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TMI Blog2024 (2) TMI 550X X X X Extracts X X X X X X X X Extracts X X X X ..... eclaring total income of Rs. 1,98,690/-. Similarly, the assessee, Harmeet Singh derives income from running a restaurant and filed his return of income on 21.03.2015 disclosing total income at Rs. 1,98,640/- . The case of both the assessees were selected for scrutiny and statutory notices were issued during the course of assessment proceeding. In the case of Harmeet Singh; the assessee filed copy of deed, profit and loss account, capital account, balance-sheet and computation of income for the Assessment Year 2012- 13 and 2013-14. The assessee also produced copy of bank account. The Assessing Officer observed in the case of Harmeet Singh that the assessee has deposited cash on different dates in the Corporation Bank totaling to Rs. 19 Lakhs. 3. The case of Harmeet Singh as it would appear from the impugned orders that Harmeet Singh had submitted that 1/5th share of the total cost of land was appearing in the balance-sheet of the assessee for the Assessment Year 2013-14. It was the case of the assessee that the amount appearing in the Bank Account was received from Builder M/s. Singh Estate and Singh Construction as advance signing amount for purchase of land and the total amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question was a disputed land, for which suit proceedings were going on for the last 30-40 years with B.I.T. Vide resolution offered the land to the assessee and three other coowners. The appellant along with the co-owners entered into an agreement with Singh Estate Builders, who paid Rs. 52 Lakhs. The balance amount of Rs. 48 Lakhs was raised in cash by the assessee and the co-owners". The learned CIT has further held that the assessee neither at the time of assessment proceeding nor at the appellate proceeding was able to identify the source of cash deposits in the Bank Account and he could not establish the source of balance cash. He further held that though the assessee claims that the cash of Rs. 48 Lakhs was arranged by friends and relatives, but no identity/creditworthiness/genuineness was proved by the assessee and thus the and sustained the assessment order. 6. In the case of Harmeet Singh, the learned CIT has held in a similar manner that is to say, that the source of cash deposit in the Bank Account was not satisfactorily explained by the assessee, Harmeet Singh. He further noted that though it was claimed that the cash was arranged from friends and relatives, no identi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... only on the basis of pass book, the addition made by Assessing Officer and confirmed by the CIT Appeals and learned Tribunal is not sustainable in the eye of law. He further relied upon a judgment passed in the case of CIT -Vs. Bhaichand H. Gandhi (1983) 141 ITR 67 Bombay, wherein it has been held that the pass book supplied by the Bank to the assessee is not to be considered as books of account of the assessee. He further relied upon the judgment passed in the case of Anand Ram Raitani Vs. CIT (1997) 223 ITR 544 (Gau) and submits that it has been held by the Gauhati High Court that the addition made on the basis of Books of Account of the Firm cannot be added in the case of individual partner. He also relied upon the judgment passed in the case of Commissioner of Income Tax-10, Mumbai Vs Manisha M. Sah reported in 2016 SCC Online Bom. 6479 and submits that the Bombay High Court has held in this case that the entries in the Bank Passbook cannot be considered as entries in the books of the assessee, so as to involve Section 68 of the Act. 10. Learned counsel for the Revenue supported the impugned order and submits that no error has been committed by the Tax Authorities and/.or by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made with the bank and bank also maintenance in bank vice-versa. In the facts of the present case, books of accounts maintained by both the assessees is part of their financial statements which have been prepared in both the cases of the assessee. In the peculiar facts and circumstances of the case, the case laws relied on by the ld AR of the assessee are not applicable in the present case in hand Accordingly, we uphold the findings recorded by both the authorities below with regard to addition made u/s 68 of the Act and dismiss this ground of appeal raised by both the assessees in their respective appeals. 12. Thus, we see that learned Tribunal has taken note from the order of the Assessing Officer in the case of Harmeet Singh that the assessee has submitted his balance-sheet, profit and loss account, Bank account and computation of income before the Assessing Officer. Similarly, the assessee, Rajmeet Singh has submitted the copy of I.T. Return, sale deed, Bank Account and other details and held that without maintaining books of account, the balance-sheet/trading profit and loss account cannot be prepared. The learned Tribunal has further held that the bank accounts are mainta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts to be true; admittedly, the source of income in the case of both the assesses has not been proved; inasmuch as, both the assesses have failed to prove the identity/creditworthiness/genuineness of the creditors, who have given cash loan as claimed by them . Further, the assessee has submitted the balance-sheet, profit and loss account, Bank account and computation of income and other details before the Assessing Officer. Thus, definitely those amounts have escaped the taxation and as stated hereinabove only for not mentioning the correct provision in the assessment order an amount which may be an income under any of the provisions of the Act; cannot be allowed to go untaxed. Thus, in the peculiar facts and circumstance of the case, we are of the considered view that no error has been committed by the Tax Authorities and/or the learned Tribunal in adding the amount not disclosed to the total income of the respective Assessee. For the reasons stated herein above, the judgments cited by learned senior counsel for the appellants has no bearing in the facts and circumstance of these cases. 16. Before parting it is necessary to observe that usually the matter would have been remitted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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