9911796707
TMI Blog2015 (9) TMI 593X X X X Extracts X X X X X X X X Extracts X X X X ..... hiv Shankar Mega Mart has been considered and discussed in the appellate order. Copy of the bank account of M/s. Shiv Shankar Mega Mart is also not produced before us for inspection and verification The assessment year in question is 2009-10 and many years have gone now, therefore the assessee must be in a position to produce the sale/purchase bills for verification, that the amount in question is part of the sale proceeds. However, it is admitted fact that sale/purchase bills were never produced before the authorities below as well as before us. Therefore, these two documents are necessary for examination, i.e., bank account of the assessee's proprietary concern M/s. Shiv Shankar Mega Mart as well as the assessee's sale vouchers and pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eed but the assessee failed to produce the same. Thus, the assessee has not been able to explain that the source of deposit of Rs. 20,02,000 in Axis Bank account is out of the sale proceeds of M/s. Shiv Shanker Mega Mart, the proprietor/ concern of the assessee. 2. The Assessing Officer has made an addition of ₹ 20,02,000 by treating the cash deposits in the bank account as unexplained. The Assessing Officer in this regard has observed that the assessee had deposited an amount of ₹ 20,02,000 in cash in his savings bank account and the source of the same had been explained being on account of amount with him from his sole proprietorship concern M/s. Shiv Shankar Mega Mart. It was submitted by the assessee before the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ale of blankets and shawls. The learned Assessing Officer has wrongly added cash deposited in savings account under section 69 as unexplained cash deposit when such deposit of cash was thoroughly explained during the course of assessment proceedings. The appellant-assessee had received payments from M/s. A One Mega Mart Pvt. Ltd. Vide two cheques of ₹ 10 lakhs each on September 6, 2008 and September 8, 2008, against the sales made to the said company by his proprietorship concern M/s. Shiv Shankar Mega Mart and these cheques were deposited in its bank account (Axis Bank). The appellant had withdrawn ₹ 20 lakhs in cash from Axis Bank vide two cheques of ₹ 10 lakhs each on September 6, 2008 and on September 8, 2008 and depos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of ₹ 10 lakhs each vide two cheques dated September 6, 2008 and September 8, 2008, from his proprie torship concern M/s. Shiv Shanker Mega Mart bank account by self cheques. Further the said amounts on the same dates was deposited in cash in the assessee's savings bank account No. 042010100252331 with Axis Bank Ltd., Ludhiana. Now the issue is that whether the amount deposited in the bank account of M/s. Shiv Shankar Mega Mart was part of the assessee's turnover or not. The perusal of account of A-One Mega Mart (P.) Ltd. to whom the assessee had made sales clearly shows that the said amounts of ₹ 10 lakhs each had been received by M/s. Shiv Shankar Mega Mart from M/s. A-One Mega Mart (P.) Ltd. by cheque though it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee could not co-relate the sale with the amount in question. On the other hand, learned counsel for the assessee filed copy of the ledger account of A-One Mega Mart P. Ltd. In the books of M/s. Shiv Shankar Mega Mart, Ludhiana, to show that the amount in question was on account of sale proceeds and also copy of the bank account with Axis Bank Ltd. and submitted that the learned Commissioner of Income-tax (Appeals) correctly allowed the appeal of the assessee. In this view of the matter and considering the material on record, we are of the view that the matter requires reconsideration at the level of the Assessing Officer. The learned Commissioner of Income-tax (Appeals) noted that the assessee has withdrawn the amount of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
