9911796707
TMI Blog2017 (2) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... specifically with respect to the fact that assessee is a salaried employee and drawing a meager salary of ₹ 110000/-and has entered into a transaction of depositing and withdrawal in cash from his bank account and receiving used gift from his mother. Moreover with respect to deposit of cash in the bank account out of withdrawal in cash in past, in absence of verification of cash book along with reasons of withdrawal and holding cash on hand in the hands of salaried person, these facts are required to be brought on record. Thus in the interest of justice we set aside the order of the Ld. CIT appeal and restore the matter back to the file of the Ld. assessing officer to examine the cash deposited by the assessee by withdrawing in ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds of appeal are related to a single issue involved in this appeal. Therefore, they are decided together. 4. The Assessee is an individual, who filed his return of income on 31/03/2008 declaring total income of ₹ 110465/ . Based on the Annual information Report, the Ld. assessing officer noted that assessee has deposited ₹ 5213850/- in cash during the year in his bank account with State Bank of Indore, New Delhi., Therefore, assessee was asked to explain the source of such cash deposit. Before the Ld. assessing officer, it was submitted by the assessee that he has deposited ₹ 5213850/- cash in his bank account and withdrawn a sum of ₹ 2998000/ in cash. Hence, there is an introduction or excess cash deposit of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ash deposit in the bank account. 5. Ld. departmental representative submitted before us that from 21/04/2006 to 27/11/2006 the assessee has shown gift of ₹ 17,20,000/- from his mother in cash of various amounts on 13 occasions, precisely each month. He further referred to para No. 4 of the assessment order and contended that assessee has merely filed the copy of the affidavit and gift deed in support of the contention of the assessee. However, there was no justification as well as proof regarding the capacity of the lender as well as genuineness of the transaction. He further submitted that the circumstances also do not show for keeping huge cash in hand by her mother when assessee is depositing sums in cash in his bank account. Wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd therefore the money was kept by her at home received on sale of jewellery. He further submitted death certificate of mother who passed away on 28/11/2008.. He further referred to the affidavit of the father of the assessee about the source of the jewellery stating that she was having sufficient gold or diamonds from her parents and in-laws at the time of her marriage. He further drew our attention to the affidavit that out of the 300 Gms gold about 250 Gms were sold for ₹ 1720,000/- in the financial year 2006 -2007. Regarding the capital gain on sale of jewellery, it was stated that such sale resulted into capital loss and therefore no tax was paid by her mother. He further relied upon the plethora of case laws before us. In the en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nfirmed that the mother of the assessee was in possession of 300 gms of gold, out of which she sold 250 gms to private persons, and received the proceeds in cash and therefore her mother was having source of funds. It is important to note that assessee s only source of income is salary from M/s Laxmi Sales Corporation of ₹ 105600/ and small interest income. His total income for the year is ₹ 110465/ and has paid a tax of ₹ 1163/ . In the paper book produced before us assessee has submitted a ledger of savings bank account from the books of the assessee of state bank of Indore where the entries of cash deposit and cash withdrawal were mentioned, however it did not produce cash book to show that on the date of deposit of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal examined this issue. The CIT (A) has deleted the addition merely based on affidavits, without examining any evidences in support of those affidavits. We donot subscribe the view of the LD CIT (A) that assessee has discharged his onus. It is the duty of the assessee to prove the identity, creditworthiness of the lender and genuineness of the transaction when he receives sums. In the present case there is no doubt about the identity of the person who has given a gift of ₹ 1720000/ to the assessee but the creditworthiness of the mother of the assessee and genuineness of the transaction is not established by the assessee. Furthermore, as per the statement of the assessee. Thus, total sale price of the jewellery allegedly sold by his ..... X X X X Extracts X X X X X X X X Extracts X X X X
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