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2013 (5) TMI 784 - AT - Income TaxUnexplained cash credits - Deposit made in bank accounts - proceeds from sale of gold or not - Held that:- the assessees have not produced any evidence to prove that these ancestral gold was gifted to the assessees by the parents/in-laws. - assessees also did not produce any details for sale of gold or wealth-tax returns filed in normal course to establish that they were in possession of the gold and only such gold was sold by them. In the absence of any such evidence produced by the assessees, it is hard to believe that the assessees are in possession of ancestral gold and sale consideration of such gold was used for making deposits into their bank accounts. It is also a fact that the parents of the assessee K. R. S. Suresh and who are also mother-in-law and father-in-law of Smt. Ranjani Suresh have not filed their wealth-tax returns and they are not assessed to wealthtax. It is the observation of the Assessing Officer that these assessees have made several cash credits of small amounts appearing in bank accounts claimed to be out of gold sale as these assessees are not in gold business. - wealth-tax returns filed on December 8, 2011 just before the completion of assessments on December 22, 2011 suggest that there is no other reason for filing these returns except for explaining the source for deposits into bank account. Therefore, in the facts and circumstances of these cases, we uphold the additions made by the Assessing Officer towards unexplained cash credits as they were not proved with sources for such deposits by the assessees. - Decided against assessee.
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