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TMI Blog2017 (8) TMI 1137X X X X Extracts X X X X X X X X Extracts X X X X ..... ain proper books and/ or books of account. It may be in any form. Therefore, if he had not maintained it, then he can not be allowed to take advantage of his own wrong. Burden lies on him to show from where he has received the amount and what is its nature. Unless this fact is explained he can not claim or have deduction of the said amount from the income tax. Sec. 68 of I. T. Act provides that where the assessee offers no explanation about the nature and source of the credits in the books of account, all the amounts so credited or where the explanation offered by the assessee is not satisfactory in relation to the same then such credits may be charged to tax as income of the assessee for that particular previous year. When even after g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see. A notice u/s. 274 (1) (b) of the I. T. Act was therefore, issued for said default fixing hearing on 781998 and another notice dated 30-07-1998 u/s. 142 (1), fixing the hearing on 07-08-1998 was issued. Appellant was called upon to furnish information. Again, nobody attended the hearing, however, a letter dated 06-08-1998, addressed by M/s. D. C. Jain, Advocates was received by the office on 12-08-1998. It was mentioned by the Advocate that his client would require 15 days to comply with details. Said Advocate attended the hearing on adjourned date and again sought time for the preparation. Nobody attended the next adjourned date i. e. 10-09-1998. Once again, notice u/s. 271 (1) (b) r/w. 274 of I. T. Act was issued and next date of hear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... merged further were that the assessee had received NIR gift of ₹ 33.82,224/by way of India Development Bonds from one Shri. Ashok Dhirajlal Parikh, who was friend of the assessee. Further, the assessee had taken loan from Shri. Ajay Shah to the tune of ₹ 18,00,000/, M/s. Pooja Corporation ₹ 9,00,000/, Shri. Ashok Mehta ₹ 21,00,000/, Saibaba International ₹ 2,40,000/, Shri. Ashok Shah ₹ 3,00,000/, Suraj Maticland (P) Ltd. ₹ 10,00,000/, Muchhala Magicland ₹ 6,06,000/, Arunkumar Associates ₹ 2,60,000/, Continental Corporation ₹ 3,00,000/, M/s. Muchhal Magicland Pvt. Ltd. ₹ 1,00,000/, Shri. Chandulal C. Patel ₹ 3,00,000/. The Assessing Officer had come to the conclusion t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Statement. No other document was considered by him, before issuing order. Reliance has been placed on the decision in Baladin Ram v/s. Commissioner of IncomeTax, U. P. reported in 1969 (71) ITR 427; wherein it has been held that, Even under the provisions embodied in Section 68 of IncomeTax Act, 1961, it is only when any amount is found credited in the books of the assessee for any previous year that the section will apply, and the amount so credited may be charged to tax as the income of that previous year, if the assessee offers no explanation or the explanation offered by him is not satisfactory . Similar ratio has been laid down in Commissioner of IncomeTax, Poona v/s. Bhaichand H. Gandhi reported in 1983 (141) ITR 67, Anand Ram Raita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted on behalf of Revenue that the orders passed by the said Authorities are correct. Many opportunities were given to the Appellant to produce relevant document/ documents in order to substantiate and prove his version. Appellant had failed to give the further details of the persons from whom the loan was allegedly taken. It was the bounden duty of the assessee to explain the nature and source of cash deposits. It has been therefore, rightly held that assessee can not take any advantage of the transaction as he had not kept any books of accounts. Reliance has been placed on the decision in Sudhir Kumar Sharma (HUF) v/s. Commissioner of IncomeTax III, Ludhiana reported in [2014] 224 Taxmann 178. It has been held that, When during the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credits in the books of account, all the amounts so credited or where the explanation offered by the assessee is not satisfactory in relation to the same then such credits may be charged to tax as income of the assessee for that particular previous year. It is to be noted here in this case that huge amounts have been credited in the account of the Appellant and he has not explained the nature of the same. The source of the said amount has been discovered by the Assessing Officer from Bank Pass Book. It is to be noted that when the source and nature has been held to have been explained, the said amount has been deleted by the appellate forums. Now the dispute has remained in respect of amount of ₹ 9,00,000/from M/s. Pooja Corporation, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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