2026 (5) TMI 1636

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ional e-Assessment Centre, Delhi (in short, "the Ld. AO"). The grounds of appeal raised by the assessee are as under: "1. On the facts and in the circumstances of the case and in law, the Ld. NFAC has erred in confirming the addition made by the assessment order passed u/s 143(3) of the Act which is invalid and erroneous and liable to be deleted. 2. On the facts and in the circumstances of the case and in law, the Ld. NFAC erred in confirming the addition of INR 4,60,000/- made by the Ld. Assessing Officer u/s 68 of the Act on account of alleged unexplained cash deposits, whereas the fact remains that the said cash deposits were already forming part of the business receipts recorded in the books of account and reflected in....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ount less that the stamp duty valuation. However, the same does not represent undisclosed income. Regarding cash deposit of Rs. 4,60,000/-, the assessee submitted that the cash deposits were out of earlier years savings and gift received by the assessee over a period of time. The assessee also received some part of cash deposits, as interest free loan given by him to friends and family and now received back during the year. The contentions of assessee could not find favour by the Ld. AO. Accordingly, two additions where made to the income of assessee: 1. Addition under section 56(2)(vii): Rs. 3,35,670/- 2. Addition under section 68: Rs. 4,60,000/- 4. Being aggrieved, the assessee preferred an appeal before the Ld. CIT(A....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... period 01.04.2017 to 31.03.2018 (relevant to AY 2018-19) Date Particulars Mode Amount Remarks 28-04-2017 Gold Ornament Labour Charges for the month of April, 2017 Cash 1,24,580 Deposited Rs. 1,00,000 on 19-06-2017 29-05-2017 Gold Ornament Labour Charges for the month of May, 2017 Cash 3,28,940 Deposited Rs. 3,00,000 on 23-06-2017 (Rs. 1,60,000 + Rs. 1,40,000) 30-06-2017 Gold Ornament Labour Charges for the month of June, 2017 Cash 72,720 Deposited Rs. 60,000 on 07-07-2017 30-06-2017 Gold Ornament Labour Charges for the month of June, 2017 Bank Transfer 775 Received on 12-07-2017 in Bank Account 30-06-2017 Gold Ornament Labour Charges for the month of June, 201....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... CIT(A) also. However, was unable to furnish any corroborative evidence to support his contentions. Before us, assessee came up with a new explanation, stating that the amount was received on account of gold ornament labour charges received by the assessee on 28.04.2017 and 29.05.2017, which is apparent from the chart furnished by the assessee before us [referred to as 'supra']. A query was raised by the bench to furnish details and evidence for gold ornament labour charges earned by the assessee during the year. However, the assessee was unable to furnish any details and it is simply said that the assessee was in that tread during those days and have generated such income. The assessee again was unable to furnish any substantial evidence ....