9911796707
TMI Blog2014 (11) TMI 764X X X X Extracts X X X X X X X X Extracts X X X X ..... ts amounting to Rs. 28,87,650 in assessee's bank accounts and asked to explain the source for these cash deposits. Assessee having no income and being partly employed at the relevant point of time explained that monies were withdrawn using his credit cards from M/s. Gandhi Jewellery and Sri Krishna Sarees on commission basis at 3% and the said amounts were given to his friend Mr. Srinivas who was running an 'Airtel relationship centre' in the name of Surya Teja Communications in Malkajgiri, Secunderabad. Money so obtained by way of discounting with the said concerns were advanced for the business purposes of Mr. Srinivas and as and when the dues of credit cards came up for payment, the cash was repaid to assessee and the same in turn was de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nst Rs. 6.00 lakhs, which too in piecemeal basis continued till March 2012, as final settlement besides given three undated cheques of Rs. 35,000/- each of Bank of Baroda, Malkajgiri Branch, copies enclosed. This is the evidence to show Mr Srinivas has availed finances arranged by my son to run the Airtel shop. At this stage your department issued a notice simultaneously with my son to. Mr Srinivas to his shop address but was returned un-delivered. I tried my best to obtain an affidavit from Mr Srinivas to the fact that he utilized the money arranged by my son on rotation basis and repaid by him in to. ING Vysya a/c. but he is not at all co-operating. Here I would like to invite your attention to a letter dated 6th Nov, 2011, addressed an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uce Sri Srinivas for examination or any confirmation from him to support the claim of payments received from him. The onus is on the appellant to substantiate his claim that the said deposits in the bank account were the amounts received from Sri Srinivas which were the repayment of monies paid by him by withdrawing the money through the above mentioned modus operandi of credit cards. The appellant has failed in discharging this onus. In absence of any evidences substantiating the claim, the contention of the appellant cannot be accepted and therefore the addition made by the AO is hereby confirmed". 5. Ld. Counsel reiterated the submissions made and filed detailed paper book of the entire evidences available with assessee and was submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arees or invested in them. Therefore, the explanation given by assessee stands not disproved. In view of this, since the assessee has given a bonafide explanation on the facts, the same should be accepted. 6. Learned D.R. however submitted that assessee has not produced parties for examination. Therefore, authorities are justified in confirming the amounts as unexplained. 7. After considering the rival contentions and examining the detailed statements/documents placed on record along with the explanation of the assessee's father placed before the Ld. CIT(A) as extracted in the order, we are of the opinion that assessee has genuinely explained the whole arrangement. In the course of appeal before us, assessee was also present in the court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yderabad dated 31.05.2011 from M. Srinivas s/o. M.Guravaih, aged about 41 years, resident of H.No.20, Paigah Colony, S.P. Road, Secunderabad, towards the amounts receivable from him. The previous cheques of (B.O.B) Bank of Baroda, Malkajgiri Branch vide Cheque baring Nos.504740, 527432, 527433, 527434, 527435 and 527436 will be cancelled. The remaining documents if any and agreements and receipts it is related for any transactions previous entered shall get cancelled in lieu of the above cheque payment. In witness whereof the above said parties have signed in the presence of this the 13th day of March, 2011 at Secunderabad, in before the witnesses. WITNESSES : 01. Sd/-xxx Sd/- D. Ravi Shanker (D. RAVI SHANKER) First Party 02.Sd/-xxx S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... getting temporary finance for his business and since Mr. Srinivas repaid the amounts to a large extent out of total transactions, we are of the opinion that deposits in the bank account cannot be considered as unexplained. As seen from the credit card statements as well as bank statements, there are payments to Airtel also which indicates that Mr. Srinivas had Airtel business transactions. In view of this, we are of the opinion that the authorities were not justified in treating the cash deposits as income of assessee as unexplained. Since assessee has given bonafide explanation which is not disproved, the same should be accepted. In the circumstances, we see no reason to assess the entire cash deposits made periodically into the bank accou ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
