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2015 (5) TMI 921 - AT - Income TaxUnexplained money u/s.69 - Held that:- We do not find any justification in the action of the AO for rejecting the cash memo merely on the plea that these were not signed/authenticated by the recipient of the goods. In case of retail trade, there is no practice of getting the signature in sales bills. Furthermore, in case of cash sales there is no need to give full details of the buyer and the recipient of goods, insofar as assessee delivers the goods only after receipt of entire sale consideration. Since the deposit in bank account was much more than sales shown by assessee, onus is on the assessee to show the source of excess money deposited in bank account either in cash or through cheques. In the interest of justice and fairplay, we restore the appeal for assessment year 2005-06 to the file of AO for deciding afresh after giving due opportunity of hearing to the assessee. - Decided in favour of assesse for statistical purposes. Unexplained cash credit u/s 68 - Held that:- credit in the bank account was on account of ₹ 119,900/- received from assessee’s son Nizarali Govani whose loan confirmation was also filed. Further a sum of ₹ 3.25,000/- was transferred from saving account No.10078 with Development Credit Bank. ₹ 3,00,000/- is received from client’s daughter Rozina Govani whose loan confirmation was also enclosed. However, to substantiate the claim of various deposits and withdrawals the assessee has not filed any cash-flow/fund-flow statement. From the orders of lower authorities it is not clear that documentary evidences with respect to source of funds were filed before them. Thus the addition made during the assessment year 2006-07 u/s.68 as well as on account of short term capital gains is also restored to the file the AO for deciding afresh after giving due opportunity to the assessee.- Decided in favour of assesse for statistical purposes
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