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TMI Blog2016 (10) TMI 1066X X X X Extracts X X X X X X X X Extracts X X X X ..... cash of Rs. 15,32,000/- for the year in question in her Axis Bank, Vapi account. It was found that the assessee has been carrying on share trading business which was not disclosed in her return of income. The assessee filed a revised computation along with copy of audit report. The Assessing Officer asked for source and explanation of cash deposited in the Axis Bank account. According to AO, the revised audit report and computation were an afterthought when the assessee was caught indulging in undisclosed share trading business. The adverse inference was drawn by AO on following facts:- (i) The theory of retail business resulting income of Rs. 2,32,502/- from sales proceeds of Rs. 4,96,820/- was a make belief story; (ii) At the e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. Counsel for the assessee contends that:- (a) The books of accounts of the assessee have not been rejected; (b) In the absence of any rejection of books, the books entries become reliable evidence and cannot be discarded on presumption that the assessee must have used the cash somewhere else or in share trading business; (c) Reliance is placed on Hon'ble Gujarat High Court judgment in the case of CIT vs. Manoj Indravadan Chokshi, reported in [2014] 50 taxmann.com 419 (Guj.), holding as under:- "The aforesaid is confirmed by the learned Tribunal by impugned judgment and order by observing in para 4 as under: "4. Now the Revenue is before us. Ld. Sr. D.R. vehemently argued that the appellant used whatever cash withdrawal from th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he addition to the extent of Rs. 7,95,160/-. Under the circumstances, as there arise no substantial question of law, present tax appeal deserves to be dismissed and is, accordingly, dismissed." It is contended that the facts in the case of Manoj Indravadan Chokshi (supra) are at parity with assessee's case. Therefore, there is no justification in holding that the cash deposited by the assessee in Axis Bank account is income from other sources and the addition may be deleted. 7. Ld. DR, on the other hand, contends that the alleged Axis Bank account is an undisclosed account of the assessee. The assessee on one hand claims that it maintains regular books of accounts, on the other hand it is evident from the record that she was rampantly eng ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yal (supra). There is no parity of facts between the assessee's case and the case of Manoj Indravadan Chokshi (supra). There is no infirmity in the orders of the authorities below which may be upheld. 8. I have heard the rival contentions, perused the material available on record and gone through the orders of the authorities below. I find considerable merit in the contentions of the ld. DR. The conduct of the assessee is full of lapses and latches; and lacks bona fides. The original return was deliberately filed with inaccurate particulars. When the AO confronted the AIR information, the assessee cooked up a story to cover-up the gaps and claiming that the deposits in the bank account were made out of earlier withdrawals. In such suspicio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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