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TMI Blog2017 (10) TMI 776X X X X Extracts X X X X X X X X Extracts X X X X ..... 47 of the Act, was completed by the Ld. AO on 19-03-2015, determining the total income at Rs. 48,90,620/-. In response to the notice issued, AR submitted that the cash deposited in the account does not belong to the deceased assessee. He has also denied the fact that the deceased assessee ever opened an account in the Bank. When confronted with the evidence collected from the bank statement showing the cash deposit of Rs. 47,51,500/- in the F.Y 2008-09 and the interest payment of Rs. 1,537/-, AR contends that as per the legal heir of the late assessee, no account was opened in the bank as per his knowledge and is a benami account opened by a third person. Vide the letter dated 21/01/2015, AR stated that the cash deposits in question were made by Shri Bharat Shah, owner of M/s Gem Corporation, who has owned up the said deposits and brought to tax in the hands of M/s Gem Corporation and asked to summon the partners of the firm. AO not accepted the contentions stating the reasons that the assessee has not explained the source of the information, banks do not open & accept huge deposits without proper check on the identity of the person, banks are bound by statutory and regulator ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estion was made by Bharat Shah owner of M/s Gem Corporation, the AO not accepted the contentions stating that the appellant has not explained the source of the information, banks do not open & accept huge deposits without proper check on the identity of the person, banks are bound by statutory and regulatory bodies like RBI and no complaint was filed by the legal heir with the law enforcing agencies like police economic offences cell or courts for relief. Hence, the money introduced into the account is treated as the unaccounted income which has escaped assessment and added to the total income of the deceased appellant. 7.2 AR in the written submissions stated that when the AO was disinclined to carry out necessary enquiries, they made their own inquiries and learnt from such independent enquiries that one of his relatives opened the bank account in the appellant's name and never informed that the account is opened without her knowledge. It is stated that when the ownership of the account is denied the AO is duty bound to make enquiries to establish the correct ownership of the bank account and the deposits in the account. The appellant also learnt that the cash deposits have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the appellant's account during the year under consideration is Rs. 47,51,500/- and interest payment is Rs. 1,537/- thus the total amount of credit in the account is Rs. 47,53,037/-. The appellant is deceased on 13-01- 2009, i.e. during the previous year, at the age of 84 years and the return of income was filed by her legal heir. When confronted with the information of cash deposits, the legal heir stated that as per his knowledge no account was opened with the said Janakalyani Sahakari Bank by the appellant and the same is a benami account opened by a third person. The legal heir also submitted to the AO, that the said deposit was made by Sri Bharat Shah owner of M/s Gem Corporation, who has owned up the same and the deposits were brought to tax in the hands of Gem Corporation. During the assessment proceedings, vide letter dated 21-01-2015 addressed to the AO, the legal heir also furnished a copy of the assessment order passed in the case M/s Gem Corporation for the A.Y. 2009-10 (a copy of which is enclosed to the paper book). Explaining the contents in the said order, it is stated that cash deposited in seven such accounts, including the cash deposited in the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icer of M/s Gem Corporation, elaborately discussed the issue of cash deposits made in seven bank accounts wherein the name of the appellant- late Kamalaben Parekh- is also available. AO also mentioned the inquiry report received from the 'designated AO' entrusted with the work of investigating the cash deposits in the savings bank accounts of certain persons confirmed the cash deposited in those accounts to the extent of Rs. 4.46 crores and later cheques were issued to one M/s Sameer & Co by those parties and subsequently from Sameer & Co. account, the amount was transferred to M/s Gem Corporation. It is also found that all the accounts were introduced by one person by name Vikash Shah. A sworn statement was recorded on 15-12-2011 from the Managing Partner of M/s Gem Corporation, Shri Bharat Shah, who has owned up the amount of Rs. 4.46 crores and stated that cash deposited in those accounts are made out of the cash received from the actual sales. In view of the same the AO concluded that there has been suppression in prior in trading of almonds business and accordingly offered 4% GP on such sales which was not accepted by the AO and AO considered @16.05% GP on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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