TMI Blog2021 (5) TMI 439X X X X Extracts X X X X X X X X Extracts X X X X ..... dences like insurance premium receipts of different persons along with corresponding deposited amount in the bank account clearly established the nexus of source of deposits and their subsequent outflow in form of insurance premium. When all the corroborative evidence were clearly suggestive of the fact that the assessee had simply acted as a facilitator to make payment on behalf of the policy holders and where each entries were traceable and identifiable the addition should not be made in the hands of assessee. This way, the assessee had fully discharged his onus of explaining the source of deposits in the bank account particularly with evidences, hence there was no reason for the assessing officer to make addition under section 69A. The assessee was never found to be the owner of the impugned deposits in the said bank accounts particularly in view of the fact that all the said deposits were immediately transferred to the insurance company by wav of insurance premium in the names of the respective insurers and hence there was no question of not recording such investment in the books of accounts of the assessee in as much as there was no investment of the assessee himself. It ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... delete any ground(s) either before or in the course of hearing of the appeal. 4. The facts of the case which can be stated quite shortly are as follows: The assessee is a Senior Territory Manager who has worked for first ten months of the year with M/s Reliance Life Insurance Co. Ltd. and two months thereafter with M/s Bajaj Alliance Life Insurance Co. Ltd. As per AIR information available with the assessing officer, the assessee has two bank accounts with ICICI Bank, Navsari in which cash of ₹ 26,77,200/- and ₹ 21,71,644/- was deposited during the year. The necessary details of cash deposits in these accounts was called for by the assessing officer and confronted to the assessee so as to know the source of these cash deposits because as per claim of the assessee his main source of income was salary which was not sufficient enough to explain these deposits. The necessary details of deposits made into these two accounts by the assessee were given by the assessing officer in the assessment order under para 4.1. During the assessment proceedings, the assessee explained that he collected these amounts from the investors and provided facility to make investment in vari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omments were also given by the assessee. Learned Counsel for the assessee relied on the submissions made before the ld CIT(A), during the appellate proceedings. On the other hand, Learned Departmental Representative (in short the ld. DR ) for the Revenue has primarily reiterated the stand taken by the Assessing Officer, which we have already noted in our earlier para and is not being repeated for the sake of brevity. 7. We note that person wise findings as given by the assessing officer as well as the counter comments on these findings by the assessee were discussed during the appellate proceedings and as well as during the assessment stage.The ld Counsel submits before us that assessee has acted as an insurance agent and provided additional services to accommodate the policy holder for making payment of premium and there is no responsibility of the Assessee to keep track of the investors' latest address. It is not correct on the part of the assessing officer to state that no authentic evidence has been submitted, rather confirmation letter along with premium receipt, insurance proposal form and banker's cheque, PAN numbers etc were submitted before the assessing office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s: (i) Confirmation Letter (vide Pb.109), (ii) Premium Collection receipt (vide Pb.110), (iii) Proposal from (vide Pb.111-115), (iv) Election Commission Identity Card (vide Pb.116-117), (v) Bank Statement (vide Pb.118), (vi) Bankers cheque (vide Pb.119). (6).In respect of Shri Anila Ajitrai Patel, the assessee submitted following details: (i) Confirmation Letter (vide Pb.120), (ii) Premium Collection Receipt (vide Pb.121), (iii) Proposal form (vide Pb.122-125), (iv) Bankers cheque (vide Pb.126), (v) Surrender Statement (vide Pb.127). (7).In respect of Ms Savita M Patel, the assessee submitted following details: (i) Confirmation Letter (vide Pb.128), (ii) Premium Collection receipt (vide Pb.129), (iii) Proposal form (vide Pb.130-136), (iv) Passbook of co-operative society (vide Pb.137-138), (v) Bankers cheque (vide Pb.139), (vi) Letter filed before AO (vide Pb.140), (vii) Surrender Statement (vide Pb.141). (8).In respect of Ajitbhai B Patel, the assessee submitted following details: (i) Confirmation Letter (vide Pb.142), (ii) Premium collection receipt (vide Pb.143), (iii) Proposal form (vide Pb.144-147), (iv)Bankers cheque (vide Pb.148), (v) Letter filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pb.227), (iii) Proposal form (vide Pb.228-233), (iv) PAN Card (vide Pb.234), (v) Ration Card by Mamlatdar Surat (vide Pb.235-237), (vi) Banker cheque (vide Pb.238), (vii) Letter filed before AO (vide Pb.239), (viii) Surrender Statement (vide Pb.240). 10. As noted above, assessee has submitted a plethora of documents to prove the genuineness of the transactions. The assessee is a salaried employee and it is not possible for him to maintain full accounts department for his small business and clients. The assessee was working as a Senior Territory Manager in Reliance Life Insurance Co. Ltd. during the first 10 months of the previous year under appeal. Thereafter, in last two months, he had joined Bajaj Alllianz Life Insurance Co. Ltd. It was the duty of the assessee to contact various groups of clients along with his sub -agents and to convince them to buy insurance policies and to provide them pre-insurance stage services and post-insurance stage services like collecting information, filling the forms, getting documentary evidences and forwarding the same to the company, getting medical clearance certificate, collecting premium from them and making payments thereof and to supply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mentioned in the premium receipts which showed that the premiums in the names of insurers were paid through the assessee's impugned bank accounts. Therefore, the assessee was only facilitator and was not the owner of the money deposited in his bank accounts. Thus, we note that assessee has submitted for each person, the documents like confirmation letter, premium receipts, proposal form, PAN, Ration Card, Banker Cheque, surrender statements etc. The Assessing Officer has not refuted or discredited these documents. The Assessing Officer does not mention in his order that why he is not accepting these plethora documents and evidences. Hence, the assessing officer has failed to bring any evidence on record to demonstrate that evidences and documents submitted by the assessee, which are mentioned in para Nos.8 and 9 of this order, are false and untrue. Thus, it is quite clear that the learned assessing officer wrongly invoked the provisions of section 69A of the Act. Hence, we delete the addition of ₹ 20,52,47 5/-. The instant adjudication is done taking into account the peculiar facts of the assessee, as narrated above, therefore, the instant adjudication shall not be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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