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2017 (9) TMI 528 - HC - Income TaxUndisclosed bank account - unexplained cash credit - Set off of such income against loss suffered by her in the share trading business - no return was filed to claim such set off - no revised return - Held that:- Neither in the return filed for the relevant assessment year 2009-10 nor in the earlier assessments, the assessee had disclosed a bank account in which there were multiple transactions. In fact, the assesssee had made cash deposits of more than ₹ 20 lakhs and also claimed to have traded in shares by sale and purchase of shares through such account despite which no mention was made in the return filed for the current year and in the earlier years. There was thus clear attempt on the part of the assessee to withhold her bank account and the transactions recorded therein. The assessee had offered no explanation about non disclosure of the bank account in the return filed for the current year and in the earlier years. In this very account, the Assessing Officer noted that the assessee had made cash deposits of more than ₹ 20 lakhs and the explanation offered by the assessee was found to be unacceptable. The cash gifts of ₹ 17 lakhs and odd was not backed by any supporting documents of the donors. The Assessing Officer and the higher authorities thus committed no error in holding that the assessee had made unexplained cash credit of ₹ 20,04,571/- in the said undisclosed bank account. Set off of such income against loss suffered by her in the share trading business - Held that:- The assessee had not filed any return claiming such loss with supporting documents of her trading into shares, her receipts and outgoings and the resultant loss. Without filing revised return the assessee could not have claimed assessment of such business activity. This is not a case like the case in Shilpa Dyeing (2015 (7) TMI 691 - GUJARAT HIGH COURT) where the business loss was assessed by the Assessing Officer which was to be set off against the undisclosed income later on unearthed during the course of assessment. It is also not a case where the assessee in appellate proceedings unlike in the case of Mitesh Impex (2014 (4) TMI 484 - GUJARAT HIGH COURT ) where the assessee on the basis of materials already on record was raising a question of law at the appellate stage. - Decided against the assessee.
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