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2015 (12) TMI 965 - AT - Income TaxUnexplained investment assessed u/s 69 - Held that:- As contended that assessee belongs to muslim community and according to shariat law applicable to her, she is not supposed to earn interest from any person including bank and she had kept her earnings in the form of cash which was duly deposited at the time of purchase of property. Be that as it may, assessee was not prevented from opening a current account with a bank on which assessee would not have earned any interest, but that was not done. Moreover, sudden deposits of ₹ 2,20,000/- by assessee within a period of 11 days starting from 14/09/2004 and ending with 24/09/2004 definitely proves the unexplained nature of cash deposits which was not related to any business but from some unexplained source. Moreover, these deposits were made immediately before the issue of cheques for either payment to builder or for meeting expenses/payment towards electricity, telephone, insurance payments, etc. and clearly shows that as and when assessee needed to make payments towards the cost of flat and/or towards other expenses, she decided to deposit cash in her accounts. Thus, all these submissions made by the assessee's CA are irrelevant and dismissed. Cash deposits made in the bank account of assessee's daughter Asma A. Sarang and entries in P&L Account, Capital Account and Balance Sheet for financial year relevant to A.Y. 2005-06 are held to be the property of assessee's daughter and therefore, these have been excluded while deciding assessee's appeal. It is a separate case by itself and these cash deposits require to be examined afresh by the Assessing Officer in assessee's daughter's case. Therefore, assessee has failed to provide explanation for the sources of unexplained expenditure/investments/deposits in bank account totalling ₹ 2,03,269/-(92,369+1,10,900) u/s 69, 69B and 69C of IT Act, 1961 of IT. Act, 1961 - Decided against assessee
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