9911796707
TMI Blog2016 (11) TMI 434X X X X Extracts X X X X X X X X Extracts X X X X ..... e same is explained by way of an Affidavit dated 11.4.2016 by the appellant as caused under the bona fide impression of having been filed in time; he being engaged in identifying a counsel for advice and representation before the Tribunal and, thus, in filing the appeal, resulting in it being deferred to the last day. We find the same reasonable. The appeal was accordingly admitted and its hearing proceeded with. 3. The brief facts of the case are that the assessee-individual, a Thane based retailer in pharmaceuticals (by the trade name 'M/s. Biotrol') was on the basis of the AIR information found to be maintaining a bank account with ICICI bank (# 021101502990), which was not disclosed per his return of income for the year, filed on 15.10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the absence of an explanation no onus lay on the Revenue to show if the credit is from a particular source: 1) Sumati Dayal vs. CIT [1995] 214 ITR 801 (SC); 2) Roshan Di Hatti vs. CIT [1977] 107 ITR 938(SC); 3) CIT vs. Devi Prasad Vishwanath Prasad [1969] 72 ITR 194 (SC); 4) CIT vs. M. Ganapathi Mudaliar [1964] 53 ITR 623 (SC); 5) Kale Khan Mohammad Hanif vs. CIT [1963] 50 ITR 1 (SC); and 6) A. Govindarjulu Mudaliar vs. CIT [1958] 34 ITR 807 (SC). Aggrieved, the assessee is in second appeal. 4. We have heard the parties, and perused the material on record. Without doubt, the burden to prove the nature and source of the credit/deposit in his bank account is on the assessee, in the absence of which the same is liable to be deemed as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal fees, etc. as well. In fact, we observe that the turnover in respect of the undisclosed transactions (per the P & L A/c./PB pg.37), i.e., Rs. 80.32 lacs, exceeds the total credit (Rs.71.10 lacs) in the assessee's ICICI bank account. How? Similarly, the withdrawals could also be in respect of personal expenses, or which cannot be considered as incurred wholly and exclusively for business purposes, or even for personal savings/investment. The assessee's personal P & L account (at PB pg. 37) would therefore require being verified, both with respect to the gross profit reflected and the indirect expenditure claimed therein. This, we consider to be the principal concern or issue arising in the present case. Our preliminary examination revea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... expenses claimed qua the undisclosed transactions. We are in this regard, however, not in agreement with the ld. counsel for a direction to the AO to adopt a particular percentage as a net profit, i.e., as claimed to have been accepted by him for other years. The assessment orders for those years are not on record. The AO, where he has issued definite findings upon examination/verification, would though be obliged to take guidance from the factual findings or inferences drawn for those years. He has to, we may though add, act in a reasonable, yet, cogent manner, taking a broad view of the matter in that the full details and evidences in respect of expenses, hitherto undisclosed, may not be forthcoming. That apart, even the assessee's undi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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