Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

2016 (1) TMI 613

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ₹ 19,000 per month for household expenses and that the opening cash balance was disproportionately high considering the returned income and the monthly household expenses. Before us, Assessee has also not placed any material on record to controvert the findings of ld. CIT(A) or pointed any fallacy in his findings. In view of these facts, we find no reason to interfere with the order of ld. CIT(A) and thus the ground of Assessee is dismissed. - Decided against assessee. - ITA No: 1134/AHD/2012 - - - Dated:- 17-11-2015 - SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER For The Appellant : Shri K.N. Bhatt, AR For The Respondent : Shri Dinesh Singh, Sr. D.R. ORDER PER ANIL CHATURVEDI, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ed with Central Bank of India, the details of which are listed at page 4 5 of the assessment order. The explanation of the Assessee of its source was that it represented amount received as salary and past savings and the amount also included transfer of money from one bank account to the other. The submission of the Assessee was not found acceptable to the A.O and he therefore considered the net cash receipts of ₹ 2,79,097/- as undisclosed income of the Assessee. Aggrieved by the order of A.O., Assessee carried the matter before ld. CIT(A) who after considering the submissions of the Assessee granted partial to the Assessee by holding as under:- 8. The Assessing Officer has stated that there was cash deposits in two bank account .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... as 12.07.2007. It is true that the deposit of ₹ 42,000 during December 2007 is not a cash deposit. However, the bank account of July 2007 was not filed by the appellant, during the appellate proceeding. Therefore, the Assessing Officer should verify whether the date of deposit is 12.7.2007 or 07.12.2007 which is wrongly typed out as 12.7.2007. If there is no cash deposit of ₹ 42,000/-on 12.7.2007, the addition to the extent of ₹ 42, 000 shall stand deleted otherwise it shall stand confirmed. 8.2 As regards remaining cash deposit of ₹ 2,38,000, the appellant submitted that he is a salaried employee and receives salary every month in cash. Further the appellant explained that the cash deposits were out of' c .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... aking into consideration of these facts, the addition of ₹ 2,38,000/- made by the assessing officer is confirmed 5. Aggrieved by the aforesaid order of ld. CIT(A), Assessee is now in appeal before us. 6. Before us, ld. A.R. reiterated the submissions made before A.O and ld. CIT(A) and further submitted that the cash deposits were out of opening cash balance and therefore no addition could be made. In the alternate, he submitted that only the peak credit be considered as income instead of the entire cash receipts. Ld. D.R on the other hand supported the order of A.O and ld. CIT(A) and further submitted that Assessee being a salaried employee, the peak theory could not be applied in the case of Assessee and further since Assesse .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates