TMI Blog2021 (3) TMI 715X X X X Extracts X X X X X X X X Extracts X X X X ..... from such business were deposited in the bank account. This plea was taken so as to circumvent the taxation of the full amounts deposited in the bank account in this respect and accordingly get covered u/s. 44AE of the Act with a lower incidence of income. This claim could have been merited acceptance if the assessee had shown the list of persons and their confirmations etc. for whom he did the transportation business and the resultant transportation receipts. No such evidence has been placed on record. In such a scenario, it is difficult to accept the assessee's plea of running a transportation business outside books of account and depositing the proceeds of such a business in this bank account. - Decided against assessee. Addition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y in the statement is ₹ 18,314/- as against ₹ 48,314/- which was inadvertently shown as interest income and got included in the assessee's total income. Since the correct amount as per the bank account is ₹ 18,314/-, we direct to restrict the addition to this extent. Consequential relief of ₹ 30,000/- is allowed. - ITA No. 1018/PUN/2017 - - - Dated:- 11-3-2021 - R. S. Syal , Vice President And S. S. Viswanethra Ravi , Member ( J ) For the Appellant : Dinesh Gulabani For the Respondents : S. P. Walimbe ORDER Per R. S. Syal, VP This appeal by the assessee arises out of the order passed by the CIT(A)-9, Pune on 09-02-2017 in relation to the assessment year 2008-09. 2. The assessee has fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal of the assessee for the assessment year 2009-10. Aggrieved thereby, the assessee has come up in appeal before the Tribunal. 5. We have heard both the sides through Virtual Court and gone through the relevant material on record. It is seen that the assessee though filed the return of income, but did not disclose the savings bank account No. 7260 maintained with Seva Vikas Cooperative Bank. The transactions recorded in this bank account were consequently not depicted in the regular books of account maintained by him. When the AO enquired about the maintenance of such a bank account and sources of the deposits, the assessee came out with a plea that he was running a transportation business outside the books of account and the receipt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sclosed. The AO added ₹ 30,01,000/- representing deposits in this bank account on the ground that the assessee could not substantiate the source of deposits in the bank account. The assessee had, in fact, stated before the AO, which has been reproduced on page 3 of the assessment order, that this bank account was jointly operated with his brother and the receipt of ₹ 30.00 lakh was on account of sale of plot which was owned by his father-HUF and should be taxed in the father's HUF and both the brothers, being, members of the HUF. In support of the contention, the assessee also furnished a copy of agreement for the plot sale and also the assessment order for the assessment year 2009-10. Not convinced, the AO made addition for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he amount of addition, if any, called for under the circumstances. 8. The last issue raised in this appeal is against the confirmation of addition of ₹ 48,314/- towards interest received. The AO made addition for this sum on the basis of cash flow statement filed by the assessee, which indicated the interest earned but not disclosed in the return. The ld. CIT(A) affirmed the addition. 9. The ld. AR invited our attention towards page 11 of the paper book which is a copy of bank account recording such interest income. Correct amount of the entry in the statement is ₹ 18,314/- as against ₹ 48,314/- which was inadvertently shown as interest income and got included in the assessee's total income. Since the correct amo ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
