TMI Blog2015 (9) TMI 487X X X X Extracts X X X X X X X X Extracts X X X X ..... . But only cites lack of sufficient material. It is also an undisputed fact that the CIT(Appeals)’s findings do not specifically deal with that of Assessing Officer’s conclusion. In these circumstances, we feel that interest of justice would be met in case this peak credit of ₹ 6 lakhs is further modified to ₹ 3 lakhs only. More so, when the lower appellate order accepts genuineness of ₹ 4 lakhs deposited on 18.09.2009 leaving behind a sum of ₹ 2 lakhs only. We reiterate that peak credit in this case is `6,27,500/-. These peculiar circumstance result in modification of this addition to ₹ 3 lakhs only. The assessee’s ground partly succeeds. Unexplained fixed deposit of ₹ 3 lakhs made in Tamilnad Mercan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d fixed deposits in Tamilnad Mercantile Bank Ltd. of ₹ 3 lakhs, unexplained deposits of ₹ 28,000/- in South Indian Bank, unaccounted interest income of ₹ 4,052/- arising from the aforesaid fixed deposits and that of unexplained/poor drawings of ₹ 36,000/-, in proceedings under Section 143(3) of the Income-tax Act, 1961 (in short 'the Act'). 2. The assessee refers to her grounds and submits that her pleas at Nos.3 and 5 of unexplained deposits of ₹ 28,000/- and poor drawings addition of ₹ 36,000/- are not pressed. The Revenue does not oppose this contention. This leaves us with the remaining three issues. Rather two of them only as for unexplained fixed deposits and interest grounds are intercon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as under:- 7. I have gone through the submissions made by the appellant and also the order of the Assessing Officer. The Assessing Officer in the assessment order has stated that after examining the reply of the assessee, the Assessing Officer concluded that the assessee has just narrated a suitable figure just to fit-in in order to explain the source of cash deposits. The Assessing Officer treated the explanation tendered by the assessee as not genuine, true and reasonable. Regarding the 1st cash deposit in the above S.B. Account amounting to ₹ 4 lakhs, the Authorized Representative submitted that an amount of ₹ 3,90,000/- was returned by her husband Shri M.P. Nagarajan and there was an income of ₹ 20,000/- per mon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after considering all the cash withdrawals and also cash deposits, I find that the peak cash deposit of ₹ 6 lakhs is to be treated as unexplained income u/s 68 of the Income-tax Act, 1961. This ground of appeal is PARTLY ALLOWED. 5. We have heard both sides and gone through the relevant findings. The assessee produces her bank account statement from 18.09.2009 to 31.03.2010. She argues that the CIT(Appeals) has wrongly treated a peak credit of ₹ 6 lakhs instead of ₹ 2 lakhs. It is evident that peak credit in her account statement is ₹ 6,27,500/- as on 08.02.2010 instead of ₹ 6 lakhs. The assessee had deposited ₹ 4 lakhs on 18.09.2009. A sum of ₹ 3,90,000/- is stated to have been returned by her ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... father Shri S.P. Muthusamy Gounder had deposited this sum in her name. He was stated not to be having any bank account. This reply could not impress upon the assessing authority. It rejected the donor s affidavit filed without any attestation or certification by a Notary. The Assessing Officer further referred to the assessee s accounts not declaring the aforesaid sum as gift. He also returned a finding that it was the assessee herself instead of her maternal grand father, who had deposited this amount into bank. All these materials made him to observe that the assessee s gift claim was not a genuine and bonafide one. The Assessing Officer quoted the assessee s failure to discharge onus of proving source of the impugned fixed deposit and ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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