year under consideration. The details are as under: Sr. No. Information description Value (Rs.) 1 Cash deposited in saving bank a/c in Karnataka Bank 20,90,000/- 2 Time Deposit with Karnataka Bank 1,06,81,872/- 2. However, it is seen from the data available on the ITD System, no returns of income are filed by the assessee in the assessment year. 3. In view of the above information regarding income received by....

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....wellery belonging to my mother was sold for which an approx Rs 4,00,000/- v) Apart from this, the money deposited in bank account which he is not able to recollect at this moment may also be taken into consideration. " 7. The submissions filed by the representative of the assessee have been carefully considered. However, the same are not found to be tenable. During the assessment proceedings, the representative of the assessee stated that the amount of Rs.9,69,565/- has received after sale of utensils and Gold ornaments. However, the representative of the assessee not produced the details of sale and purchase bill of utensils and gold ornaments. Hence, the amount of Rs.9,69,565/- is disallowed for want of proof of sale of jewellery." ....

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....iance upon Hon'ble Bombay High Court decision in the case of Arun Kumar Muchala (supra), is misplaced. In the said decision, the assessee had taken cash deposits and unsecured loan and in that context the Hon'ble Bombay High Court held that when the assessee is doing business he cannot plead that assessee has not maintained books of accounts, and section 68 would not be applicable. In the said case, Hon'ble High Court held that it was the duty of the assessee to maintain books of accounts if it was doing any business. 7. In the present case we find that it is not at all the case of the revenue that assessee was doing any business and it was supposed to maintain books of accounts. In this connection, it will be gainful to refer to the decis....

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.... a copy of the constituent's account in the books maintained by the bank. It is not as if the pass book is maintained by the bank as the agent of the constituent, not can it be said that the pass book is maintained by the bank under the instructions of the constituent. In view of this, the Tribunal was, with respect, justified in holding that the pass book supplied by the bank to the assessee in the present case could not be regarded as a book of the assessee, that is, a book maintained by the assessee or under his instructions. In our view, the Tribunal was justified in the conclusions at which it arrived." 8. We note that no decision overruling the above Bombay High Court decision from the Hon'ble jurisdictional High Court and Hon'b....