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2015 (12) TMI 115 - PUNJAB AND HARYANA HIGH COURT

2015 (12) TMI 115 - PUNJAB AND HARYANA HIGH COURT - TMI - Unexplained deposits/investment in the bank - Held that:- The authorities below on appreciation of material on record have concurrently recorded that ₹ 12,12,000/- was unexplained deposits/ investment in the bank of the assessee. Nothing could be shown that the approach of the Assessing Officer, the CIT(A) and the Tribunal was erroneous or perverse except only an effort was made to reappreciate the evidence so as to record a finding .....

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delay of 277 days in refiling the appeal is condoned. CM No. 20804-CII of 2015 Learned counsel for the appellant submitted that the deficiency in court fee has been made good, the delay, if any, be condoned. Application is allowed and the delay, if any, in making good the deficiency in court fee, is condoned. ITA No. 368 of 2015 1. This appeal has been preferred by the assessee under Section 260A of the Income Tax Act, 1961 (in short the Act ) against the order dated 6.3.2014 (Annexure A-1) pass .....

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stated, the facts necessary for adjudication of the instant appeal as narrated therein may be noticed. The appellant is running a boutique and regularly filing her income tax returns. She sold a piece of land situated in Sector-9, Ambala for a sum of ₹ 10,00,000/- in September, 2007. As per the sale deed dated 14.9.2007, she received the said amount by way of cheque dated 14.9.2007. She did not deposit the said cheque in her SBI account and as per mutual understanding with the buyer, the .....

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ar 2007-08, she got receipts from sale of plot as well as business operation of boutique and during September, 2007 to March, 2008, she deposited a sum of ₹ 12,12,000/- in her bank account. The assessee filed her income tax return on 31.3.2009 for the assessment year 2008-09 declaring income at ₹ 1,65,990/-. The said return was processed under Section 143(1)(a) of the Act at the returned income and was selected for scrutiny through CASS. A notice under Section 143(2) of the Act was i .....

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sale deed was never encashed. She also filed statement of account dated 17.4.2012 (Annexure A-6) showing the details of deposit and available cash with her during the assessment year 2008-09. The CIT(A) vide order dated 25.4.2012 (Annexure A-7) dismissed the appeal holding that the assessee had failed to prove that the cheque was deposited by her in SBI account to get cash and no cash deposit of ₹ 10 lacs was made by the assessee on 14.9.2007. Further, it was held that the dates of deposit .....

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eing based on surmises and conjectures. It was further submitted that the Tribunal has acted in an arbitrary manner in holding that the assessee had not been able to satisfactorily explain the deposit of cash on various dates. 4. After hearing learned counsel for the appellant-assessee, we do not find any merit in the appeal. 5. The assessee had derived income from running a boutique. She filed return under Section 44AF of the Act and no books of account were maintained. The Assessing Officer as .....

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lained deposits/investment in the bank. The relevant findings of the Assessing Officer are as under:- 3.2. This explanation on behalf of the assessee is not acceptable. As per the copy of the sale deed, the assessee received the entire sale proceeds of ₹ 10,00,000/- through cheque no. 684555 dated 14.09.2007. This amount is no where reflected in the above mentioned bank account. Further, the copy of sale account has also been filed during the assessment proceedings as per which the total s .....

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see as to have not been able to explain the aforesaid deposits and accordingly make an addition of ₹ 12,12,000/- to the assessee's total income as unexplained investment/deposit. 6. The said findings of the Assessing Officer were affirmed by the CIT(A) in appeal. The CIT(A) held that although as per the sale deed, the assessee had received ₹ 10 lacs vide cheque dated 14.9.2007 but she had failed to prove that the cheque was deposited by her in SBI to get the cash. Further, it was .....

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t has failed to prove that the cheque was deposited by her in SBI to get the cash. Moreover, there is no cash deposit of ₹ 10 lacs in Centurion Bank of Punjab on 14.09.2007. The dates of deposit and the availability of cash do not tally either for sale of plot or gross receipts of boutique. The appellant has failed to explain the entries of cash deposits in her bank account. Therefore, the appellant has failed to provide NEXUS between the cash availability and Bank deposits. As a result, t .....

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time. Further, it was held that if the assessee had cash of ₹ 10 lacs on 14.9.2007, i.e. ₹ 9 lacs from encashment of two cheques and ₹ 1 lac as cash payment, then why ₹ 4.05 lacs was deposited and the remaining amount has been deposited in various installments. According to the Tribunal, the assessee had failed to satisfactorily explain the deposits of cash. The Tribunal has noticed as under:- 8. We have considered the rival submission carefully, we do not find any force .....

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