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TMI Blog2014 (7) TMI 599X X X X Extracts X X X X X X X X Extracts X X X X ..... of the amounts given relief by the Ld. CIT(A) are contested and learned D.R. fairly admitted that there seems to be mistake in taking the amount which was contested. Learned D.R. also placed on record three remand reports sent in the course of appellant proceedings to the Ld. CIT(A). 2. Briefly stated, assessee is an individual and filed return of income showing consultancy receipts admitting total income of Rs. 2,94,080/-. A.O. was in receipt of AIR data wherein cash deposits aggregating to Rs. 14,29,400/- appearing in HDFC Bank were received. Consequent to that assessee was asked to explain the amounts deposited in the bank account. After considering the explanation of the assessee, A.O. has made an addition of Rs. 13,18,400/-, Rs. 12,45 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... balance of amounts of Rs. 12,45,000/-, the remand report of the assessing officer was dealing with the subject matter. As per the same the amounts of Rs. 5,00,000 represented the cash deposited by the appellant's father Mr. Rama Chenna Reddy, in the bank account of the appellant at Chennia, and the explanation offered by the appellant is acceptable to the assessing officer and no adverse comments were made. Similarly, Rs. 6,45,000/- represent the loans obtained from Mr. N.H. Bhaskar Reddy, the brother-in-law of the appellant, who is assessed to tax at Bangalore and the confirmations furnished by the appellant in this regard appears to be acceptable to the assessing officer, as per the remand report and no adverse comments are made in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hdrawals from the said account at regular intervals. Under the circumstances, i am of the opinion that there is no basis for the assessing officer to come to the conclusion that the explanation of the assessee are bereft of any merit. Accordingly, out of the total addition of Rs. 13,18,400/- made under the head 'unexplained credits for loan credits', an amount of Rs. 12,18,400/- stand explained with a balance of Rs. 1,00,000/- being the loans in the name of Mr. Bharat Kumar remain to be unexplained. Accordingly, this ground of appeal is partly allowed, with the addition of Rs. 12,18,400/- held to be unsustainable and Rs. 1,00,000/- stand confirmed". 5. With reference to unexplained credits in ICICI Bank, order in para 6.6 is as und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . . . . . . . . . . . . . .. . . . .. . 6.9. During the course of the appellate proceedings, the appellant furnished the needed evidence in the form of confirmation letters, extracts of the bank accounts indicting the transfer of funds, which constituted the additional evidence, and a report was called for from the assessing officer on the said ground. The report of the assessing officer rejected the claims of the appellant, quoting the following reasons :- "6.9 The appellant submitted his comments/explanation w.r.f. the remarks of the assessing officer in remand report. As could be seen from the information brought on record, the amount of Rs. 5,00,000/- received from Mr. Bhaskar Reddy, through banking channel, and a confirmation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing officer, which were apparently not considered by the assessing officer, for furnishing the remand report. Hence, non-furnishing of bank account for rejecting the claim of the appellant in explaining a transaction routed through bank account is not tenable and the addition to the extent of Rs. 2,SO,000/- on this ground, is not sustainable. 6.9.2 Further, the amounts of Rs. 95,000/- and Rs. 49,000/- represent the consultancy charges received by the appellant, which were considered for computing the taxable income from the said source. It is not known what was the exact requirement as proof, as desired by the assessing officer in proving that such receipts are forming part of the were considered for computing the taxable income from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... extent of Rs. 12,18,400/- in the bank account of HDFC were accepted by the A.O. on the basis of which Ld. CIT(A) gave relief. Thus, there should not be any grievance on the amounts, which are considered as addition out of the deposits of HDFC Bank. 7. With reference to credits in ICICI Bank, apart from transfer of funds from one account to another, Ld. CIT(A) used his discretion only with reference to Rs. 50,000/- credited by way of transfer from assessee's brother account and Rs. 2,50,000/- by way of loan obtained from Mr. M. Neeraja Reddy who is an assessee. Rest of the amounts are accepted by the A.O. in the remand reports. Even with the above two amounts also, the order of the Ld. CIT(A) is justifiable on the facts on record. We do not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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