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TMI Blog2013 (1) TMI 718X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax (Appeals)-VIII at Chennai, dated September 18, 2012 and the Commissioner of Income-tax (Appeals)-IX at Chennai, dated August 30, 2012 respectively. Both appeals arise out of the assessments completed under section 143(3) of the Income-tax Act, 1961. 2. In the course of scrutiny assessments, the Assessing Officers found that each of the assessees herein has deposited an amount of Rs. 50,75,000 each in their respective savings bank accounts. 3. The assessees gave their explanations for the cash deposits before the Assessing Officers. They explained the background of the business carried on by them as civil engineers, constructors and builders. The sum and substance of the detailed submissions made by the assessees is that the amounts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Therefore, they requested the Assessing Officers not to treat the deposits as unexplained cash credits. 5. The assessees finally offered 5 per cent. of the cash deposits towards income liable for taxation, which amounted to Rs. 2,50,000 each. 6. When the assessees found that the Assessing Officers were not inclined to accept the explanations offered by them, they approached the Joint Commissioner of Income-tax for direction to be issued under section 144A of the Income-tax Act, 1961. The Joint Commissioner of Income-tax, after examining the cases, held that the assessees could not establish that the moneys related to their friends and neighbours, which were entrusted to them for paying the carpenters, interior decorators, marble layers, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ully examined the arguments advanced before the Bench. 10. Ongoing through all the materials, we come to the conclusion that the assessees have not produced any piece of evidence before any of the lower authorities to show that the savings bank deposits made by them related to other parties. They did not produce any evidence even before this Tribunal. The only prayer of learned counsel for the assessees was that if the cases are remitted back to the Assessing Officer, the assessees can produce evidence and present their cases more effectively. But, even for remanding the cases back to the Assessing Officer, it is incumbent upon the assessees to show the existence of acceptable evidence in their hands. They have not shown anything to lead t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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