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2013 (11) TMI 811 - ITAT MUMBAIAddition u/s 68 - source of credits entries in the bank account - assessee borrowed these amounts from his in-laws and filed confirmation letters - When the enquiries were extended to the said in-laws, father-in-law and mother-in-law AO noted that these in- laws are not income tax assessees. When the sources were examined, it was noticed that the sources of the loans are out of sale of jewellery – Held that:- The appellant has not been able to provide any proof of a return of income filed by the above 2 persons wherein capital gains on the sale of jewellery has been declared to prove that there indeed was a sale. In view of these discrepancies the contention of the appellant cannot be accepted. No co-relation can be provided by the appellant vis-à-vis the said sale of jewellery and the deposit of cash in his bank account. For example there is a deposit of Rs. 30,100/- in his bank account on 7/5/2005 which cannot be related to any of the so-called sales made by his father-in-law order or his mother-in law. Similarly there are other deposits which also do not co-relate with the sales made. The appellant has not been able to explain this discrepancy that was pointed out. No reconciliation statement has been submitted. It was also not explained why funds were received in a piece meal manner especially when the claim was that it was against sale of immovable property. In view of this, addition made is confirmed. Disallowance of commission expense - Commission expense of Rs. 40,262/- – Held that:- Appellant had not furnished the name and address of the parties to whom the said commission had been paid. In the absence of details the commission payment claimed had been disallowed
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