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2015 (7) TMI 638 - AT - Income TaxUnexplained cash credit - CIT(Appeals) sustained the addition, however, the addition was made as unexplained investment u/s. 69 - Held that:- The assessee has furnished confirmation letters from all the creditors. All the creditors have supported the case of assessee. A perusal of the impugned order show that there is no discussion about the loans and advances taken by the assessee and the repayment of same. Therefore, it would not be fair to treat the entire deposits in various bank accounts of the assessee as unexplained. No merit in the contentions of the assessee with regard to agricultural income. It is an undisputed fact that the assessee has disclosed agriculture income in his return of income as ₹ 1,00,000/-. The assessee in order to justify cash deposits cannot increase agriculture income in an arbitrary manner. The arguments forwarded by the assessee and the documents placed on record to support the submissions does not infuse confidence to accept the assessee’s proposition. Therefore, we reject the contention of the assessee with regard to deposit of agriculture sale proceeds in the bank. CIT(A) has made addition u/s. 69 of the Act as unexplained investment. We do not concur with such findings of CIT(A). The Revenue has not been able to show any investment made by the assessee. The term ‘investment’ is not defined in the Act, the expression has to be understood in the ordinary popular sense used in commercial parlance. Thus, the word investment means placement of a particular sum of money in business venture, property or any other possession acquired for future financial return or benefit. Deposit of money in saving bank account from various quarters cannot par take the character of investment. However, it can become a source of making investment. Thus we are of considered opinion that addition should not be made on entire bank deposits. The addition can be made only on unexplained credits in the bank accounts. Accordingly, we accept the alternate plea of the assessee. The file is remitted back to the Assessing Officer to decide this issue denovo. Decided partly in favour of assessee for statistical purpose.
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