9911796707
TMI Blog2012 (11) TMI 419X X X X Extracts X X X X X X X X Extracts X X X X ..... n merits and are as under:- "1. It is submitted by your Appellant that during course of assessment proceeding before ITO during proceedings to give effect to the order u/s.254 of the Act and also before Ld. CIT (A) had filed full facts and figures and evidence in support of claim that deposit of Rs.1,00,000/- was fully explained and was not liable to be added. It was further submitted that Rs.1,00,000/- was not liable to be added as cash credit and that Sec.68/69 does not apply to the facts of the case. 2. It is submitted that your appellant had balance available at opening of the year and had earning of the year available for Cash Deposit which has been utilized and therefore the above addition is not liable to be added. 3. In view of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y cash withdrawals Rs. 30,000 31-3-2000 By family surplus fund Rs. 40,586 By gifts received during F.Y.1999-00 Rs. 21,000 31-3-2001 By family surplus fund Rs. 49,651 By Gifts received during F.Y. 2000-01 Rs. 25,000 Total Rs.1,66,237 It was further submitted that out of the accumulated surplus of Rs.1,66,237/-,the cash deposits were made in the Bank account as under:- On 14-10-2000 50,000 On 30-10-2000 12,000 On 14-11-2000 38,000 Total 1,00,000 6. The assessee further submitted that out of the above deposits, the assessee made part payment to builder for purchasing a house by way of cheque of Rs.50,000/- each on 16-10-2000 and 16-11-2000. 7. The A.O. noticed that the cash gifts of Rs.46,000/- ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he appellant is also not found to be tenable. The appellant has not been able to explain as to when and how the gift was received and what was the amount of the gift. The appellant has not furnished the details of the person from whom gift was received.. The appellant has not furnished the confirmation from the person from whom the gift is claimed to have been received. Again the appellant has not disclosed any amount of gift in his return of income as filed in the year under consideration or for earlier years. At this place it may be mentioned that during the course of reassessment proceeding, the A.O. on verification of records noticed that the claim of appellant in respect of gift received during F.Y. from 1999-2000 to 2000-01 amounting ..... X X X X Extracts X X X X X X X X Extracts X X X X
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