TMI Blog2016 (10) TMI 252X X X X Extracts X X X X X X X X Extracts X X X X ..... lso found to have failed to prove any purchases made by him from his withdrawals especially when these withdrawals were made only in February, 2008 i.e. at the fag end of the financial year. The Tribunal further noted that in his return, the assessee had shown sales of ₹ 18,82,800/- with net profit of ₹ 1,08,000/- and with this low profit margin, without making purchases no sale could have possibly been effected by the assessee. Thus, the cash deposited by the assessee in his bank account was not believed to be from sales effected by him. The assessee's plea that he usually purchased furniture on credit basis was also considered and rejected as no evidence of making any purchases on credit had been filed by him before any of the authorities. The assessee was also found to have established no nexus with the receipts/turn over and the deposited cash in his bank account. Link evidence to show that the sales were directly related to the cash deposits made by him in his bank account, was also found missing by the Tribunal. In view of the afore-referred facts, the Tribunal held that the assessee's case was distinguishable from Surinder Pal Anand's case ( 2010 (6) TMI 40 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was a retailer having a total turn-over of less than rupees forty lakhs and was filing his return of income under Section 44AF of the Act. Thus, no books of accounts were being maintained by him. He, therefore, sought the re-assessment proceedings to be dropped. The assessing officer went through the record before him, particularly the statement of the the assessee's savings account maintained by him with the Central Bank of India, Mandi Gobindgarh. The details of the same pertaining to the relevant assessment year as borne out from the record are as under: - ____________________________________________________________ Value Date Post Date Details Chq Debit No. Credit Balance BROUGHT FORWARD 0.00 16.06.07 16.06.07 DMINTA 000 DJ 30.06.07 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 08.10.07 08.10.07 BY CASH 49,500.00 8,97,618.00 Cr 09.10.07 09.10.07 BY CASH 49,500.00 9,47,118.00 Cr 10.10.07 10.10.07 BY CASH 49,500.00 9,96,618.00 Cr 11.10.07 11.10.07 BY CASH 49,500.00 10,46,118.00 Cr 30.10.07 30.10.07 BY CASH 49,500.00 10,95,618.00 Cr 31.10.07 31.10.07 BY CASH 49,500.00 11,45,118,00 Cr 01.11.07 01.11.07 BY CASH 49,500.00 11,94,618.00 Cr 02.11.07 02.11.07 BY CASH 49,500.00 12,44,118.00 Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31.12.07 BY INTT 15,275.00 19,52,393.00 Cr 02.02.08 02.02.08 TO SELF 1,50,000.00 18,02,393.00 Cr Paid to SELF-3804 13.02.08 13.02.08 TO SELF 2,00,000.00 16,02,393.00 Cr Paid to SELF-3810-1 There is nothing on the record to show that the assessee was maintaining any other bank account. Since the above deposits were made by the assessee in cash, the assessing officer asked him to explain the source thereof. The assessee submitted that the above deposits were the result of sales effected by him. A few bills were produced. After considering the entire matter, the assessing officer found that the source of the afore-detailed cash deposits had not been satisfactorily explained by the assessee. Complete sale/purchase bi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... awals of ₹ 1,50,000/- and ₹ 2,00,000/-. The assessee was also found to have failed to prove any purchases made by him from his withdrawals especially when these withdrawals were made only in February, 2008 i.e. at the fag end of the financial year. The Tribunal further noted that in his return, the assessee had shown sales of ₹ 18,82,800/- with net profit of ₹ 1,08,000/- and with this low profit margin, without making purchases no sale could have possibly been effected by the assessee. Thus, the cash deposited by the assessee in his bank account was not believed to be from sales effected by him. The assessee's plea that he usually purchased furniture on credit basis was also considered and rejected as no evidence of making any purchases on credit had been filed by him before any of the authorities. The assessee was also found to have established no nexus with the receipts/turn over and the deposited cash in his bank account. Link evidence to show that the sales were directly related to the cash deposits made by him in his bank account, was also found missing by the Tribunal. In view of the afore-referred facts, the Tribunal held that the assessee&# ..... X X X X Extracts X X X X X X X X Extracts X X X X
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