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2016 (12) TMI 295 - ITAT PUNE

2016 (12) TMI 295 - ITAT PUNE - TMI - Addition u/s.69 - unexplained deposits in loan a/c of Bank - Held that:- It is an undisputed fact that it has been assessee’s consistent stand before the lower authorities that the source of cash deposits in the loan account were the repayment of loans by the husband of the assessee to the assessee when he was alive and her husband was looking after all the transactions. It is also an undisputed fact that the Assessee lost her husband in car accident in 2004 .....

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liquidate the loan. Before us, Assessee in person has submitted that due to the death of her husband and domestic issues at her end, she could not furnish the required details. The aforesaid contentions of the Assessee have not been controverted by the Revenue. Before us, Assessee has also placed on record the copy of the bank statements which also supports her contention of financial crisis. Considering the totality of the aforesaid facts and in the peculiar facts of the case, we are of the vie .....

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ssee are directed against the consolidated order of Commissioner of Income Tax (Appeals)-I, Nashik, dated 17.02.2014 for the assessment years 2005-06 to 2007-08. 2. Before us, at the outset, the Ld A.R. submitted that though the appeals of the assessee are for three years, but the issue is identical in all the three years except for the amounts of addition and the assessment year and therefore the submissions made by him while arguing appeal for one year would be applicable to all the appeals an .....

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, Assessee filed her return of income for AY 2005-06 declaring total income of ₹ 50,000/-. The case was taken up for scrutiny and thereafter assessment order was passed u/s 143(3) r.w.s. 148 of the Act and the total income was determined at ₹ 5,50,000/-. Aggrieved by the order of Assessing Officer (AO), Assessee carried the matter before Ld. CIT(A) who vide consolidated order for assessment years 2005-06 to 2007-08 dated 17.02.2014 (in Appeal No.Nsk/CIT(A)-I/221 to 223/2012- 13)) dis .....

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to 2007-08 in the Indira Sah. Bank Ltd., Dhule and the source of cash deposit was not disclosed by the assessee in her income-tax return. For the year under consideration, the cash deposits was ₹ 5,00,000/-. Therefore, notice under section 148 of the Income Tax Act, 1961 (in short the Act ) was issued. In response to notice, assessee filed return of income for assessment year 2005-06 at ₹ 50,000/- for assessment year 2006-07. Before AO, it was submitted by the Assessee that she had m .....

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essee in cash from her husband was deposited in the loan account on various days and thus the source of deposit of cash was repayment of loans. The submissions of the assessee of source of deposits was not found acceptable to the Assessing Officer. He made the addition of cash in various years as unexplained deposits. Aggrieved by the order of Assessing Officer, assessee carried the matter before CIT(A), who upheld the order of Assessing Officer by holding as under :- 7. I have carefully gone th .....

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her husband late Shri Shashank C. Tanksale. It is also revealed that the appellant had deposited cash amounting to ₹ 2 lacs on 10/10/2002, ₹ 1.5 lacs on 03/05/2003, ₹ 5 lacs on 10.08.2004, ₹ 10 lacs on 18/05/2005 and ₹ 6 lacs on 25/07/2006. In regard to the above cash deposits by the appellant, an enquiry was conducted by DDIT(Inv.), Nashik who did not accept the contention of the appellant that the said cash was given to her by her late husband before his death on .....

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rtaining to A.Y. 2006-07] and ₹ 6 lacs on 25/07/2006 [pertaining to A.Y. 2007-08] i.e. much after the death of her husband on 25/01/2004. As stated above, the appellant had taken a Hypothecation loan on interest. Had this cash been available with the appellant at the time of death of her husband (25/01/2004) as claimed by her, she would have deposited the entire cash in the loan account at that time only. In view of the fact that there is a gap of almost 7 months between the death of her h .....

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has not come out with the facts fully and correctly and her contention that a cash of ₹ 21 lacs, deposited by her during A.Y. 2005-06, 2006-07 and 2007-08, was out of the cash given to her by her late husband before his death on 25/01/2004 is devoid of merit. Circumstantial evidences also do not support her case. I am therefore, of the opinion that AO was justified in making the addition as unexplained cash deposits for the above three years, The same are confirmed. 4. Aggrieved by the ord .....

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as the repayment of loan which he had lent to her husband and which was returned by her husband before his death. She further submitted that due to severe domestic problems and due to death of her husband, she is unable to support her claim by documentary evidences. She further submitted that she is undergoing severe financial crisis and to demonstrate her present financial position, she placed on record the copy of the bank statements of her account with Indian Overseas Bank (Deccan Gymkana Bra .....

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in the present case is with respect to addition of the unexplained cash deposits in the bank account. It is an undisputed fact that it has been assessee s consistent stand before the lower authorities that the source of cash deposits in the loan account were the repayment of loans by the husband of the assessee to the assessee when he was alive and her husband was looking after all the transactions. It is also an undisputed fact that the Assessee lost her husband in car accident in 2004. Though .....

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