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TMI Blog2016 (10) TMI 1066X X X X Extracts X X X X X X X X Extracts X X X X ..... e justified in drawing suitable inference. - Decided against assessee. - ITA No. 1097/Ahd/2012 - - - Dated:- 13-10-2016 - SHRI R.P. TOLANI, JUDICIAL MEMBER Assessee by : Shri S.D. Chheda, AR Revenue by : Smt. Sonia Kumar, Sr DR O R D E R This is assessee s appeal challenging the addition of ₹ 15,32,000/- attributable to unexplained bank deposits as income from other sources. 2. Brief facts are assessee filed her return of income at ₹ 1,32,500/- on 31.03.2010. In the return of income profit u/s 44AF was shown at ₹ 2,32,502/- on total receipt of ₹ 4,96,820/-. The Assessing Officer had received an AIR information that the assessee had deposited the cash of ₹ 15,32,000/- for the year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer thus did not accept the assessee s alleged business and the make believe story; and relying on the Hon ble Supreme Court s judgment in the case of Sumati Dayal v. CIT, (1995) 214 ITR 801, made the addition. 3. Aggrieved, the assessee preferred first appeal where the assessee relied on following judgment:- i) CIT vs. Pragati Co-operative Bank Ltd, 278 ITR 170 (Guj. HC) ii) ACIT vs. Smt. Meera Devi, 14 SOT 190 (Allahabad ITAT) iii) Umachaian Shaw Bios vs. CIT (1959) 37 ITR 271 (SC) iv) Mohd vs. ITO, Ahmedabad ITAT, 26 DTR 329 v) Tolaram Daga vs. CIT, 59 ITR 632 vi) CIT vs. P. Mohanakala, 291 ITR 278 SC 4. The ld. CIT(A) upheld the addition and dismissed the appeal. 5. Aggrieved, the assessee is in second appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt had filed the confirmation of the persons from whom loans were given. The appellant neither paid interest nor earned any income on account of interest on advance. This aspect has not been doubted by the A.O. There is no limit in cash withdrawing the re-depositing in the bank account. The assessee has offered a plausible and satisfactory explanation before the A.O. for each financial transaction. He had not brought on record any evidence which proves that cash withdrawal had been invested somewhere else and cash balance in the cash book is artificial. Thus, we confirm the order of the CIT(A). 5. In the facts and circumstances of the case, we are in complete agreement with the view taken by the learned Tribunal as well as the learned C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... auditor and assessee in fudging the accounts. The case laws relied on by the assessee are applicable to the facts where the assessee maintained proper books of accounts. In this case, there is ample demonstrative evidence that the assessee was wantonly indulging in undisclosed transactions and bank account. In these circumstances, the burden will be entirely on the assessee to explain the nature of transactions which are in her exclusive knowledge. The burden cannot be shifted to the Department by not providing information. If the assessee does not come up with proper explanation and corroborative evidence, the IT authorities will be perfectly justified in drawing considerable adverse inference and applying the Hon ble Supreme Court judgme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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