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2015 (11) TMI 485 - ITAT DELHI

2015 (11) TMI 485 - ITAT DELHI - TMI - Undisclosed bank deposits - Held that:- As far as the bank statement of M/s Rattan Diesels in HDFC bank contained it is find that the said bank account is in the name of M/s Rattan Diesels. It is true that the said bank account does not contain the name of proprietor but that does not imply that merely because the name starts with ĎM/sí, therefore, it could be a partnership concernís account. This observation of ld. CIT(A) is purely on conjecture. He failed .....

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rly earned by assessee. Further, the AO has assessed the interest income received from Rattan Diesels in the hands of assessee and, therefore, the genuineness of the deposits in the accounts of assessee as refund of loan could not be doubted.

Similarly, in respect of Nishant Bansal, all the details are tallying in respect of bank a/c of Nishant Bansal with the bank a/c of assessee including instrument number. However, wherein bank a/c of Nishant Bansal is contained, it is not coming o .....

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is directed against the order dated 19-01-2015, passed by the ld. CIT(A)-24, New Delhi in appeal no. 566/14-15( old appeal no. 180/10-11), relating to A.Y. 2009-10. 2. Brief facts of the case are that search and seizure operation u/s 132 of the I.T. Act was carried out in Rajdarbar Group of cases on 31-7-2008 and in the case of assessee on 26-8-2008 at Locker no. 488, Key no. 38, Federal Bank Ltd., 6, Raghunath Nagar, MG Road, Agra. 3. The assessee had filed her return of income declaring an in .....

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. No details were furnished before the AO. The AO completed the assessment after making addition of ₹ 5,50,000/- in respect of following unexplained credits in the bank account: Date Amounts (In Rs.) 10-07-2008 1,50,000/- 23-08-2008 2,00,000/- 11-02-2009 2,00,000/- Total 5,50,000/- 4. Before ld. CIT(A) the assessee explained that it had a running balance in her deposit account with M/s Rattan Diesels, Agra. The copy of account of the assessee in the books of said firm of various years, sta .....

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f ₹ 1,50,000/- on 9-07-2008 by the said firm, which was credited in the bank a/c of the assessee on 10-7-2008. Similarly, another cheque of ₹ 2,00,000/- was issued by the said firm in the name of the assessee on 22-8-2008, which was credited in the bank a/c of the assessee on 23-8-2008. It was pointed out that these transactions were appearing in the bank a/c of the assessee on the respective dates. The assessee further pointed out that it had paid the amount of ₹ 1,50,000/- to .....

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l were also filed before ld. CIT(A). 5. Ld. CIT(A), however, did not accept the assessee s contention, inter alia, observing as under: …It is observed that Rattan Diesels is supposed to be (as per AR) proprietary concern of one Mr. Rajendra Mittal. However. the letter head does not mention anything. about status of the entity. Further, the AR was unable to inform who this Raiendra Mittal was and what We S his relation to the assessee. The documents do not show any PAN 'No. of [his per .....

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aid page. there is no mention of Proprietor's name. It could be a partnership also as the name starts with M/s . 4.2.9. The above facts show that the assessee did not want to get the so called creditor examined or his affairs scrutinized when the assessment proceedings were all. It is noted that Income Tax proceedings are. time barring in the nature. Beyond 6 years the assessing officer has no power under the Act to assess/ reassess any income. The assessee, therefore, has ensured that the t .....

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uine loan transaction. 6. Ld. counsel for the assessee referred to para 3 of the assessment order and pointed out that interest income on loan given to M/s Rattan Diesels, Ankit Aggarwal and Shri Nishant Bansal had been assessed to tax. He referred to page 41 of PB, wherein the bank a/c with the Federal Bank Ltd. of assessee is contained bearing account no. 12120100102799, wherein there are three impugned deposits of ₹ 1,50,000/- (instrument no. 926499) on 10-7-2008; ₹ 2,00,000/- (in .....

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k of M/s Rattan Diesels is contained being a/c no. 01218020000254 to demonstrate that cheque no. 926499 was issued on 9-7- 2008 in favour of Hemlata Mittal, the assessee and on 22-8-2008 vide instrument no. 45669 for ₹ 2,00,000/- in favour of Smt. Hemlata Mittal, the assessee. 9. With reference to these details, ld. counsel submitted that cheque details in both accounts viz. Rattan Diesels in HDFC bank and assessee Hemlata Mittal in the Federal Bank Ltd. tallied. 10. Ld. counsel further re .....

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ishant Bansal being a/c no. 0143001000050 is contained to demonstrate that cheque of ₹ 2,00,000/- was issued in favour of assessee vide instrument no. 59 dated 10-2-2009. 12. Ld. counsel further referred to page 35 of the PB, wherein the assessee s account in the books of Nishant Bansal is contained to demonstrate that two cheques of ₹ 1,50,000/- and ₹ 2,00,000/- were received by Nishant Bansal from assessee, out of which ₹ 2,00,000/- was returned on 10-2-2009, which amou .....

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esels in HDFC bank contained at pages 22 & 23 of the PB is concerned, I find that the said bank account is in the name of M/s Rattan Diesels. It is true that the said bank account does not contain the name of proprietor but that does not imply that merely because the name starts with M/s , therefore, it could be a partnership concern s account. This observation of ld. CIT(A) is purely on conjecture. He failed to notice that the instrument number in the bank a/c of M/s Rattan Diesels tallied .....

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