TaxTMI 
TaxTMI 
2020 (8) TMI 961
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....tired government employee. The source of income 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 assessmen....
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....t of money for the property, he had sold some of the silver utensils for which he had received Rs 5,69,565/- iv) During the F.Y. 2009-10, jewellery 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....
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....ed that the assessee is capable of depositing so much money in the bank without any enquiry, the adverse inference for a small amount is strange. The learned CIT(A)'s reliance 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 ....
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....stituted between the banker and the customer is one of debtor and creditor and not of trustee and beneficiary. Applying this principle, the pass book supplied by the bank to its constituent is only 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, t....