2025 (11) TMI 546

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...."Act") and relates to Assessment Year (A.Y.) 2012-13. 2. The grounds raised in the appeal by the assessee are as under: "1. The Learned Commissioner of Income Tax (Appeals) erred in holding that the appellant had not provided any evidences of cash deposit like books of accounts, purchase and sale of jewellery made by the HUF and further erred in holding that it cannot be construed that the appellant had shown cash deposit of the turnover of HUF 2. The Learned Commissioner of Income Tax (Appeals) erred in not giving proper opportunity to the appellant for further submission. 3. The Learned Commissioner of Income Tax (Appeals) erred in rejecting the submissions made by the appellant before the Assessing Officer. ....

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....he assessee was Account No.070021100009825 maintained with Abhyudayu Co-Op. Bank Ltd and belonged to the HUF of the assessee. To substantiate his aforesaid claim the assessee had provided the bank statement in which the cash was deposited alongwith the bank books and cash books of the HUF. The assesse, it was contended, had explained that the Bank had inadvertently linked his PAN with the said bank account, since he was the Karta of his HUF. Both himself and his HUF were engaged in the business of retail trading of gold and silver jewellery ornaments. The cash deposited in HUF account was pointed out to the AO as having been accounted for in the business carried out by the HUF and profit of the said business returned to tax. Copy of the Inc....

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....had filed evidence to substantiate its explanation, having furnished the bank statement of the HUF where the cash was found deposited, the copy of the bank book and cash book of the HUF and also ITR of the HUF returning income from transactions recorded in the bank of the HUF, was filed. Both the CIT(A) and the AO have not pointed out as to how the aforestated evidences were not sufficient for demonstrating that the bank account, in which cash was found deposited by the AO, was not of the assessee but its HUF. Therefore, with regard to the finding of the Ld. CIT(A)/AO, that the assessee had not been able to substantiate its explanation of the bank account being that of the HUF, I find the same to be incorrect. Further, the assessee having f....