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2015 (12) TMI 965 - ITAT MUMBAI

2015 (12) TMI 965 - ITAT MUMBAI - TMI - Unexplained investment assessed u/s 69 - Held that:- As contended that assessee belongs to muslim community and according to shariat law applicable to her, she is not supposed to earn interest from any person including bank and she had kept her earnings in the form of cash which was duly deposited at the time of purchase of property. Be that as it may, assessee was not prevented from opening a current account with a bank on which assessee would not have ea .....

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etc. and clearly shows that as and when assessee needed to make payments towards the cost of flat and/or towards other expenses, she decided to deposit cash in her accounts. Thus, all these submissions made by the assessee's CA are irrelevant and dismissed.

Cash deposits made in the bank account of assessee's daughter Asma A. Sarang and entries in P&L Account, Capital Account and Balance Sheet for financial year relevant to A.Y. 2005-06 are held to be the property of assessee's daught .....

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o.1567/Mum/2015 - Dated:- 4-8-2015 - SHRI B.R.BASKARAN, ACCOUNTANT MEMBER For The Appellant : None For The Respondent : Shri K P R R Murty ORDER PER BENCH: The assessee has filed this appeal challenging the order dated 1.10.2013 passed by the ld. CIT(A)-24, Mumbai and it relates to the assessment year 2005-06. 2. None appeared on behalf of the assessee even though the notice of hearing was sent to the assessee by Registered Post Acknowledgment on two occasions. Hence, I proceed to dispose of the .....

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2014 But I just received the envelope containing the order but was not in a position to open and read the same due to above reason. Even till date I am in the same situation and just last week only opened the envelope and forwarded the same to my AR Advocate Sanjaykumar A Thakkar. Further on 24th August, 2014 my husband passed away due to which I was not in a good state of mind. Due to above reasons I was not in a condition to file the appeal within prescribed time. So I hereby apply for condona .....

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rlier occasion, has considered the appeal of the assessee for the very same assessment year with regard to the addition of ₹ 5,06,621/- confirmed by the ld. CIT(A). After hearing the parties the Tribunal, vide order dated 20.8.2010 passed in ITA No.2443/M/2009, has restored the matter to the file of the AO for fresh examination of the same. The addition of ₹ 5,06,621/- related to unexplained investment assessed u/s 69 of the Act. In the set aside proceedings, the AO again confirmed t .....

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ion to the extent of ₹ 2,03,269/-. The relevant observations made by the ld. CIT(A) are extracted below: 4.1.8 Assessee has claimed that she is running a beauty parlour business and appears to have maintained accounts on cash system of accounting and therefore, cash receipts and payments reflected in the bank account/s and cash receipts and payments not reflected in the bank account/s will form the basis of the determination of assessee's correct income. It appears from the analysis of .....

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ayment to Anik and ₹ 35,000/- towards payment to Citi Bank) came to ₹ 73,155/- (3,08,155 - 2,35,000) only, thus leaving a gap of unexplained expenditure of ₹ 77,369/- (1,50,524 - 73,155) in cash and ₹ 15,000/-(10,000+5,000) in investments by the assessee. Similarly, total deposits during entire financial year in bank account were ₹ 3,35,000/- whereas total receipts from the business of running a beauty parlour were ₹ 2,24,100/- only thus leaving a gap unexplai .....

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other. 4.1.9 All these issues, except the set aside issue of verification of source of funds of ₹ 5,06,621/-, stand conclusively adjudicated by !TAT, Mumbai in its order dated 20/10/2010 and therefore, these issues stand settled and cannot be adjudicated in this appeal. Assessee has also raised issues at item numbers (a) to (n) of paragraph marked "Contention of the assessee" and the main substantive issues are discussed in the following paragraphs: 4.1.10 Issues regarding CIT(A) .....

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d to tax and therefore, the source of entire funds of ₹ 5,06,621/- should not be considered in assessee's case only but separately, is accepted and this order has covered only the cash credits, unexplained investments and unexplained expenditure with reference to the P&L Account, Capital Account and Balance Sheet as well as entries in the passbook of the assessee only and arrived at the conclusions and therefore, assessee's grievance strands redressed on this issue. It has also .....

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by assessee within a period of 11 days starting from 14/09/2004 and ending with 24/09/2004 definitely proves the unexplained nature of cash deposits which was not related to any business but from some unexplained source. Moreover, these deposits were made immediately before the issue of cheques for either payment to builder or for meeting expenses/payment towards electricity, telephone, insurance payments, etc. and clearly shows that as and when assessee needed to make payments towards the cost .....

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