TMI Blog2015 (5) TMI 921X X X X Extracts X X X X X X X X Extracts X X X X ..... i 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 - ITA Nos. 7782 & 7783/Mum/2011 - - - Dated:- 13-5-2015 - Shri Joginder Singh, JM And Shri R. C. Sharma, AM,JJ. For the Petitioner : Shri Deepak Tralshawala For the Respondent : Shri Vijay Kumar Bora ORDER Per R. C. Sharma (A.M): These are the appeals filed by assessee against the order of CIT(A)-30, Mumbai dated 2-9-2011, for the assessment years 2005-06 2006-200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmission income. If the product were procured through Silveriline and sold on cash basis then why the proceeds were deposited in assessee s account. It has to be deposited in Silverline Marketing account. Assessee s contention that she retains an amount of 5% towards service charge is not acceptable as assessee has not submitted any documentary evidence for claiming 5% commission. Regarding the balance sale of ₹ 19,06,130/-, assessee is stating that the same is sold on behalf of Silverline Marketing is also not acceptable. Silverline Marketing has not filed their return and the income has not been offered for taxation by Silverline Marketing. With regard to transfer of funds to M/s Silverline Marketing, the AO observed that the same also remained unexplained and therefore the claim with regard to payment/allowance of expenditure to M/s Silverline is rejected. In view of the above discussion, the AO made an addition of ₹ 25,13,090/- as unexplained money u/s.69A. 3. Similarly in the assessment year 2006-07 the AO made addition of ₹ 27,86,639/- u/s.68 and on account of short term capital gains at ₹ 16,07,157/-. 4. In appeal filed before the CIT(A), the CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he appellant has claimed to have deposited ₹ 6,45,000/- in her bank account from cash-in-hand but no details are given regarding date of deposit and amount of deposit alongwith copy of cash book. Therefore, the deposits amounting to ₹ 25,86,639/- remain unexplained. The addition of ₹ 25,86,639/made by the A.O. is confirmed and the appellant gets relief of ₹ 2,00,000/-. This ground of appeal is partly allowed. 6. By the impugned order the CIT(A) after calling the remand report confirmed the addition of ₹ 16,07,157/- on account of short term capital gains earned by the assessee during the year after having the following observations :- 3.6 I have carefully gone through the Assessment Order and the submissions made by the A.R. of the appellant. The cost of shop is shown at ₹ 7,60,623/- in the appellant's balance sheet and loan is shown by Nizar Govani of ₹ 4,00,000/-. Besides, the appellant has claimed interest of ₹ 56,503/- for F.Y.2003-04, ₹ 1,44,721/- in F.Y. 2004-05 and ₹ 1,36,679/- in F.Y. 2005-06, which is not shown to be related to the property which is sold. Even loan of Nizar Govani is shown at ₹ 3, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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. 10. In the assessment year 2006-07, the addition of ₹ 27,86,639/- was made by the AO u/s.68 of the Act by observing that there were cash deposits and other deposits in different bank account a sunder :- Sr. No. Bank A/c.No. Cash Deposit Other Deposits Total 1 Development Credit bank A/c No.10078 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edit Bank was alleged to be encashed amounting to ₹ 6,50,000/-. The confirmation of Development Credit Bank was alleged to be filed before AO. Fixed deposit with Bank Co-operative Society of ₹ 2,00,000/- was alleged to be encashed out of total FDR of ₹ 6,50,000/- made during the year. The confirmation of Bandra Co-operative Credit Society was alleged to be filed. Sundry debtors of ₹ 24,12,249/- was alleged to be recovered which were reflected as outstanding on 31.03.2005 at ₹ 25,155/-. It was also brought on record that ₹ 51,500/- is transferred from saving account No. 3087 with Development Credit Bank, summary of which is enclosed above. ₹ 50,000/- is received from the estate of her late husband Noorali Govani who expired on 31.12.1992. ₹ 2,500/- is received from our client's daughter Rozina Govani whose loan confirmation is enclosed herewith. The summary of transaction of Silverline Marketing is enclosed from which it can be evidenced that a sum of 2,75,000/- is received from them. 11. It was further explained that credit in the bank account was on account of ₹ 119,900/- received from assessee s son Nizarali Govani whos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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