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TMI Blog2022 (7) TMI 941X X X X Extracts X X X X X X X X Extracts X X X X ..... Year 2015-16. 2. Solitary issue in the present appeal relates to addition made in the hands of the assessee on account of amounts found deposited in her bank accounts through NEFT amounting to Rs.20,50,422/- under section 68 of the Act. The ground raised in this regard reads as under: "1.0 The learned CIT(A) grossly erred in law and on facts in confirming addition of Rs.20,50,422/-made to returned income u/s 68 of the Act. It is submitted that in the facts and circumstances of the case, such addition should not have been made. It is submitted that it may please be so held now. 2.0 The learned CIT(A) grossly erred in law and on facts in confirming the addition on wrong perception that the amounts deposited in the bank account were cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the security business. The learned CIT(A) failed to adjudicate this specific ground taken before him. It is submitted that it be so held now." 3. Briefly put, the contentions of the ld.counsel before us against the addition so made was that it was explained to both the authorities below that the assessee being a very old woman of 78 years of age, who had subsequently expired also, and the assessment was proceeded against her through her son being legal heir, was a woman of paltry means, had returned income of only Rs.99,740/- during the year; that entire transaction in the bank had been conducted by other persons, who had without her knowledge operated her account; that it had been pointed out that transactions reflected in the bank acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iii) that the statement from "CCFC" had also been filed reflecting cheques received from the bank account of the assessee and corroborating assessee's explanation that the amounts deposited through NEFT by Shri Prakashkumar Parmar were paid to broker firm. In this regard, our attention was drawn to the following documents placed in the Paper Book filed before us; viz i) Affidavit of the assessee, Anandiben Jayantilal Shah dated 30.11.2015 placed at page no.30 to 32 stating on oath the fact that her bank account was being operated by Shri Ashit P. Shah and Prakashkumar Parmar, and the fact that she was an old uneducated lady and had no knowledge about the share market. ii) Copy of the ledger account of "CCFC" (NSE and BSE) page no.26 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Parmar; iii) Even based on the human probabilities, affidavit filed by the assessee put in right perspective the facts which led to deposit in her account, it was explained that she was uneducated lady and had no knowledge of trading in shares and had very meager source of income, and bank account as well as statement of the account of the broker, "CCFC", proving that transactions related to the shares, explanation with regard to the deposits can be stated to be explained satisfactorily, and therefore, the impugned deposits could not be characterized as income of the assessee. 5. The ld.counsel for the assessee contended that the Revenue authorities had given a go-bye to all the explanations and evidences submitted by the assessee and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rated to be from Prakash Kumar Parmar and withdrawals by way of cheques issued in the name of Canon Capital and Finance, stated to be a Share Broking Firm. Statement of the assessee in Canon Capital and Finance, placed before us at P.B22-29 as evidence, corroborates the fact of cheques issued from her bank account to the firm. These facts have not been controverted by the Revenue. Therefore the contention of the assessee that her bank account reflected transactions on account of share trading only stands established. Now coming to the aspect of deposits in her bank account totaling Rs.20,55422/- all these deposits ,as stated above are narrated in the bank statement as NEFT Prakash Kumar Parmar.Clearly all these deposits have come from tran ..... X X X X Extracts X X X X X X X X Extracts X X X X
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