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Late Shri. Sudeshkumar Devraj Mehta. Versus The ACIT Central Circle-10, Mumbai

2016 (3) TMI 92 - ITAT MUMBAI

Addition u/s 69A - Held that:- The assessee vide letter dated 09/11/2009 claimed that the amount in question had been kept out of his personal savings of the earlier years and the same has been reflected in the books of account. From the aforesaid facts it can safely be inferred that the money in question belonged to the assessee particularly in the light of the fact that the same had not been recorded in the books of accounts at the time of search. Under these circumstances, benefit of entries .....

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planation given by the assessee in respect of payment allegedly made to Jain International trade Organization and other donations in question are not supported by any documentary evidence, therefore, there is no reason to interfere with the findings of the Ld. CIT(A). In our considered opinion the appellant has failed to establish that the remaining amount of ₹ 14,801/- was either spent exclusively for the purpose of business or given as donations within the meaning of 80G and is not entit .....

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hich need necessary mention for disposal of this appeal are that the appellant is engaged in bullion trading and trading in gold & silver jewellery in the name & style of M/s Mandev Jewellers. There was search & seizure action u/s 132 on the Income Tax Act, 1961 (in short the Act ) was conducted at the business premises of Shree. Sudhesh Kumar D Mehta on 04/03/2008. During the search 5990.890 gms of gold was found against the entry of 4975 gms in stock register. The excess stock of 1 .....

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zed under section 132(1) of the Act. 2.2 The appellant/assessee filed its return of income for the relevant Asst. year on 06/10/2008 declaring the total of income of ₹ 16,87,140/-. 2.3. During the course of assessment proceedings, the appellant was asked to disclose the nature, mode and source of possession of the aforesaid unexplained sum of ₹ 13,48,000/-. After hearing the contention of the assessee, the AO charge to tax the entire amount u/s 69A of the Act, as unexplained income o .....

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12,83,000/- by the department as my income just to avoid the litigation, mental harassment & for buying peace of mind as I am widow. I also request your honor and assessing officer not to levy penalty u/s 271(1)(c) of the Income Tax Act, 1961 as special case in view of above circumstances which is normally leviable in ordinary course. 3.1 The Ld. CIT(A) after hearing the appellant held the excess amount of ₹ 65,000/- (Rs. 13,48,000 - 12,83,000 = 65,000/-) found during search to be an .....

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order on following effective grounds:- 1. The learned CIT(A) erred in confirming the addition made by learned ACIT CC-(10), Mumbai of ₹ 65,000/- (Rupees Sixty Five Thousand Only.) without an jurisdiction & basis. The learned ACIT as well as learned CIT(A), Mumbai failed to appreciate/understand that appellant has established, beyond the doubt, that cash amount seized by the department was amount of his savings & was duly reflected in personal Balance Sheet & hence, required to .....

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ed. 4.1. Before us the Ld. AR has submitted that the assessee as already offered to ₹ 12,83,000/-seized during the such operation to tax. As regards the excess of ₹ 65,000/- Ld. Counsel of the assessee stated that the amount was kept out of personal savings of earlier years of the assessee which has been reflected in books of accounts. The assessee has filed the personal capital account and balance sheet along with the return of income. Therefore, the amount has wrongly been added to .....

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ies. Other expenses of ₹ 1500+2000+201+1100 amounting to ₹ 4,801/- are small amounts which were spent for business purpose only. 4.3 The Ld. DR on the other hand relied upon the concurrent orders passed by the Assessing Officer and the Ld. CIT(A) submitted that the appeal is not devoid of merit and the same may be dismissed. 4.4. We have heard the rival contention and also perused the material place before us in the light of the contentions of the parties. 4.5. A bare reading of sect .....

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ny source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullions, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed t be the income of the assessee for such financial year. 4.6. In the present case the assessee was found to be the owner of excess money in question .....

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hri. Mithaial G. Jain and others corroborated the version of Shri. Navin Mody. Shri. Mithalal G. Jain also furnished a copy of affidavit dated 12/05/2008, submitted to the DIT(Inv) Mumbai confirming transaction of gold with the assessee through his employee Shri. Navin Mody and broker Shri. Bansilal Motilal Bohra. He also furnished the affidavits of Shri. Navin Mody and broker Shri. Bansilal Motilal Bohra in support of his version. The assessee was given opportunity to cross examine the said per .....

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