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TMI Blog2015 (9) TMI 593X X X X Extracts X X X X X X X X Extracts X X X X ..... on of Rs. 20,02,000 made under section 69 of the Income-tax Act, 1961, on account of unexplained cash deposits in savings bank account of the assessee in Axis Bank, Ludhiana. 2. That the Commissioner of Income-tax (Appeals) has erred in law and on the facts of the case in deleting the above addition ignoring the facts that the assessee was specifically given the opportunity by the Assessing Officer to produce sale/purchase vouchers to substantiate his claim that the amount deposited in the donor's bank account is sale proceed 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 Sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the transactions amounting to Rs. 20,02,000 were in the nature of other than business and added the same as unexplained investment under section 69 of the Income-tax Act, 1961. 4. The assessee challenged the addition before the learned Commissioner of Income-tax (Appeals) and it was submitted that the appellant-assessee is doing business of trading in wholesale 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 Rs. 10 lakhs each on September 6, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considered the basis of addition made by the Assessing Officer and the arguments of the authorised representative on the issue. I have also examined the bank account of M/s. Shiv Shankar Mega Mart as well as the assessee's savings bank account with Axis Bank of Account No. 042010100252331. It is clear that the assessee had withdrawn an amount of Rs. 10 lakhs each vide two cheques dated September 6, 2008 and September 8, 2008, from his proprie torship concern M/s. Shiv Shanker Mega Mart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 ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the appeal is partly allowed." 7. We have heard the learned representatives of both parties and perused the material available on record. The learned Departmental representative relied upon the orders of the Assessing Officer and submitted that no bill of sale has been produced before the authorities below. Therefore, 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls 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 produce sufficient material to show that the amount received was part of the sale proceeds. In the absence of these documents on record, we set aside the orders of the authorities below and restore this issue to the file of the Assessing Officer with direction to redecide this issue by giving reasonable sufficient opportunity of being heard to the assessee. 8. In the result, the appeal of the Revenue is allowed for statistical purposes. The order pronounced in the open c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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