9911796707
Advanced Search 
TMI Blog2017 (12) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... purchased items were re-sold to same parties at a discount of 3%; assessee could not/ did not brought any evidence in the form of confirmation from supplier that they have returned many after 3% discount. No ledger a/c's of these suppliers were also filed. From the credit cards statements, it is seen that total withdrawals and cash deposits amount to Rs. 18,20,260.60 and Rs. 16,43,763.60 respectively. Accordingly, assessee was not able to prove his contention of revolving credits through 4 cards and the scheme of discount @3% , no supporting documents were filed to support his contention. For the sake of clarity, details of purchases and cash deposits are compiled and given as under: S.No. Date Card No. ICICI Transaction Details Invoice No. Amount 1 04-07-08 No.4132894032081000 Krishna Jewellers No.0000000040 34900 2 04-09-08 No. 4132894032081000 Mahesh Gems No. 0000000034 15900 3 24/04/2008 No.4132894032081000 Cash Deposit 26825 3 05-06-08 No.4132894032081001 Mahesh Gems No.0000000045 25840 4 13/5/2008 No. 4132894032081001 Soni Gems & Jewellers No.0000000026 3450 5 24/05/2008 No.413289403208 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osit 12100 36 10-06-08 No.4132894032081001 Radhika Sarre and Maching No.0000000084 27800 37 10-06-08 No.4132894032081001 Govind Trours & Travels Jaipur No.0000000161 11500 38 01-07-08 No.4132894032081001 Radhika Sarre and Maching No. 0000000303 8950 39 23/01/2008 No.4132894032081001 Infinity payment received 31080 40 01-06-08 No.4132894032081001 Krishna Photos No. 0000000631 14700 41 01-06-08 No.4132894032081001 RK Handicrafts and Art No. 0000000468 16500 42 23/01/2008 No.4132894032081001 Infinity payment received 48200 43 12-05-08 No.4132894032081001 RK Handicrafts and Art No.0000000245 31500 44 12-07-08 No. 4132894032081001 Krishna Photos No. 0000000779 14400 45 01-05-09 No.4132894032081001 RK Handicrafts and Art No.0000000882 32500 56 24/01/2009 No.4132894032081001 Infinity payment received 2500 57 02-03-09 No.4132894032081001 Infinity payment received 43400 58 02-05-09 No.4132894032081001 Krishna Textile Jaipur No.0000000165 28700 59 02-06-09 No.4132894032081001 Krishna Photos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 009 5/12 EMI Principal ICICI Lombard health 847.36 89 22/07/2008 No.5177194479420009 2/3 EMI Principal 5808 90 19/08/2008 No.5177194479420009 6/12 EMI Interest ICICI Lombard health 51.11 91 19/08/2008 No.5177194479420009 6/12 EMI Principal ICICI Lombard health 854.43 92 22/08/2008 No.5177194479420009 3/3 EMI Principal 5808 93 26/08/2008 No.5177194479420009 Suraj Narayan Dulichand Jaipur No.0000000456 8200 94 19/09/2008 No.5177194479420009 7/12 EMI Interest ICICI Lombard Health 43.99 95 19/09/2008 No.5177194479420009 7/12 EMI Principal ICICI Lombard health 861.55 96 10-07-08 No. 5177194479420009 ICVBP Reliance Infocomm Mumbai No.0000010099 15000 97 14/10/2008 No.5474670505759007 Service station, Jaipur No. 0000006197 160 98 10-12-08 No.5474670505759007 RK Handicrafts and Art No. 0000000340 21500 99 19/10/2008 No.5177194479420009 8/12 EMI Interest ICICI Lombard Health 36.81 100 19/10/2008 No.5177194479420009 8/12 EMI Principal ICICI Lombard health 868.73 101 11-10-08 No.5177194479420009 ICVBP Reliance Infocomm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mahesh Gems No.74477488132 21540 129 05-12-08 No.4054510045547002 ATM Cash Deposit No. JPR-11745 17550 130 13/05/2008 No.4054510045547002 Soni Gems & Jewellers No. 74477488134 10100 131 16/05/2008 No.4054510045547002 Reliance Infocomm Jaipur No. 74332748138 791 132 24/05/2008 No.4054510045547002 Rajkumar Gems & Jewellers No.74477488146 36400 133 14/06/2008 No.4054510045547002 Reliance Infocomm Jaipur No. 74332748167 913 134 24/06/2008 No.4054510045547002 Mahesh Gems No.74477488176 26000 135 30/06/2008 No.4054510045547002 Vijay Light House No.74477488182 34700 136 15/07/2008 No.4054510045547002 Sogani Gems & Jewellers Jaipurq NO. 74477488197 20510 137 23/07/2008 No.4054510045547002 Yadavand Company No. 9873 200 138 25/07/2008 No.4054510045547002 Rishab Textiles NO. 74477488207 14700 139 09-12-08 No.4054510045547002 Reliance Infocomm Jaipur No.74332748257 1090 140 13/09/2008 No.4054510045547002 RK Handicrafts and Art No.74477488258 21200 141 14/09/2008 No.4054510045547002 Laxmi Jewellers No. 74477488258 27400 142 23/09/2008 No.4054510045547002 RK Ge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00 169 27/07/2008 No.4346781003817410 KS Gems Jewellers NO. 080520001R0010038 34850 170 31/08/2008 No. 4346781003817410 Laxmi Jewellers No. 090520001R0010555 14500 171 09-01-08 No.4346781003817410 Radhika Saree and Maching No. 090520001R0010555 10260 172 09-07-08 No.4346781003817410 RK Handicrafts and Art No. 100520001R0010434 8200 173 Sep-08 No.4346781003817410 Rishab Textiles No. 100520001R0010434 13550 174 Oct-08 No.4346781003817410 Laxmi Jewellers No. 110520001R0010087 25800 175 10-09-08 No.4346781003817410 Charan Sparsh Jaipur No. 110520001R0010087 3000 176 11-05-08 No.4346781003817410 Laxmi Jewellers No. 120520001R0009989 28900 177 12-05-08 No.4346781003817410 SS Gems Jaipur No. 010520001R0009529 28500 178 Jan-09 No. 4346781003817410 RK Handicrafts and Art No. 020520001R0009317 33200 179 Feb-09 No. 4346781003817410 M G Gems No. 030520001R0009246 30850 180 Mar-09 No.4346781003817410 SS Gems Jaipur No. 040520001L0014038 33500 From the above, it is seen that assessee mainly purchased jewellery items, sarees, textile items, furniture, handicraft items, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. The details of the purchased items shows that these were the purchases for the requirement of the assessee or family members. These were the personal expenditure met out by the assessee through his credit cards. The items purchased are sarees, jewellery, handicrafts and payment to petrol pumps. Items purchases suggest that the assessee had purchased various items for him or family members. The claim of the assessee that he was returning the goods back to the seller at the 3% discount to generate cash for payment of credit card dues on account of financial crisis, is completely unsustainable. This statement is not supported by any documentary or oral evidence. It is a completely bald assertion which has no legs to stand. Therefore, such pleadings of the assessee cannot be accepted. The other pleading of the assessee that purchases by credit cards should be taken as turnover and the GP should be estimated on this turnover is also completely baseless, I am of the view that this contention of the assessee is also completely unsustainable and without any supporting document or oral evidence. Such recitals not supported by any evidence are unsustainable in law and facts. The last plea ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
