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TMI Blog2013 (5) TMI 784X X X X Extracts X X X X X X X X Extracts X X X X ..... le consideration of such gold was used for making deposits into their bank accounts. It is also a fact that the parents of the assessee K. R. S. Suresh and who are also mother-in-law and father-in-law of Smt. Ranjani Suresh have not filed their wealth-tax returns and they are not assessed to wealthtax. It is the observation of the Assessing Officer that these assessees have made several cash credits of small amounts appearing in bank accounts claimed to be out of gold sale as these assessees are not in gold business. - wealth-tax returns filed on December 8, 2011 just before the completion of assessments on December 22, 2011 suggest that there is no other reason for filing these returns except for explaining the source for deposits into ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pectively. On appeal, the Commissioner of Income-tax (Appeals) sustained the additions made by the Assessing Officer. 3. The counsel for the assessee submits that the assessees are into jewellery business and the assessee K. R. S. Suresh received 6,183 grams of gold from his late mother Smt. Kausalya and father K. R. S. Subramanian. The counsel for the assessee submits that the assessee by selling these ancestral gold jewellery made deposits in his bank account and it was explained to the Assessing Officer that the source for deposits were out of sale proceeds of gold jewellery. Similarly, in the case of Mrs. Ranjani Suresh, it was the submission of the counsel that she has received 4,947 grams of gold from her later mother-in-law Smt. K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the Assessing Officer or the details of persons to whom the gold was sold by the assessees. The Departmental representative further submits that even wealth-tax returns filed by the assessees were just before the completion of assessment and are beyond the due date for filing the returns and they cannot be relied on to say that the assessees were in possession of ancestral gold. 5. Heard both sides. Perused the orders of the lower authorities and the materials placed on record. In the course of assessment proceedings, it was noticed by the Assessing Officer that the assessees have made cash deposits into their bank accounts and when the Assessing Officer sought for explanation from the assessees as to why these deposits cannot be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved by the Assessing Officer that logically it is not possible to accept the submissions of the assessees that they have sold gold so many times and deposited in their savings bank accounts. It is also the observation of the Assessing Officer that majority of cash deposits made were from ₹ 10,000 to ₹ 49,900 and only in rare occasions few lakhs were credited. Most of the small credits were used to meet ICICI credit card, Axis bank credit card payments and also for paying out some EMIs. It was also noticed by the Assessing Officer that whenever a credit of few lakhs were appearing in bank account, immediately there will be a debit for demand draft or pay order payable at Chennai. The wealth-tax returns filed by the assessee on De ..... X X X X Extracts X X X X X X X X Extracts X X X X
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