TMI Blog2021 (4) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... e is able to prove the transfer of money from the assessee s bank a/c to the bank a/c of the customers and if the said gold loan is repaid on the same date, then taking the confirmation from the parties into consideration, the sale consideration of those transactions should be accepted as source for cash deposits. We deem it fit and proper to remand this issue to the file of the Assessing Officer with a direction to verify the Bank A/c of the assessee and also of the other parties and reconsider the issue in accordance with law. Cash withdrawals and the marriage gifts from others and gift from his brother as sources for the balance of cash deposit - Assessing Officer has held the ATM withdrawals and also 2/3rd of the gifts at the time of marriage as sources for redeposits into the Bank A/c as unbelievable. In my opinion, the entire ATM withdrawals may not have been used for day to day expenses and some of them might have been utilized for making the deposits into his Bank A/c. Therefore, we are inclined to accept 50% of the same as source for cash deposits. The assessee gets relief accordingly. Marriage gifts from others also we are inclined to accept 50% of the same as aga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... savings, hand loans, interest receipts and marriage gifts ₹ 6,71,819 4) Transferred from Ramesh, brother (gift on a/c of marriage) ₹ 2,70,000 TOTAL Rs,35,87,900 5. The Assessing Officer had also requested the assessee to furnish cash flow statement explaining the sources for the cash deposits in his bank a/c, but the assessee did not furnish the same. The Assessing Officer observed that the total cash deposits made by the assessee into Bank A/c and also through cash depositing machine under BNADP (Bulk Note Acceptor Deposits) are of ₹ 35,87,900/- and not ₹ 24,74,400/- as per the NMS data/AIR information. Thereafter, the Assessing Officer examined the sources for the cash deposits of ₹ 35,87,000/-. The Assessing Officer observed that the assessee had claimed to have procured old gold ornaments worth ₹ 10,94,220/- through auction sales from Andhra Bank on the following dates: Date of Purchase Amount (Rs.) 17/03/2015 5,94,241 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r and the gift deed and the transaction was done through banking channel. The assessee has stated that he has received marriage gifts from others totaling to ₹ 5,79,419/-. After enquiry conducted through ITI of the Office, it was found that the assessee stated to have received cash gifts from 105 persons and cash ranging from ₹ 501/- to ₹ 1,00,001/- for which the assessee has provided a list of donors and claimed that these are also the sources for the cash deposits during the year. The Assessing Officer, however, did not accept the entire cash gifts and he has accepted only 1/3rd of the cash gifts and the balance of ₹ 3,86279/- was treated as unexplained cash credit. As regards gift of ₹ 2,70,00/- from his brother, the Assessing Officer observed that the transaction was done through Banking channel. He therefore, did not accept it as a source for the cash deposits and accordingly brought it to tax. Thus, the total of the additions made towards unexplained cash credits was ₹ 24,14,419/-. 9. Aggrieved, the assessee preferred an appeal before the CIT (A) but the CIT (A) confirmed the order of the Assessing Officer and against the said order of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 900/-. It is the case of the assessee that the assessee used to pay the loan amount of the people who have taken gold loans from the bank, for release of gold, and thereafter, he sells the said gold ornaments and the sale consideration is deposited into his Bank A/c in cash. However, the Assessing Officer has recorded that the assessee has stated that he has purchased the gold from the Andhra Bank auction and therefore, the Assessing Officer has issued a letter to the Andhra Bank, Main Branch, Tirupati in response to which the Chief Branch Manager has stated that they have not done any auction of old gold on the dates given by the assessee. Copy of the letter filed by the assessee is not before the Tribunal. However, from the recital of the averments of the assessee in the assessment order, it is seen that the assessee is stated to have procured old gold through auction sales from Andhra Bank and other customers as well. Therefore, the entire procurement of gold ornaments is not only through auction from Bank, but they are from other customers as well. The learned Counsel for the assessee has filed before this Tribunal, the copy of the Bank A/c of the assessee as well as the cus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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