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TMI Blog2015 (9) TMI 371X X X X Extracts X X X X X X X X Extracts X X X X ..... presumed the facts to its convenience that the entire cash deposited by the assessee was the income of the assessee. We do not subscribe to this view of the revenue. The revenue has also not brought anything on record before us stating that the assessee had made any investment from such income. Further, considering the particulars of transactions reflected in the bank statement one can presume that the assessee was indulging in trading activities probably of art silk cloth as claimed by the assessee. No doubt, the onus is on the assessee to establish his claim which he has not complied fully. However, the revenue has also not brought anything on record to show that the cash deposited in the bank account of the assessee was his income from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e bank account. 3. Brief facts of the case are that in this case the assessee is an individual earning income from salary and interest filed his return of income for the assessment year 2008-09 on 09-03-2009 declaring total income of ₹ 1,07,160/-. The case was processed u/s 143(1) of the Act and subsequently selected for scrutiny. Finally, assessment order was passed by the learned AO u/s 143(3) of the Act on 30-12-2010 determining the total income of the assessee at ₹ 47,93,020/- wherein addition of ₹ 45,85,861/- was made u/s 69A of the Act on account of unexplained cash deposit in the bank account. During the assessment proceedings, the learned AO observed that AIR information shows that the assessee held a bank acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 215205 July 282450 465820 August 309618 245175 September 845136 356521 October 759300 159009 November 187960 190670 December 544894 533653 January, 2008 300460 278640 February 299600 325414 March 250663 258299 Total 4659398 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the learned CIT(A) upheld the order of the learned AO. The relevant portion of the findings of the learned CIT(A) is reproduced herein under for reference:- 6. DECISION: - 6.1 The arguments of the Assessing Officer as well as appellant have been considered. The appellant has contended that he is a Tamer and that deposit in the Bank A/c is in the nature of sales receipt deposited by various customers at different places. However, the appellant has given no supporting evidences to substantiate its contention. On the contrary, in the return of income, the appellant had shown income from salary and no income from so called business activity was disclosed in the return. Even during the course of appellate proceedings, the appellant w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We have heard the rival submissions, perused the orders of the revenue and carefully considered the materials available on record. From the case before us the following facts emerge:- (i) The assessee had not disclosed the bank account maintained by him with Punjab National Bank bearing Account No.3102000100093025 wherein a sum of ₹ 46,90,487/- was deposited on various dates for the period 01-04-2007 to 31-03- 2008. The aggregate of the withdrawals during that period amounted to ₹ 46,45,855/- (courtesy page no.7 to 27 of the paper book furnished by the assessee). (ii) The explanation offered by the assessee was that these deposits and withdrawals reflected his unaccounted business of trading in art silk cloth. (iii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the bank statement one can presume that the assessee was indulging in trading activities probably of art silk cloth as claimed by the assessee. No doubt, the onus is on the assessee to establish his claim which he has not complied fully. However, the revenue has also not brought anything on record to show that the cash deposited in the bank account of the assessee was his income from undisclosed sources without commenting on the cash withdrawals made by the assessee. In these circumstances and drawing strength from the case laws cited by the assessee, supra, we are of the considered view that the entire deposits of ₹ 45,85,861/- made by the assessee in his bank account as observed by the learned AO has to be treated as total turn ..... X X X X Extracts X X X X X X X X Extracts X X X X
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