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2015 (5) TMI 894 - AT - Income TaxUnaccounted cash - search and seizure procedings - Held that:- As during search statement of assessee’s mother Smt. Jashodaben Ravji Majethia from whose possession cash was found, was recorded. In the statement Smt. Jashodaben Ravji Majethia stated the source of cash of ₹ 8,50,000/- out of savings for a period of over 25 years. Since the daughter of Smt. Jashodaben Ravji Majethia Miss Banuben Ravji Majethia, aged 50 years was un-married, money was saved keeping in mind for her future of un-married daughter. As per the statement, husband of the assessee is also aged 85-87 years and therefore looking to the old age and her daughter’s condition being un-married, the amount was saved for a period of last 20-25 years from her husband as well as from son’s income. The explanation given by Smt. Jashodaben Ravji Majethia during the course of search was not found to be in-correct. Accordingly we do not find any merit in the additions made in the hands of the assessee. - Decided in favour of assesse. Unaccounted jewellery - Held that:- The jewellery was found in the cupboard of the mother kept in her room. During the course of preliminary statement itself the mother and sister of the assessee had owned the jewellery and explained the source of the same. The jewellery found is ladies jewellery and hence it cannot belong to the assessee. Further the assessee is a bachelor and hence no addition can be made in the hands of the assessee. Also the statement of Mrs. Jashodaben Ravji Majethia was recorded during the course of search which shows that the jewellery is only out of gifts and never purchased - Decided in favour of assesse Unaccounted cash credit - Held that:- Similar addition made on account of creditors in the A.Y. 2008-09 were deleted by the ld. CIT(A) as relying on CIT vs. Computer Force [2010 (7) TMI 831 - ITAT AHMEDABAD] wherein held that if the receipt and repayment of the loan is corroborated by the ledger accounts and bank entries, additions in respect of such credits cannot be made. Following the same reasoning given above in the A.Y. 2009-10, we do not find any reason to interfere in the order of ld. CIT(A) deleting the addition made on account of creditors.- Decided in favour of assesse.
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