TMI Blog2013 (6) TMI 910X X X X Extracts X X X X X X X X Extracts X X X X ..... c grounds of appeal taken before him about the Gift of ₹ 3,51,000/-, unexplained cash credits of ₹ 1,05,000/- unexplained credit entry of ₹ 55,000/-. 3. The order of the Ld. C.I.T.(A), being against well settled law in this behalf, deserves to be set aside, because he also failed to consider on merits/without giving any opportunity. 2. The assessee is an individual. She filed her return of income on 10-06-2004 returning total income at ₹ 1,10,860/-. Perusal of capital account filed by the assessee before the AO revealed that the assessee had recorded receipt of ₹ 3,51,000/- in the said capital account as gift from Shri Amulbhai Chimanlal Kamdar. The Assessing Officer recorded the statement of Shri Amulb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Kamdar is assessed to tax, he has no capacity of fund to gift such a huge amount to the assessee. Besides in spite of requested, Shri Amul Kamdar has failed to explain the source of cash aggregating ₹ 3,51,000/- deposited into his bank account within the short span of three days i.e. between the period 14/6/2003 to 17/6/2003. (iii) As discussed above, a cash of ₹ 3,51,000/- in aggregate was deposited into assessee s bank account between the period 14/6/2002 to 17/6/2003. Against the said deposits, a cheque of equal amount bearing No.39761 dtd. 19.06.2003 for the impugned gift was issued which was credit into the assessee s bank account on 19.06.2003 itself. The pattern of transactions in the bank account clearly shows that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5,000/- (₹ 37,000/-(+) ₹ 33,000/- (+) ₹ 35,000/-) is treated as the assessee s income of the year u/s.68 of the Income tax Act, 1961. 4.5 The facts and circumstances of the case clearly establish that the amounts credited against the name of Shri Yatin Kamdar and in fact in the name of three other persons mentioned above is nothing but the assessee s own unaccounted money which she has introduced into her books of account in the name of Shri Yatin Kamdar and other three persons mentioned above. When the assessee failed to substantiate the source of these credit entries, she has come out with the theory of receipts of advance money from Shri Yatin Kamdar. However, no credence can be attached to the assessee s contenti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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