TMI Blog2014 (12) TMI 1151X X X X Extracts X X X X X X X X Extracts X X X X ..... stainable. However, fact remains that AO has also not properly appreciated the facts and could not make effective enquiry due to constraint of time as assessment was getting time barred. Thus the entire issue relating to deposits into assessee’s bank account requires examination afresh in view of the claim made by assessee before the first appellate authority. - Decided in favour of revenue for statistical purposes. - ITA No. 1618/Hyd/2012 - - - Dated:- 10-12-2014 - Shri B. Ramakotaiah And Shri Saktijit Dey,JJ. For the Petitioner : Shri Rajat Mitra For the Respondent : Shri S. Rama Rao ORDER Per Saktijit Dey, J. M. This appeal of the Department is directed against order dated 29/08/2012 of ld. CIT(A), Guntu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... missions from time to time stating therein that assessee s friend one Mr. K. Lokadri working as PRO of M/s Reliance Industries, Tirupathi is a businessman-cum-contractor. It was submitted that Mr. K. Lokadri delegated some of his business activities to assessee and later on entered into a Memorandum of Understanding authorizing assessee to carry out financial transactions of Mr. K. Lokadri, through assessee s bank account. It was submitted that Mr. K. Lokadri requested his clients/business persons from various places to deposit monies in the ICICI Bank account of assessee and used to instruct assessee to draw the funds on the same day and disburse it towards business transations of Mr. K. Lokadri. As per the conditions laid down in MoU asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r his businesses; iv. That he has not made any fixed deposits in any of the banks or in the financial institutions; v. That he has not given any major loans to anybody either in the past or in the present; vi. That he has not acquired any major assets except a small house; vii. That he was only 31 years old during the FY 2008-09 relevant to the assessment year under consideration and it is not possible to earn such huge sums and deposit in his account; viii. That it is a fact that the deposits were made by persons from various places and the withdrawals were made on the same day and disbursed; [if the money owned by the appellant he need not withdrawn on the same day itself] ix. That he is regular in filing his income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i and also to deposit amounts in appellant s bank account from the persons directed by Mr. K. Lokadri and withdraw the same either on the same day or a day or two later and handover the same as directed by Mr. K. Lokadri, for which the appellant gets some commission. As per the AIR information, this case was selected for scrutiny and when this point has come for query, the appellant did not respond to AO as by that time Mr. K. Lokadri has gone underground. The fact that Mr. K. Lokadri has gone underground was promptly reported in local press, the clippings (copies) of which were submitted during the course of the proceedings have been perused and placed on record. It is also a fact that the family members of Mr. K. Lokadri have complained t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee s claim without any supporting evidence. Ld. DR, therefore, submitted that order of ld. CIT(A) has to be set aside. 7. The ld. AR on the other hand supporting the order of ld. CIT(A) submitted that since on the basis of facts and materials brought on record, ld. CIT(A) has come to a conclusion, the same cannot be interfered with. 8. We have considered the submissions of the parties and perused the orders of revenue authorities as well as other materials on record. As can be seen from the assessment order, AO has made an observation that though assessee filed explanation relating to the deposits made in the bank account, but, he has failed to substantiate them with supporting evidence. However, on a perusal of the order passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
