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TMI Blog2017 (4) TMI 1012X X X X Extracts X X X X X X X X Extracts X X X X ..... uch advance given by the company. Just because assessee produced Mr. Ganapathy would not convert whatever he stated as true. Ld. Assessing Officer also specifically noted that Mr. Ganapathy had given vague answers regarding date of receipt of advance back from Mr. Dhanasekar and payment of the money back to assessee or M/s. Tamil Nadu Air Travels Pvt Ltd. Nothing of what has been stated by Mr. Ganapathy was supported by any evidence. The balance sheet of M/s. Tamil Nadu Air Travels Pvt Ltd did not reflect any transaction which assessee claimed. Assessee was unable to substantiate the source of the cash deposits made by him in his bank account.- Decided against assessee. - I.T.A. No. 2695/Mds/2016 - - - Dated:- 12-4-2017 - SHRI ABRAHAM P. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ove the relationship with the bank. Assessee also furnished copy of the return, balance sheet and profit and loss account of M/s. Tamil Nadu Air Travels Pvt Ltd, in support. Assessee also filed a copy of the bank account of the said company with State Bank of Travancore, Triplicane. Since the company s bank account did not reflect any such withdrawals, ld. Assessing Officer issued a letter u/s.133(6) of the Act and summoned the company officials u/s.131 of the Act requiring them to produce the books of accounts of the company. It seems this was not complied with. 3. In the meanwhile assessee filed a letter from one Mr. Ganapathy who claimed to be a real estate broker. Mr. Ganapathay in the letter, stated that he had arranged acquisition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee is assessed not the receipts. Treating the receipt of the assessee as income is not acceptable. The statement or affidavit by a third party is mare than corroborative evidence and statement of facts. The officer has every right to enquire or verify the same. With making proper enquiry or verification of facts rejecting the evidence is not acceptable by law and against the nature justice. Also. rejecting the source of receipts from the company far more non submission of books off accounts is not justifiable an the following grounds. a. The copies of books accounts are required far proof of cash flaw in the savings bank account of the director. But we have very much provided with the proof that the cash deposited in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e state whether you have proof. Ans: This amount was returned in four instalments by Shri Dhanasekaran. There is no proof for this. After receipt of the final instalment, the written agreement was destroyed by both the parties. Q. No. 9: As per the agreement, what is time gap between the advance given and received back. Please confirm the month and year. Ans: The money was received within 6 months from the date of agreement. But I don't remember the year. Q. No. I0:Have you made arrangement for purchase of any other property for Mr. Muniyandi? Ans: After getting the money referred to above, I had made arrangement for purchase of old property for M/s. Tamil Nadu Air Travels Pvt Ltd. at Wallajah Road. Afte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, taken by the assessee from the company for giving advance for purchase of the property was not reflected in the Audited balance sheet of the company. Further, as per ld. Commissioner of Income Tax (Appeals) assessee s wife was also having no source of income and was only a home maker. He confirmed the additions. 5. Now before me, ld. Authorised Representative strongly assailing the orders of the lower authorities reiterated the arguments taken before the ld. Assessing Officer. According to him, broker Shri. Ganapathy having confirmed the transactions and return of money to the assessee, the lower authorities were not justified in making the additions. Further according to him, assessee even produced Mr. Ganapathy before ld. Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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