TMI Blog2022 (2) TMI 423X X X X Extracts X X X X X X X X Extracts X X X X ..... We are of the considered view that the matter requires to be re-examined by the Assessing Officer, who is accordingly directed to carry out necessary verifications as regards the aforesaid claim of the assessee by conducting necessary enquiries from Shri Jatinder Kumar (supra) and from the bank i.e., State Bank of Patiala, Branch : Kanak Mandi, Hoshiarpur. Needless to say, the Assessing Officer while disposing off the appeal shall afford a reasonable opportunity of being heard to the assessee, who shall remain at a liberty to substantiate his aforesaid claim on the basis of fresh documentary evidences. We, thus set-aside the matter to the file of the Assessing Officer for the limited purpose of verifying the assessee s claim qua the cash deposits of ₹ 45.50 lac in his saving bank account with State Bank of Patiala, Branch: Kanak Mandi, Hoshiarpur. The Grounds of appeal nos. 1 to 3 are allowed for statistical purposes. - ITA No. 81/(Asr)/2018 - - - Dated:- 24-12-2021 - Sh. Ravish Sood, Judicial Member And Dr. M. L. Meena, Accountant Member For the Appellant : Sh. J.S Bhasin, Advocate. For the Respondent : Smt. Ratinder Kaur, D.R. ORDER PER RAVISH SOOD, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r (supra). The Assessing Officer recorded the statement of the assessee, wherein he expressed his unawareness as regards the cash deposits and the withdrawals made in his bank account. However, the Assessing Officer did not find favour with the aforesaid explanation of the assessee. Observing, that the assessee was a semi-literate person who was earlier running a shop and was presently working with a company as an agent, the Assessing Officer held a conviction that the assessee on finding himself cornered by the department qua the substantial amount of unexplained cash deposits in his bank account had came forth with a cooked up story which had no legs to stand upon. Backed by his aforesaid conviction the Assessing Officer after rejecting the explanation of the assessee added the peak of the cash deposits of ₹ 23,13,052/- as an unexplained income of the assessee u/s 69 of the Act. 3. Aggrieved, the assessee carried the matter in appeal before the CIT(A). Before the CIT(A), the assessee submitted that he was a man of meager financial means who during the year under consideration was residing in a house of four marlas along with his father(since deceased), wherein one room w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of ₹ 23.13 lac so made by him. 5. The assessee being aggrieved with the order of the ld. CIT(A) has carried the matter in appeal before us. 6. Shri. J.S Bhasin, Advocate, the Ld. Authorized Representative (for short AR ) for the assessee took us through the observations of the lower authorities. It was submitted by the ld. A.R. that the assessee, a man of poor financial means who was hardly able to make his both ends meet, on being lured by the green pastures abroad, had blindly acted as per the dictates of his friend, viz., Shri Jatinder Kumar (supra), and as so advised, had in his attempt to impress upon the Canadian embassy of a series of financial transactions and a healthy balance in his bank account had handed over his blank signed cheque book to his aforementioned friend, viz. Shri. Jatinder Kumar who thereafter had managed and operated his bank account over a period of 12 to 18 months or more. Backed by his aforesaid contention, it was submitted by the ld. A.R that the assessee right from inception had submitted before the authorities below that he was absolutely unaware about the source of the cash deposits in his bank account. It was submitted by the ld. A. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the judicial pronouncement that have been pressed into service by the ld. A.R in order to drive home his aforesaid claim. Admittedly, it is a matter of fact borne from the record that during the year under consideration an amount of ₹ 45.50 lac stood deposited in the Saving Bank Account No. 55098535343 of the assessee with State Bank of Patiala, Branch: Kanak Mandi, Hoshiarpur. As observed by us hereinabove, the assessee right from inception on being called upon by the A.O to explain the nature and source of the cash deposits in his bank account, had claimed, that the same could only be explained by Shri Jatinder Kumar (supra) to whom he had handed over his blank signed cheque book for facilitating a healthy bank balance and a series of transactions which would assist him in obtaining a visa to Canada. Although, the aforesaid explanation of the assessee at the first blush appeared to be nothing short of a concocted story that was hatched by him in order to wriggle out of the difficult situation in which he found himself on being caught on the wrong foot by the department qua the substantial amount of unexplained cash deposits in his bank account, however, on a careful pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same as per her was a self serving document which was not to be considered as it was not supported by any corroborative material. At this stage, we are reminded of the judgment of Hon ble Supreme Court in the case of Messrs Mehta Parekh Co. vs. CIT (1995) 30 ITR 181 (SC). In the said judgment, it was observed by the Hon ble Apex Court that when a statement is given in an affidavit , then, the same has to be taken as correct unless proved otherwise. In the backdrop of our aforesaid deliberations, we are of the considered view, that the claim of the assessee that the transactions in the assessee s bank account were managed and operated by Shri Jatinder Kumar (supra), a travel agent, could not have been summarily brushed aside, and in all fairness, considering the peculiarity of the facts involved in the case before us required a serious consideration on the part of the CIT(A), who we are afraid by loosing sight of the aforesaid material facts pertaining to the assessee, i.e., his limited financial means, family status etc., which prima facie revealed that he had no financial means to have made the aforesaid substantial amount of cash deposits of ₹ 45.50 lac, had in fac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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