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2016 (8) TMI 407 - ITAT MUMBAI

2016 (8) TMI 407 - ITAT MUMBAI - TMI - Additions on account of cash and credit deposits into the Bank account - Held that:- The assessee has regularly deposited the amounts into these two bank account and simultaneously making withdrawals on regular basis. In view of the submissions of the ld.AR and bank statements of the assessee, we find that the assessee is a small entrepreneur who deposited the cash and cheques into his bank account and also made withdrawals regularly for the purpose of busi .....

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ngly, we set aside the order of ld CIT(A) and restore the case back to the file of the AO. The assessee is also directed to produce relevant supporting documents before the AO and co-operate with the AO for speedy disposal of the issue. - Decided in favour of assessee for statistical purposes. - I.T.A. No.2704/Mum/2014 - Dated:- 22-6-2016 - SHRI SHAILENDRA KUMAR YADAV, JM AND SHRI RAJESH KUMAR, AM For The Assessee : Shri Bhupendra Shah For The Revenue : Shri Javed Akhatar ORDER PER RAJESH KUMAR, .....

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- being on account of cash and credit deposits into the Punjab and Maharashtra Bank account No.1101/3362 by the assessee during the year. 3. The brief facts of the case are that the assessee filed his return of income for the assessment year 2009-10 on 31.03.2010 declaring total income of ₹ 1,76,934/-. The case of the assessee was selected for scrutiny and statutory notices u/s 143(2) of the Act dated 16.9.2010 and 142(1) dated 15.9.2011 were issued and duly served upon the assessee. The A .....

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18,70,110/-. Aggrieved by the order of AO the assessee filed an appeal before the ld.CIT(A), who in turn confirmed the action of the AO. Hence the assessee is in second appeal before us. 4. The AO on the basis of Annual Information Return (AIR) filed by ICICI Bank Ltd, Marol Maroshi Road, Mumbai found that the assessee has deposited cash amounting to ₹ 16,68,300/- and credit of ₹ 1,98,820/- in the saving bank account which was not explained by the assessee despite having specificall .....

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unexplained cash /credit and added to the total income of the assessee. The AO also found that the assessee has also deposited self assessment tax of ₹ 2,990/-, the source of which was not explained by the assessee and consequently, the same was also added to the total income of the assessee. Being aggrieved by the order of the AO, the assessee preferred an appeal before the First Appellate Authority challenging the findings given by the AO in the assessment order saying that the findings .....

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le phone numbers of 13 persons belong to different places such as Bangalore, Kanpur, Secundarabad and Hyderabad and claimed that ₹ 20,98,720/- was received towards the job work charges. Similarly, he had also filed names of 5 individuals with their address to show that ₹ 14.68.340/- was in turn paid towards job work charges. He was specifically directed to clarify as to how cash/cheque to the tune of ₹ 20,98,720/- was received from various places such as Bangalore, Kanpur, Hyde .....

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awals are job work payments cannot be accepted. The onus is on the appellant to prove his claim. Even during the appellate proceeding, the appellant was not in a position to file the corroborative evidence that the appellant is really into the business related to garments. In the absence of such. evidence, the claim of the appellant cannot be accepted and the addition made by the AO is hereby sustained. The ground of appeal is dismissed. 5. The ld. AR vehemently submitted before us that the ld. .....

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hat the assessee was engaged in the business of cutting the garments into various sizes as per the requirement of the party and stitching it by engaging the labour for doing its work both contractual and regular for which the labours were paid labour charges. The ld.Counsel argued that the cash credit deposited in the bank account by the assessee maintained with the ICICI Bank were purely out of business receipts of the assessee and likewise the withdrawals were for the purposes of incurring the .....

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e was having machinery and regular employees on the pay roll of the assessee. Finally the ld AR submitted that the case of the assessee be set aside to the file of the AO so that the deposits and withdrawals from the bank accounts of the assessee can be explained with bill and supporting record. 6. The ld.DR on the other hand, objected to the arguments of the ld.AR by submitting that the various opportunities were afforded to the assessee but neither the assessee nor his ld.AR attended the proce .....

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