9911796707
TMI Blog2018 (2) TMI 1523X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 of the Income Tax Act, 1961 (hereinafter called 'the Act') as income from other sources by the Assessing Officer. 2. Brief facts of the case are that as against the returned income of Rs. 5,15,500/-, the income of the assessee was assessed at Rs. 35,99,370/- after making an addition of Rs. 30,83,400/- being unexplained cash deposits in the assessee's bank account with ICICI Bank Ltd. The assessee had declared the salary income received from two companies namely M/s Everleading Marketing Pvt. Ltd. and M/s Birla Sunlife Insurance Company Ltd. amounting to Rs. 1,80,000/- and Rs. 2,75,749/- respectively and also business income of Rs. 1,60,743/- being remuneration and interest from partnership firm M/s Secure Future Securities and al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee could not explain the source of remaining cash deposits of Rs. 10,38,000/- (Rs. 30,83,400/- minus Rs. 20,45,400/-). The Assessing Officer proceeded to conclude that the entire cash deposits amounting to Rs. 30,83,400/- remained unsubstantiated and he proceeded to treat the same as unexplained investment u/s 69 of the Act. 2.1 Aggrieved, the assessee preferred an appeal before the Ld. Commissioner of Income Tax (A) who also upheld the addition and now the assessee has approached the ITAT and has challenged the action of the Ld. Commissioner of Income Tax(A) by raising the following grounds of appeal:- "1. That on the facts and in the circumstances of the case and in law, learned CIT-A erred in not appreciating that Ld AO did not pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot" that is documentary evidence has to prevail over oral imputations. That the appellant craves leave to add, to, amend, modify, rescind, supplement or alter any of the grounds stated herein above, either before or at the time of hearing of this appeal." 3. Ld. AR submitted that there was no basis for the lower authorities to disbelieve the assessee's claim of gifts having been received. It was also emphasized that the gifts were received in the immediately preceding financial year and not during the year under consideration and, therefore, the same could not have been added to the income in this year. The Ld. AR drew our attention to pages 27-62 of the Paper Book and submitted that these pages contain the list of people who had g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned by him with ICICI Bank (impugned account) in its return of income. The Ld. Sr. DR relied on the findings of the Ld. CIT (A) and submitted that the Ld. CIT (A) had reached the conclusion only after analysing the facts of the case as well as after perusing the relevant documents. It was submitted that the order of the Ld. CIT (A) be upheld. 5. We have heard the rival submissions and perused the material available on record. It is undisputed that the addition of Rs. 30,83,400/- pertains to deposits made by the assessee in an undisclosed bank account of the assessee. Although, the assessee has disclosed interest income from savings bank account with the HDFC Bank Ltd., he has not disclosed the interest income from ICICI Bank Ltd. Therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the list in Para 8.5 of the impugned order and after going through the same, we find that the Ld. CIT (A) has reached a correct finding that this list cannot be relied upon as a piece of evidence and that the same deserves to be rejected. The Ld. CIT (A) has further discussed in Para 8.1 that the assessee was required by him to specify the quantum of expenses incurred by him towards his wedding ceremony and also specify what gifts were given by the assessee to others during the year under consideration as well as three earlier years but no details were forthcoming from the assessee even after giving opportunity in this regard. Thus, it is seen that the assessee could not give details of marriage expenses incurred by him and has claimed the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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