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SURINDER KHARBANDA Versus ITO, WARD 25 (3) , NEW DELHI

2015 (10) TMI 1709 - ITAT DELHI

Unexplained cash deposits in the savings account - Assessing Officer held that the appellant is not engaged in any kind of business - Held that:- Sale in Cash is deposited with Bank and all Cash Deposited is withdrawn at the time of payment within one or Two day of Deposits. Cash is deposited into Bank to avoid Loot/Theft.

Assessee is regularly filing the income tax return from his business income and from LIC commission being agent, hence, it cannot be said that the assessee is not .....

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re, in the interest justice the issues in dispute are remitted back to the Assessing Officer to decide the same denovo. Needless to add that the assessee should be given adequate opportunity of being heard. Assessee is also directed to cooperate with the AO and submit all the details, bills and vouchers in support of his contention. - Decided in favour of assessee for statistical purposes. - I.T.A. No. 6310/DEL/2013 - Dated:- 1-9-2015 - SHRI H.S. SIDHU AND SHRI O.P. KANT, JJ. Assessee by : Sh. D .....

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AIR information that the assessee had deposited cash amounting to ₹ 41,75,715 in his saving account maintained with Axis Bank Ltd. Kirti Nagar Branch. New Delhi. The case was selected for scrutiny and the appellant was requested to explain the source of cash deposited in his savings account. In reply the assessee assessee submitted before the Assessing Officer that he is an agent of life insurance corporation and has also done the business of rice grain etc. and the cash deposits in the s .....

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and therefore, he added the peak deposit of ₹ 15,74,585 as the income of the appellant from undisclosed sources during the relevant assessment year. The assessment was completed u/s 143(3) of the IT Act vide order dated 19.12.2011. 3. Aggrieved by the aforesaid addition the assessee filed the appeal before the Ld. CIT(A), who vide impugned order dated 16.8.2013 has held as under:- 5. I have carefully considered the submissions of the Ld. AR and have gone through the Assessment Order. It is .....

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the appellant. In the absence of any evidence, in my opinion, the Assessing Officer has rightly held that the appellant was not engaged in any kind of business. However, it is observed that the appellant had suo motto declared Income from business at ₹ 3,34,070/- but while computing the income of the appellant, the Assessing Officer has not reduced the declared Income from business of ₹ 3,34,070 from the peak deposit of ₹ 15,74,585. In my opinion, the non-reduction of the amoun .....

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CA/Authorised Representative of the assessee appeared and requested to set aside the impugned order and in support of his contention, he filed the brief synopsis, which reads as under:- 1. Appellant was a Retail Trader of Food Grains and filed Income Tax Return for 2009-10 u/s 44AF. 2. Appellant has shop at Food Grain Market at Moti Nagar Delhi wherein Rice and Channa is traded. 3. Purchases are made in cash or settled on Next Purchase from Agriculturists who bring Rice and Channa on Tractor /T .....

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Rice and Channa Sold to Buyers who are either Actual Users OR Small Traders who sell at their Shops located at nearby Locations. 4. Appellant filed all Income Tax Returns u/s 44AF from Asstt.Year 2002-2003 to Asstt.Year 2009-2010 and thereafter till 2014-2015. 5. Market Place of Appellants shop is at a Location wherein transaction of Sale or Purchase of Rice and Channa is done. 6. Sale in Cash is deposited with Bank and all Cash Deposited is withdrawn at the time of payment within one or Two da .....

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hat he is an agent of life insurance corporation and has also done the business of rice, grain etc. and that the cash deposits in the aforesaid savings account were out of business receipts. AO has mentioned in his order that assesssee could not produce any bills / vouchers, books etc. in support of his claim being engaged in the business of supply or rice, grain etc. In the absence thereof, the AO held that assessee is not engaged in any kind of business and he has deposited cash out of some un .....

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shop at Food Grain Market at Moti Nagar Delhi wherein Rice and Channa is traded. Purchases are made in cash or settled on Next Purchase from Agriculturists who bring Rice and Channa on Tractor /Trolleys small Trucks. Rice and Channa is purchased at prevalent Market Rate and payment is made in Cash at the time of Purchase or on subsequent day. No Voucher Or Bills are submitted by Agriculturists and all purchases are in Cash. Rice and Channa is spread out at shops in Market wherein Rice and Channa .....

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n wherein transaction of Sale or Purchase of Rice and Channa is done. Sale in Cash is deposited with Bank and all Cash Deposited is withdrawn at the time of payment within one or Two day of Deposits. Cash is deposited into Bank to avoid Loot/Theft. Ld. Counsel for the assessee also contended through his grounds of appeal vide ground no. (vi) that assesee met the Ld. CIT(A) personally and appraised him about the fact that his A.R. has refused to appear and although the assessee has already given .....

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