9911796707
TMI Blog2012 (9) TMI 618X X X X Extracts X X X X X X X X Extracts X X X X ..... he AO on 27.3.2008 which was duly served on 8.4.2008. 3. As per the AIR information, the AO found that substantial cash was deposited by the assessee in his bank account as well as in the bank account of minor daughter. The assessee was served with the notice u/s 143(2) of the Act along with a query letter. In compliance, the assessee filed a written submission, along with its enclosures, on 28.8.2008 mainly stating that - 1. my family consists of self, wife, Smt. Leela Banke, son, Shri Neeral Banke and daughter, Ku. Neha Banke. 2. at present, I am not in possession of any copies of FDRs as all the FDRs have been either matured or encashed before maturity due to heavy loss in shares, resulting huge liability. 3. no books of accounts have been maintained by me for "Income from other sources". 4. no books of accounts have been maintained by me for business income. Since I am having knowledge and experience of accounting, hence, I had rendered part time services to some persons who paid me the accounting charges in that year. No other information is in my possession. 5. I had been carrying on the business from my Home and no other place of business 6. I had not taken any unsecu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay in the matter. Thereafter, necessary action in the matter will be taken. 7. Last and final opportunity was again given to the assessee vide letter dated 5.11.2009 for compliance on or before 23.11.2009. However, nobody attended, nor any compliance was made. One more opportunity was given by the AO vide letter dated 14.12.2009. On this date also neither anybody attended nor any compliance in the matter was been received. Unexplained cash deposits totaling to Rs.29,99,849/- as per bank account of Ku. Neha Gopal Banke (minor), (SBPUB/5615), maintained with the "Saraswat Cooperative Bank Ltd, RNT Marg, Indore" was assessed in hands of the assessee (father of Ku. Neha Banke), as per provisions of section 64(1) of Income Tax Act 1961, wherein minor's income was clubbed in the hands of that parent whose income was more and here assessee,s wife and mother of Ku. Neha, is a house-wife and not assessed to tax. The unexplained cash deposit of Rs. 34,77,529/- as per bank account of the assessee maintained with Saraswat Cooperative Bank also was treated as unexplained and added to the assessee's income. 9. The amount received on account of gift amounting to Rs. 5 lacs was also trea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... different dates. That Rs.10,00,000/- paid on very same day family settlement i.e. on 02- 04-2004 and balance amount on different dates during the financial year relevant to the assessment year 2005-06. The amount as received by the assessee deposited by him in his bank account and bank account of his daughter Miss Neha banke. That in the year under appeal the assessee also executed a sale agreement in respect of sale of his Agricultural land admeasuring 5.124 Hectare to Shri Ramdas Chhapre of Gram Sohagpur Tehsil Timerni District harda at a consideration of Rs.35,00.000/-. That as per term of the agreement the said buyer requires to he paid an amount of Rs 29.00,000/- on or before the 31st day of March. 2009 on the dates mentioned in the sale agreement. However, the said buyer had paid an amount of Rs.26,00,000/- by 31st March, 2005 with considerable delay. Copy of sale agreement as executed with the said buyer in respect of sale of Agreement land was also enclosed. That assessee had deposited the cash out of the funds realized by him from family settlement with his brothers and advance received against the sale of Agricultural land. Copy of family settlement deed and sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.2 That in view the above factual position, it is submitted that addition of Rs. 29,99,849/- and Rs. 34,77,529/- was made to the income of the assessee on account of cash deposited in the bank account of Miss Neha Banke and in the bank account of the assessee respectively be stand explained, the same requires to be deleted in full." 14. Against the above order of the CIT(A), both the assessee and the Revenue are in appeal before us. 15. We have considered the rival submissions of the parties, gone through the orders of the authorities below and find from record that during the course of original assessment proceedings in spite of giving so many opportunities, the assessee did not furnish any documentary evidence nor the explanation for deposit of huge cash in the bank account. For the first time before the CIT(A) the assessee came with the contention that the cash so deposited in the bank account was received by him out of family settlement amounting to Rs. 28 lacs and Rs. 26 lacs as advance against sale of agricultural land. The CIT(A) by relying on the Inspector's report found that the assessee has genuinely entered into family settlement wherein he was in receipt of Rs. 28 la ..... X X X X Extracts X X X X X X X X Extracts X X X X
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