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TMI Blog2015 (9) TMI 1501X X X X Extracts X X X X X X X X Extracts X X X X ..... e details of receipts maintained by the assessee, it is only a reasonable fraction of such receipts which could be brought to tax as the income of the assessee. As against a rate of 8% suggested by the assessee, the CIT(A) has estimated such income of the assessee against the business receipts at 20%, which we find to be quite reasonable. In this view of the matter, we find no merit in the grounds raised by the Revenue in this appeal. We accordingly uphold the order of the CIT(A) and reject the grounds of the revenue in this appeal. - ITA No.227/Hyd/2015 - - - Dated:- 18-9-2015 - SMT. P.MADHAVI DEVI, JUDICIAL MEMBER AND SHRI B.RAMAKOTAIAH, ACCOUNTANT MEMBER Appellant by Shri S.K.Gupta DR Respondent by : Shri Sai Prasad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... drawn and returned to his employer in cash. But for such averments made in the letter dated 22.1.2013 and reit ated before the Assessing Officer by the Authorised Representative for the assessee, no documentary evidence to substantiate such claim was filed by the assessee, despite repeated opportunities given for that purpose. The Assessing Officer treated the amount of such deposits aggregating to ₹ 30,73,348 as assessee s income from unexplained sources, and made an addition to that extent, in the assessment completed on a total income of ₹ 39,72,110, vide order of assessment dated 26.3.2013 passed under S.143(3) of t Act. 4. Aggrieved by the above addition, assessee preferred an appeal before the CIT(A). The assessee initi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e filed an affidavit dated 13.5.2014 changing h s version as follows a) That in response to the letter of CIT(Appeals) dated 2.5.2014, M/s. Grasim Industries caused enquiry on appellant. Therefore, the affidavit is submitted. b) That the amounts were not collected from customers on behalf of the company. Therefore, the cash deposits in ICICI Bank do not represent amounts collected form customers on behalf of the company. c) That the submissions made earlier were not correct. That whenever assessee goes on tour, he takes the money from his friends to meet tour expense, deposit in bank account, and as and when the tour expenses are reimbursed, the amounts are repaid to his friends. d) That his brothers were engaged in the business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny books of account nor produced any documentary evidence in support of their claim. The assessee thereupon, made further submissions that his brothers were in scrap business in Andhra Pradesh and outside the State; that since the ICICI Bank account was having online facility, the outstation customers of his brothers were utilising this bank account for making cash deposits; that cash was drawn and returned to his brothers; that since the business was run by his brothers is in unorganised sector, they have failed to furnish books of account and other details as desired by the Assessing Officer; that the fact that the cash deposits were made at different locations indicates that the deposits were not made by himself; and that even if thes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eposited represent the business income of the assessee s brothers, who are in scrap business. Since the assessee has been merely changing his versions, without substantiat the same with any evidence, the CIT(A) was not justified in granting reli f to the assessee. 8. Learned counsel for the assessee, on the other hand, strongly supported the order of the CIT(A) and submitt d that the amounts deposited at the most represent his business receipts, in respect of which only a portion represents his income liable to assessment. 9. We have considered the rival submissions and perused the orders of the lower authorities and other material available on record. It is no doubt true that the assessee has been changing his version as to the sourc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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