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TMI Blog2017 (1) TMI 1243X X X X Extracts X X X X X X X X Extracts X X X X ..... ing stock and sales shown by her. Accordingly, the source of cash deposits to the extent sales of ₹ 15,00,250/- out of ₹ 17 lakhs is allowed to set off out of sale proceeds and remaining balance amount of ₹ 2 lakh is treated as unexplained/undisclosed income in the hands of the assessee. Therefore, addition of ₹ 15 lakh is deleted and ₹ 2 lakh is upheld. This grounds of appeal is therefore, partly allowed. - I.T.A. No. 459/Ind/2014 - - - Dated:- 10-11-2016 - Shri D. T. Garasia, Judicial Member And Shri O. P. Meena, Accountant Member Appellant by Shri Girish Agarwal CA Respondent by Shri Mohmd. Javed, Sr. (DR) ORDER Per O. P. Meena, Accountant Member 1. This appeal is, filed by the assessee, against the order of ld. CIT (A)-II Indore dtd. 28.02.2014 for the assessment year 200-07. 2. Though the assessee has taken as money as six grounds of appeal but in substance grievance is relates to sustaining addition of ₹ 17 lakhs holding to be in compliance of directions of Hon ble Tribunal, Indore Bench order, ignoring the submissions of the assessee and notarised affidavit dtd. 22.02.2010 of the assessee. Hence, these are bein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Haridwar. It was also observed that the assessee has filed two books, which were printed in 2001, and 1100 copies each were printed from M/s. Carton and Printers, Indore. The sale value of at ₹ 75 and ₹ 175/- shown according to which sale value comes to ₹ 2,75,000/-. Thus opening stock of ₹ 13, 25,650/- is also not substantiated by the Assessee, nor any cogent proof of sale of ₹ 15, 00,250/- is filed. Hence, the claim of cash deposits in bank account was not accepted. Being, not satisfied, the assessee filed an appeal before the ld. CIT (A). The ld. CIT (A) also noted that the learned counsel for the assessee has not filed any evidence to prove receipts of such huge amount of cash credited in capital account. Accordingly, he confirmed the finding of the A.O. 5. Being, aggrieved the assessee filed this appeal before the tribunal. The ld. AR submitted that Late Smt. Sharda Devi was a pious and religious woman apart from being an author and publisher of several books on religious subjects. She carried on her business of publishing and selling of religious books under the name of M/s. Sharda Pustak Mandir. She had regularly filed her return of income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts as required u/s. 44AA as she fulfilled all the conditions laid down therein. She sold her books from Geeta Bhawan,a landmark place of religious books and by travelling at various places. Owing to her old age, she decided to sell of all the books and cash deposits of ₹ 17 lakh in bank account pertains to out of sale proceeds of books as well as various past savings. This fact conjoins with the facts that she had invested the sale proceeds to Post Office Monthly Income Scheme for ₹ 14, 25,000/- to earn monthly interest for her old age livelihood. Therefore, it was argued that the ld. A.O. has failed to consider material on record inter alia consolidated statement. Affidavit of the assessee and distinction between balance sheet of business concern and Statement of Affairs of the individual. The ld. A.O. has also failed to consider the finding given by the ITAT in relation to section 44AF for non maintenance of books of accounts by the Assessee. The AO chose not to verify the details mentioned in the books published even though specifically requested to issue summon to publisher. The ld. AR also filed a Certificate from Dr Nikhilesh Shastri, Printer/Publisher of M/s. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... through travelling and vising to religious places. In view of such situation, we have no alternative but to believe the sales shown by her in the return of income. We also observe that the assessee had only one bank account with Bank of Rajasthan Ltd., which has been disclosed in her return of income. There is no other bank account nor the AO has find out any new bank account, therefore, the only account in which the sale proceeds were deposited is with Bank of Rajasthan Ltd. There is only entry in this bank account is cash deposits of ₹ 17 lakh on two different dates and there are no other major deposit appearing in said bank account. Therefore, we have to adopt holistic view and have to give allow credit of opening stock and corresponding sales. The closing stock of books has been reduced to ₹ 27,250/- at the year-end means that the assessee has sold out the opening stock. The assessee has supported her contention of making sale by way of affidavit dtd. 22.02.2010 filed during the original appellate proceeding before the Tribunal. Now the assessee is no more. The ld. A.R. of assessee has also filed a Certificate from Publisher M/s. Carton Printers Indore, wherein it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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