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2016 (12) TMI 295

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..... lso a fact, that there is nothing on record placed by the Revenue to prove that the submissions made by the Assessee are wrong or incorrect. As it is seen that Ld CIT(A) has also confirmed the addition on the basis of presumption like as to why the assessee kept the cash with her for long and did not deposit the sum in her loan account immediately to 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 crisi .....

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..... t facts as culled out from the materials on record are as under :- 3.1 The Assessee an individual. In response to notice issued u/s 148 of the Act, 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)) dismissed the appeal of the assessee. Aggrieved by the order of Ld CIT(A), Assessee is now in appeal bef .....

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..... 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 through the assessment order, submission of the appellant, AO's remand report dated 20/12/2013, appellant's submission dated 05/02/2014 in response to AO's remand report and the material available on record. A perusal of the record reveals that the appellant had taken 'Hypothecation loan' of ₹ 25 lac from Indi .....

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..... 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 husband and deposit of ₹ 5 Iacs and a gap of nearly 14 month for cash deposit of ₹ 10 lacs and a gap of 30 months for cash deposit of ₹ 6 Iacs, the contention of the appellant that cash was given to her by her late husband before his death seems to be improbable. The appellant has failed to give any explanation as to why did she keep the cash with her and did not deposit the same in loan account. In the facts and circumstances of the case, I am of the opinion that the appellant has not come out with the facts fully and correctly and her contention that a cash of .....

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..... d that the addition made by the Assessing Officer which have been upheld by CIT(A) are on the basis of presumptions and are not backed by any tangible evidences. She therefore submitted that considering the totality of the facts, the addition be deleted. The Ld. DR, on the other hand, supported the order of Assessing Officer and CIT(A). 5. We have heard the rival submissions and perused the material on record. The issue 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 ass .....

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