TMI Blog2020 (4) TMI 185X X X X Extracts X X X X X X X X Extracts X X X X ..... accepted. We find that once the Revenue has not disputed that the assessee is engaged in construction business and no independent source of such cash receipts has been determined, the nature of such cash receipts can reasonably be treated as undisclosed business receipts and only net profit arising thereon can be brought to tax. Before the ld CIT(A), the assessee has stated that she has reported net profit @ 8% of her turnover and has filed her return of income. There is no independent finding of the ld CIT(A) in this regard. In the result, we set-aside the matter to the file of the Assessing officer to verify the net profit which has been reported by the assessee for the year under consideration as the same has been accepted during the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her account. It was submitted that the assessee is engaged in the business of civil construction and the amount was withdrawn to pay to the workers and contractors and to meet other business expenditure and also to earn interest thereon. 3. The submission so filed was not accepted by the Assessing Officer. As per the Assessing Officer, the assessee has not established any necessity of cash for her business due to which the cash was borrowed from her husband. No specific requirement has been pointed out which leads the assessee to accept the loan from her husband. The assessee and her husband both are running contract business and both have their own bank accounts. In these circumstances, if assessee has any requirement of funds, s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income tax assessee and who has confirmed to have given the cash amount to his wife Smt. Manisha Tomar. Accordingly, the ld. CIT(A) held that the amount of ₹ 73.50 lakhs found deposited in the appellant s bank account has come from the bank account of Sh. Ajender Tomar, accordingly, the source of cash deposits is explained and the addition so made by the Assessing Officer was deleted. Against the said finding of the ld. CIT(A), the Revenue is now in appeal before us. 5. During the course of hearing, ld. DR submitted that the amount has been withdrawn from the current account maintained with the Axis Bank by the husband of the assessee and therefore, the same has been deposited in the savings bank account maintained with Axis Bank o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... therefore merely because the figures have been matching, the same cannot be held that the source of the amount deposited in the assessee s bank account matches with the withdrawals from the husband s bank account. It was further submitted that the findings of the ld. CIT(A) that the husband of the assessee has confirmed that he has given the cash amount to the assessee is also not borne out of the records as there is no such statement of the husband of the assessee which has been recorded either by the Assessing Officer or by the ld. CIT(A) and even there is no confirmation which has been filed and which is placed on record. It was accordingly submitted that the findings of the ld. CIT(A) are not emerging from the record and the same canno ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and genuineness of the transactions, all three requirements go hand-in-hand, however, among all the three, the genuineness of the transaction shall take precedence and the same should be demonstrated clearly when the same is called in question by the Revenue. In the instant case, the theory of borrowing the money in cash from time to time by the assessee from her husband for meeting business expenditure is not supported by any verifiable demonstrable evidence and therefore, the same cannot be accepted. At the same time, we find that once the Revenue has not disputed that the assessee is engaged in construction business and no independent source of such cash receipts has been determined, the nature of such cash receipts can reasonably be tre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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