TMI Blog2014 (11) TMI 1133X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,000/- being the source of cash deposited received by him as interest from M/s. Shree Genji Electricals but not such evidence was brought to our knowledge. In view of provisions of Sec. 269SS and 269T M/s. Shree Genji Electricals cannot make cash payment to the Assessee. We, therefore, allow relief to the Assessee of ₹ 1,35,000/- out of the addition sustained by CIT(A) of ₹ 19,57,370/-. - Decided partly in favour of assessee Unexplained cash credit - addition made by the AO on the basis of the statement recorded u/s 131 - Held that:- As noted that there was opening balance of ₹ 32,254/- also in the account of M/s. Shree Genji Electricals. Thus, the total credit as on 31.3.2009 in the books of M/s. Shree Genji Electrica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ludes a sum of ₹ 1,15,000/- being income from other sources and interest income of ₹ 2,24,077/-. The assessment was completed at an income of ₹ 59,02,207/- by adding ₹ 25,00,000/- as unexplained investment u/s 69 and ₹ 30,63,127/- as unexplained money u/s 69A. The AO noted that the Assessee has deposited a sum of ₹ 25 lacs with M/s. Shree Genji Electricals on which he earned interest amounting to ₹ 2,24,077/-. The deposit was admitted by the Assessee in his statement recorded u/s 131 on 28.12.2011. The AO added the sum as deemed income of the Assessee u/s 69 for the A.Y 2009-10. 3. In respect of the second addition of ₹ 30,63,127/- it was noted that the Assessee made cash deposit to the ext ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cash deposit, therefore, were to the extent of ₹ 20,14,340/- and balance sum of ₹ 12,30,577/- was through account payee cheques. The Assessee explained the source of the cash deposit as under : Withdrawals during the F.Y 2006-07 ₹ 4,73,063 Salary earnings of F.Y 2006-07 ₹ 84,000 Salary earnings for F.Y 2007-08 ₹ 1,20,000 Withdrawals from Union Bank of India (Rs. 85,797 on 2.4.2008 and ₹ 50,000 on 29.3.2008) ₹ 1,35,000 Interest received from M/s. Genji Electricals ₹ 50,000 Total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it of ₹ 25 lacs was explained by the Assessee on ad hoc basis which includes interest also. During the year, the following interest has been received from the aforesaid parties in the bank account of the Assessee : Date Amount (Rs.) 07.09.2008 63,310/- 30.10.2008 17,963/- 29.11.2008 19,865/- 25.12.2008 20,803/- 30.01.2009 36,694/- 11.02.2009 32,333/- 28.02.2009 32,109/- Total 2,24,077/- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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