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TMI Blog2014 (6) TMI 172X X X X Extracts X X X X X X X X Extracts X X X X ..... ded in favour of Assessee. - I.T. A. Nos.1605 & 1739 /AHD/2013, ITA Nos. 1613 & 1692/AHD/2013, ITA Nos. 1614 & 1693/AHD/2013 - - - Dated:- 16-5-2014 - Shri G. C. Gupta And Shri Anil Chaturvedi, A.M.,JJ. For the Appellant : Shri R. N. Vepari For the Respondent : Shri P. L. Kureel, Sr. D. R. ORDER Per Shri Anil Chaturvedi,A.M. 1. These 6 appeals of which 3 are filed by the Assessee and the other 3 are filed by the Revenue are against the order of CIT(A)-IV, Surat dated 30.03.2013 for A.Y. 2009-10. 2. Before us at the outset, both the parties submitted that though the appeals are of 3 different assessees but they are all family members and the facts in all the 6 appeals (3 appeals filed by Revenue and 3 filed by Assessee) are identical except for the amounts and therefore they have common submissions to make and therefore all the appeals can be heard together. We therefore proceed to dispose of all the appeals together by way of consolidated order. For the sake of convenience and proceed with the facts in the case of Jayaben Kaneria for AY 2009-10. ITA Nos. 1605 1739/AHD/2013 (Smt. Jayaben Mathurdas Kaneria) 3. Assessee is an individual stated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt obtained by AO from the bank pursuant to the notice u/s 133A, AO noticed that Assessee had regularly deposited cheques and cash and the total of the credits in the account was Rs 82,45,026/- including total cash deposits of Rs 48,40,000/-. Assessee was asked to furnish the source of deposits. A.O in para (vii) on page 13 of the order has noted that Assessee has time and again changed her submissions/statement namely that in the first statement it was stated that Assessee was dealing in sarees/dress materials from residence and the yearly income was shown in the return of income. In the second submission it was submitted that she had entered into certain dealings in yarn on no profit no loss basis and accepted that the bank account was not reflected in the books of account. Subsequently, in letter to CIT, Assessee admitted that the deposits made in the bank account were unaccounted income from undisclosed sources and had offered it to tax. Thus the AO concluded that the submissions of the Assessee were not acceptable and the Assessee could not explain or submit any evidence in support of her stand. He therefore concluded that with the intention to evade the tax, Assessee had de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant has filed explanation regarding the source of cheque deposits in the bank account maintained with State Bank of India along with the audited statement of account of the group concerns. On perusal of those documents, it is seen that the transactions with the group concerns in cheque are duly reflected in the audited balance sheet of the group concerns and re-casted balance sheet of the appellant. The cheque deposits in the bank account therefore stands explained as to the source and there is no need to make any addition in respect of such transactions in the hands of the appellant. 9.2 As far as the total cash deposit of Rs. 48,40,000/- is concerned, the explanation of the appellant cannot be accepted. The appellant has arrived at the figure of the offered unexplained income of Rs. 9,72,000/- by working out the highest peak cash shortage in the account. Further, this has been done by assuming that the cash withdrawn at different times was available for redeposit. To explain this cash availability the appellant has prepared a consolidated cash book for all its bank accounts. 9.3 The appellant has given a separate working of peak after excluding offered income of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hand took us through the various findings of AO and submitted that Assessee had not explained the source of deposits in the bank account and therefore the AO was fully justified in making the addition of the full amount. He further submitted that before CIT(A), Assessee had furnished the explanation with respect to the source of cheque deposits and on the basis of those explanations, CIT(A) granted relief to the Assessee. The submissions that were made before CIT(A) were never made by the Assessee before A.O. Further, on the submissions and evidences that were furnished by the Assessee before CIT(A), no remand report was obtained from A.O nor the A.O was granted opportunity to examine the evidences. The ld. D.R. further submitted that the Assessee should also prove the correlation between credit and debit entries in the bank account and only if it is proved, the peak credit theory could be accepted. He therefore submitted that the AO be granted an opportunity to examine the details and explanations submitted by Assessee before CIT(A). 9. We have heard the rival submissions and perused the material on record. In the present case A.O noticed that certain deposits were made in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs.3,61,95,891/- made by the Assessing Officer. (2) The appellant submits that the learned Commissioner of Income-tax (Appeals) erred in making addition of entire cash deposits when these were explained and the learned Commissioner of Income-tax (Appeals) erred in not considering the details submitted. 12. On the other hand the grounds raised by the Revenue reads as under:- 1. On the facts and circumstance of the case and in law, the Ld. CIT(A)-I, Surat has erred in restricting the addition made on account of unaccounted income from unexplained sources of Rs.3,61,95,891/- to Rs.98,70,000/- without appreciating the fact that the assessee failed to explain or submit substantial evidence in support of his contentions and the fact that the total amount deposited either in cash or by cheques the undisclosed bank was nothing but the assessee's unaccounted income earned from unexplained sources. 2. On the facts and in the circumstances of the case, the Ld, CIT(A) ought to have upheld the order of the Assessing Officer. 3. It is therefore, prayed that the order of the CIT(A) may be set-side and that of Assessing Officer may be restored to the above extent. 13. Befo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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