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TMI Blog2017 (6) TMI 330X X X X Extracts X X X X X X X X Extracts X X X X ..... business payments were made by the father of the assessee. Therefore in the interest of justice & fair play we are of the opinion that the instant issue needs to be reconsidered in the light of the affidavit submitted by the father of the assessee. In our considered view the affidavit given by the father of the assessee cannot just be brushed aside. Therefore, we are inclined to restore the issue to the file of the AO for fresh adjudication in accordance with the law de-novo. - Decided in favour of assessee for statistical purpose - ITA No. 26/PAT/2015 - - - Dated:- 5-4-2017 - Shri Aby. T. Varkey, Judicial Member And Shri Waseem Ahmed, Accountant Member By Appellant : Shri K.M. Mishra, Advocate By Respondent : Shri K.K. Das, D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h deposits in the aforesaid bank accounts of assessee, it was submitted that assessee is engaged in the business of seasonal vegetables and fruit. The assessee in support of its claim of business submitted a certificate dated 28.10.2013 issued by the Mukhiya of Gram Panchayat along with the list of persons with whom assessee has done sale-purchase transactions. Accordingly, assessee submitted that cash deposited in his bank accounts represent the sale-purchase of the aforesaid business. Further, assessee also submitted that the bank account of Bank of Baroda (OD) and IDBI Bank account are jointly operated by assessee and his father, who runs a fair price shop. The assessee also claimed that a sum of ₹ 23.47 lacs was deposited by his f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith his father who is running fair price shop for the distribution of food-grains and kerosene oil. From the IDBI bank account DD worth of ₹ 16,94,03/- were made in connection with the purchase for fair price shop. Therefore, the cash deposited in the aforesaid banks accounts also represents the business receipts belonging to his father. Thus there is no addition on account of peak credit required to be made. However, Ld. CIT(A) after considering the submission of the assessee partly granted relief to the assessee i.e. the opening balance, intra transfer of cash from one account to another account and 8% of the cash deposited and for the balance amount confirmed the order of AO by observing as under:- 2. The appellant s claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business of fruit vegetables trading not supporting the transaction with Zydus Wellness Limited and JK Helen Curtis Limited as per bank statement narration further raises doubt about true nature of business. 3. The appellant has avoided to submit the correct nature of its business at the time of assessment proceedings as well as at the time of appellate proceedings. Bank accounts transactions of the appellant indicate business other than the one claimed by the appellant. 4. The appellants contention of opening balance of ₹ 10,62,120/- in the IDBI account as on 01.04.2010 is found correct. Similarly the deposit of ₹ 7 Lkhs in three IDBI account is found to be transfer from appellant s other bank accounts in Bank of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e following grounds:- 1. For that, the order of assessment is bad as the assessing officer has not considered the evidence and document submitted by the appellant hence order is against the natural justice as such is liable to set aside. 2. For, that the addition on account of unexplained deposit in bank is bad and unjustified as the appellant has deposited sale proceed in the bank accounts and also made business transaction from same bank hence the lower authorities ought to have made estimate of income on account of unexplained deposit at certain percentage. 3. For that, the addition on account of unexplained investment is bad and unjustified as the appellant has not made any investment nor the evidence is available on re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estore the matter to the AO for fresh adjudication after considering all the cash deposit entries in all the bank accounts of the assessee in total as well as after considering the cash entries belonging to his father. On the other hand the ld. DR raised no objection if the matter is restored to the AO for fresh adjudication and relied on the order of lower authorities. 6. We have heard the rival contentions, perused the material on record and duly considered factual matrix of the case as also the applicable legal position. The issue in the instant case relates to the addition made by the AO on account two reasons, firstly peak credit of cash balance in the bank account of IDBI, secondly, cash deposited in remaining two accounts. It was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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