TMI Blog2012 (11) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... essee are dismissed. - ITA No. 15 & 16 /Chd/2009 - - - Dated:- 10-7-2012 - SHRI H.L. KARWA AND SHRI T.R. SOOD, JJ. Department by: Shri N.K. Saini Respondent by: Shri Harry Rikhy ORDER PER T.R. SOOD, A.M These are cross-appeals filed by the revenue as well as the assessee and the common issues are raised, therefore, these appeals are heard together and are being disposed off by this common order for the sake of convenience. 2. ITA No. 15/Chd/2009 Revenue s appeal - In this appeal the Revenue has raised the following ground: On the facts and in the circumstances of the case and in law, the ld. CIT(A) was right in allowing relief of unexplained cash credits worth Rs. 30,07,000/- on the ground that deposi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee could furnish only copy of the Passport and the Power of Attorney by her sister for purchase of property bearing SCO NO. 265, Sector 44, Chandigarh. No other evidence was filed. The Assessing Officer concluded that the assessee has no evidence for rental income in U.K. and in the absence of any evidence even the gift from sister was also not accepted. However, a sum of Rs. 28.00 lakhs received from sale of house was accepted and addition of Rs. 1,70,00,000 was made to the income of the assessee. 5. Before the ld. CIT(A) initially many adjournments were sought and on a few hearings some details were filed which has been summarized by the ld. CIT(A) at page 3 4 of the order which is as under: S No. Date Remarks ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as income in their respective return in USA. This is essential to know the genuineness of transaction as normally the credits in the bank statement are not exceeding $500. This is also essential to know the capacity of Smt. Jaspreet Kaur. Next date of hearing 17.10.2008. 12. 17.10.2008 Shri Harry Rikhy, Advocate attended. Explaiend that some more information is required to be given. Requested one more last opportunity. Case adjourned to 24.10.2008. 13. 24.10.2008 Shri Harry Rikhy, Advocate attended. Asked for a time of few days. Case adjourned to 30.10.2008. 14. 30.10.2008 Shri Harry Rikhy, Advocate attended. The ld. counsel could not furnish any evidence in response to this office letter dated 10.10.2008 except a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mt. Jasmeet Kaur is perhaps receiving wages of $47,400/- and tax of $7840.13 has been withheld. It appears that Smt. Jasmeet Kaur is getting $ 39.560. The assessee has also filed a copy of USA Income Tax Return of M/s Monti s Pizzeria Restaurant Inc. (Placed as Annexure-3) and also a copy of Balance Sheet as on 31.12.2004 (Placed as Annexure 4). The perusal of Balance sheet shows that the total assets a re $225269.97. The Net fixed assets investment is $275344.19. That means there are no liquid funds with M/s Monti s Pizzeria Restaurant Inc. The current assets are in fact negative. The assessee could not link from the above balance sheet that any money has been paid by M/s Monti s Pizzeria Restaurant Inc. Therefore, the evidence in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taurant Inc. does not indicate any flow of money from USA to India and moreover there are negative liquid assets. (iv) Some more time was given to the assessee but the assessee could not give link entries and the ld. CIT(A) made the following observations at para 14 which are as under: The assessee had asked a few days time on 24.10.2008. The case was adjourned to 30.10.2008 and the ld. counsel of the assessee could not furnish any further evidence. It is also worthwhile to mention that the assessee was informed vide para 4 of the letter dated 10.10.2008 that the assessee has got effectively 2 years i.e. from the date of questionnaire issued by the Assessing Officer in Sep 2006 to explain his case. The assessee has to simply explain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Assessment Year 2004-05. The assessee could not link any of the credits in the Bank account No. 1434 and account No. 7197 in Punjab and Sind Bank. Therefore, no credit is being given to the amount of Rs. 14.00 lacs stated to be out of sale proceedings of H No. 230, Sector 36- A, Chandigarh. (vi) The ld. CIT(A) accepted the source of cash deposits amounting to Rs. 30,07,000/- because of the following details: Cash deposited in Saving Bank Account No. 4134 S No. Date Amount (Rs) Narration 1. 8.9.2004 1,50,000 Deposited out of withdrawal on 4.8.2004 2. 24.9.2004 1,50,000 Deposited out of Western Union transfer 3. 27.9.2004 1,50,000 Deposited out of earlier withdrawals 4. 16 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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