9911796707
TMI Blog2020 (10) TMI 1113X X X X Extracts X X X X X X X X Extracts X X X X ..... We are satisfied with the same. The delay is condoned and the appeal is admitted for hearing on merits. 3. In this appeal, the assessee is aggrieved by the order passed by the CIT u/s.263 of the Income-tax Act, 1961 (hereinafter also called 'the Act') on 17-09-2013 in relation to the assessment year 2009-10. 4. Briefly stated, the facts of the case are that the assessee is a salaried employee, who, at the material time, has been working with Wockhardt Limited, a pharmaceutical company. Return was filed declaring income at Rs. 1,71,039/-. The case was selected for scrutiny on the basis of `Cash deposits made in the bank reflected in the savings bank account'. The Assessing Officer (AO) completed the assessment by means of his order dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ash deposits of Rs. 23,97,730/- in his savings bank account. Para 4.4 of the assessment order talks of certain enquiries made by the AO with the assessee's bank and also with Mr. Dilip Talekar. The assessee contended before the AO during the course of assessment proceedings that Mr. Dilip Talekar misused his bank account by depositing cash and thereafter making purchases from Wokhardt Limited through the demand drafts from this account. The AO also invoked the provisions of section 133(6) and carried out inquiries from Wokhardt Limited and ICICI bank Ltd. It was confirmed from the bank records that transactions from the assessee's bank account were made for purchasing Demand Drafts in favour of Wokhardt Limited. The AO also recorded stateme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ases. 7. On a careful circumspection of the entire factual scenario prevailing in the instant case, it is more than clear that albeit the cash was deposited in the assessee's bank account but the source of such cash was Mr. Dilip Talekar, partner of Laxmisen Agencies. He used the assessee's bank account by purchasing demand drafts in favour of Wokhardt Limited for making purchases, which business the firm was admittedly doing outside the books of account. The AO, not only examined this fact after recording the statement of Mr. Dilip Talekar as well as the assessee, but also got such transactions verified with Wokhardt Limited and the bank of the assessee. This amply proves that the AO made proper verification of the assessee's claim and re ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
