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2015 (9) TMI 487 - ITAT CHENNAI

2015 (9) TMI 487 - ITAT CHENNAI - TMI - Additions of unexplained cash deposits - Held that:- The assessee had deposited ₹ 4 lakhs on 18.09.2009. A sum of ₹ 3,90,000/- is stated to have been returned by her husband. The CIT(Appeals) does not reject veracity of this plea. It is further seen that the assessee had deposits a sum of ₹ 2 lakhs as on 20.10.2009 over and above the aforesaid sum of ₹ 4 lakhs. Remaining amounts are corresponding deposits and withdrawals instances. .....

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er 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 Mercantile Bank made in cash - Held that:- The a .....

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serves to be rejected in the absence of sufficient material on record. It is also not her case that of the lower authority has not complied with principles of natural justice and denied sufficient opportunity of hearing. Therefore, the assessee’s corresponding ground fails.

Third addition of interest income of `4,052/- on said fixed deposits is also decided against her. - Decided against assessee. - ITA No.2113/Mds/2014 - Dated:- 11-3-2015 - Shri A. Mohan Alankamony And Shri S.S. God .....

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akhs, 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. T .....

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apital account and balance sheet. She had not declared the said sum as income. The assessee had made the impugned deposits from 18.09.2009 onwards starting from a sum of ₹ 4 lakhs to have been returned by her husband (to the extent of ₹ 3.90 lakhs, ₹ 20,000/- per month as monthly income). The nature of other deposits on various dates from 26.09.2009 to 08.02.2010 was stated to be on account of withdrawals made earlier. It was pleaded that a sum of ₹ 2 lakhs had come from .....

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n in question of ₹ 25.50 lakhs as unexplained cash deposits. 4. The CIT(Appeals) has adopted peak credit formula to restrict this addition to the tune of ₹ 6 lakhs 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 i .....

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source of ₹ 4,90,000/- the assessee had deposited ₹ 4 lakhs. The Assessing Officer verified the details and stated that an amount of ₹ 3,90,000/- was the balance outstanding money advanced by the appellant towards her husband as on 31.03.2009 and a sum of ₹ 2,30,000/- is still shown as outstanding as on 31.03.2010. The Assessing Officer has not brought-in any evidence on record to show that the appellant does not earn the amount of ₹ 20,000/- per month from milk bo .....

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kh on 26.09.2009 and ₹ 3 lakhs on 29.09.2009. Similarly an amount of ₹ 4 lakhs was withdrawn on 01.10.2009 and deposited back on 20.10.2009. The assessee also explained the source for cashdeposit made on 24.10.2009. The source was from the milk booth income for the months of September and October and cash available i.e. out of ₹ 4,90,000/- only ₹ 4 lakhs was deposited on 18.09.2009. However, after considering all the cash withdrawals and also cash deposits, I find that th .....

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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 husband. The CIT(Appeals) does not reject veracity of this plea. It is further seen that the assessee had deposits a sum of ₹ 2 lakhs as on 20.10.2009 over and above the aforesaid sum of ₹ 4 lakhs. Remaining amounts are corresponding deposits and withdrawals instances. The assessee claims to be earning a monthly milk book .....

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e lower appellate order accepts genuineness of ₹ 4 lakhs deposited on 18.09.2009 leaving behind a sum of Rs. ₹ 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. 6. Now we come to the assessee s second substantive ground regarding unexplained fixed deposit of ₹ 3 lakhs made in Tamilnad Mercantile Bank made in cash. The .....

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