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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 ..... ck 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 this Tribunal to come to the conclusion that the assessees are already having dependable evidence to prove their contentions placed before the lower authorities in the earlier proceedings. - All these aspects have been fully explained by the assessing authorities as well as by the Commissioners of Income-tax (Appeals). We do not find any reason to interfere in the orders passed by those authorities. - Decided against assessee. - ITA No.2067(Mds)/2012, ITA No.2068(Mds)/2012 - - - Dated:- 30-1-2013 - Dr. O.K.NARAYANAN AND SHRI CHALLA NAGENDRA PRASAD, JJ. For the Appellant : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g good business relationship with the bank, they had no option but to oblige the compulsion of the bank people. It is under these circumstances that the amount of ₹ 50,75,000 each was deposited by them in their savings bank accounts. 4. The assessees further explained that these amounts are moneys relating to various people who have entrusted money with the assessees for getting various civil works done in respect of their house properties. According to the assessees, they were providing artisans, carpenters, masons and other skilled workers to all the needy people in the neighbourhood for renewal and renovation of house properties and also for constructing new buildings. As these workmen are not known to the people of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on to produce any evidence in support of their contentions. The Assessing Officer also found that out of the deposits of ₹ 50,75,000 each, the assessees had withdrawn ₹ 7,50,000 each, whereby a substantial portion of the deposits remained for a long time in their savings bank accounts, which according to the Assessing Officer, showed that these amounts did not belong to different persons, as explained by the assessees. Therefore, the Assessing Officer made additions of ₹ 50,75,000 each in the hands of the two assessees. The assessments were thus completed after making the abovestated additions. 8. These additions were taken in the first appeals before the Commissioner of Income-tax (Appeals). Both appeals were dismissed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngs or renovating the existing buildings and in such a scenario all those people are entrusting moneys to the assessees so that the assessees could provide services of skilled workers to those friends and neighbours for constructing new buildings and renovating the existing buildings. These explanations are almost like wild goose chase without any centrepoint of conviction. The assessees go on explaining that they are collecting moneys from so many people for different purposes and they have kept the money in their savings bank accounts just to satisfy the demand of their bankers. If that was a temporary adjustment, the assessees ought to have withdrawn the amounts immediately after the expiry of the concerned financial year. In fact, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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