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Gaurav Vora Versus ITO 16 (3) (2) , Mumbai

2015 (12) TMI 621 - ITAT MUMBAI

Unexplained cash credit u/s 68 - cash gift received by the assessee - Held that:- The assessee has not brought out any new facts or submissions on record, no documentary evidences have been referred in these written submissions, and no proper book has been filed before us to negate the findings of Ld CIT(A), and to substantiate the claim made by the assessee. No reasoning has been given in the written submissions to assail the detailed findings given by the Ld. CIT(A) against the genuineness of .....

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onfirmed. - Decided against assessee. - ITA NO.1750/Mum/2011 - Dated:- 13-10-2015 - Shri Amit Shukla, Judicial Member, and Shri Ashwani Taneja, Accountant Member For The Assessee : None For The REvenue : Shri S. S. Kumaran (DR) ORDER Per Ashwani Taneja (Accountant Member): This appeal has been filed by the assessee against the order of Ld. Commissioner of Income Tax (Appeals) -27, Mumbai {(in short Ld. CIT(A)} dated 26.11.2010 for the assessment year 2005-06, decided against the assessment order .....

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has also erred in not understanding the business related books of accounts submitted during assessment proceedings, looking the personal non-taxable transaction into the same with a finding of the said gifts that have not been reflected in the books of Accounts without considering the fact and merits of the case. The Honourable Commissioner of Income Tax (Appeals) has also erred in not giving opportunity to submit family tree explaining the family tree without considering the fact and merits of .....

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2. During the case of hearing none has appeared on behalf of the Assessee. It is seen from the history of this case that Assessee has not been appearing in this case, for some long time. It is further seen by us that the notice has been sent to the Assesse by registered post, every time. However, written submissions have been filed in this case by the Assessee. It appears that Assessee wants that his case should be decided on the basis of written submissions filed before the bench. In view of th .....

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proceedings, it was found by the AO that Assessee has made cash deposits to the tune of ₹ 13,54,000/- in his bank account, during the year under consideration. On inquiry with the Assessee, it was replied that the bank account of the Assessee was being operated by the wife of the assessee and his wife had received gifts, in dollars, from their close relatives, who are residents of Abu Dhabi and the same amount was deposited in the bank account. It was further submitted that gifts were rec .....

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assessment order that the assessee had kept silent about the maintenance of joint saving bank account and only because of AIR report this account came to the knowledge of the department, thus, this indicates that the Assessee was maintaining this account secretly and had not disclosed the same to the department. It was further observed by the AO that said bank account was opened and closed for short period. The AO made detailed discussion in the assessment order for holding claim of the Assessee .....

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sessee carried the matter in first appeal before the Ld. CIT(A) and filed further submissions before him. It was, inter alia, submitted by the assessee before the Ld. CIT(A) that interest income of ₹ 12,570/- raised during the relevant period from the impugned bank account was included in computation of income of the assessee s wife since this account was primarily operated by her. After considering the submissions of the Assessee, Ld. CIT(A) rejected the same and confirmed the addition ma .....

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ngs of the AO by giving detailed reasoning, these are reproduced here under: At the outset, the declaration of gifts filed by the appellant does not explain the relationship of the donor with the appellant. Passport copy was not filed in the case of Ms.Shoba Jham and the passport copy in the case of Mr. Vishnu Sadam does not show his travel to India at the material point of time. Further, I do not find any papers on record to show that the donors are close relatives of the appellant covered in p .....

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huge. It is also beyond common sense that the gifts received in cash dollars were kept idle for more than 9 months without depositing them in the bank accounts. The appellant's conduct in not furnishing the details of the said bank account till the issue was raised by the AO would go to show that appellant never had any intention to disclose proper facts for the purpose of assessment. The AO has rightly taken cognizance of the fact that the so called gifts were never credited to the capital .....

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The appellant is not legally authorized to convert the foreign exchange in a channel other than a bank/authorized foreign exchange dealer. The very fact that the appellant failed to provide information as to how the so called gifts received in foreign exchange were converted into Indian rupees would go to show that there is no proper explanation as to the cash deposits in the impugned bank account of the appellant. As stated already, the issue under consideration is cash deposits in the saving .....

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