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Vaijayanthi Badri Versus The ITO, Wd. 3, Kottayam

2015 (10) TMI 1419 - ITAT COCHIN

Unaccounted bank deposits - Held that:- The assessee is an employee of M/s. JR and Sons. The Assessing Officer and the Commissioner of Income-tax (Appeals) did not believe the version of the assessee for the reason that she was not able to establish the amounts deposited which were subsequently transferred to the account of JR and Sons' account. Now the assessee has filed all the details and books of account of JR and Sons, IDBI bank account statement and account copy of auto spare agencies from .....

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ordance with law after giving opportunity of hearing to the assessee. - Decided in favour of assessee for statistical purpose. - I.T.A. No. 507/Coch/2014 - Dated:- 15-5-2015 - Shri V Durga Rao and Shri B.R. Baskaran, JJ. For the Appellant : Shri Mathew Joseph For the Respondent : Shri K.K. John ORDER V. Durga Rao (Judicial Member).- This appeal filed by the assessee is directed against the order of the Commissioner of Income-tax (Appeals)-V, Ernakulam dated October 31, 2014 for the assessment ye .....

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se was selected for scrutiny. In the assessment order, the Assessing Officer has observed that on verification of the bank accounts revealed huge cash deposits made in the name of the assessee in ICICI Bank, M. G. Road, Ernakulam amounting to ₹ 7,71,565, in IDBI Bank, M. G. Road, Ernakulam of ₹ 39,38,820. The Assessing Officer asked the assessee to explain the source of deposits. The assessee explained before the Assessing Officer that she is an employee of JR and Sons. Sale proceeds .....

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The assessee carried the matter in appeal before the Commissioner of Income-tax (Appeals). The learned Commissioner of Income-tax (Appeals) confirmed the order of the Assessing Officer on the ground that there is no linkage between the firm's business and the customers' deposits in the bank accounts of the assessee. Aggrieved, the assessee filed an appeal before the Tribunal. 4. Learned counsel for the assessee submitted that the assessee is an employee of M/s. JR and Sons and the amount .....

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f the assessee, which were subsequently transferred to the firm's account and requested for remitting the issue back to the file of the Assessing Officer. On the other, the learned Departmental representative has relied upon the orders of the authorities below. 5. We have heard both sides, perused the records and the orders of the authorities below. The assessee is an individual and during the course of assessment proceedings, the Assessing Officer has found that the assessee has deposited i .....

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