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TMI Blog2015 (5) TMI 1152X X X X Extracts X X X X X X X X Extracts X X X X ..... dies in USA. Though, it may be a fact that assessee’s statement could not be cross verified by examining Sri S.N. Murthy as his whereabouts could not be found out, but, that itself will not lead to the conclusion that the statements made by assessee in the affidavit are false when circumstantial evidences as found from the bank account copy and visa granted to certain extent prove the fact that the statements made in the affidavit by assessee cannot be rejected outright and are believable. AO has not found out any other ostensible source of income, apart from source of income disclosed by assessee, which could indicate earning of such huge income by assessee. - Decided against revenue - ITA No. 179/Hyd/2015 - - - Dated:- 27-5-2015 - Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Murthy had deposited the amount in his bank account and has immediately withdrawn the same after visa formalities. When AO called upon assessee to prove the aforesaid fact, as it appears, assessee stated that Sri S.N. Murthy has vacated his business premises and not available. When AO deputed an Inspector to find whereabouts of Sri S.N. Murthy, Inspector reported that no such person was residing in the given address. Therefore, disbelieving the explanation of assessee, AO treated the entire cash deposits made into the bank account as unexplained investment u/s 69 and added it to the income of assessee. Being aggrieved of such addition, assessee preferred appeal before ld. CIT(A). 4. Before ld. CIT(A) also, assessee reiterated what was s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... creditworthiness of the creditor are also required to be established in a transaction of this nature. Since the burden is on assessee to discharge the onus, which the assessee has failed to discharge addition made by AO has to be restored. 6. Ld. AR strongly supporting the order of ld. CIT(A) submitted before us, assessee s son an engineering graduate, wanted to prosecute higher studies in USA. It was submitted, for obtaining education visa, bank balance is required to be declared before immigration authorities. Therefore, on the advice of manpower consultant Sri S.N. Murthy. A savings bank account was opened in the name of assessee in Corporation Bank and an amount of ₹ 17,15,169 was deposited in cash by Sri S.N. Murthy himself an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... source of such deposit by stating that cash deposits were made actually by Sri. S.N. Murthy, who is a manpower consultant for obtaining education visa for assessee s son, who wanted to pursue higher studies in USA. In fact AO has also acknowledged this fact in the assessment order. However, he has disbelieved the statement of assessee for the reason that Sri S.N. Murthy was not found in the given address or his whereabouts could not be ascertained to verify the correctness of assessee s statement. However, on perusal of the bank statement copy, it appears that the entire amount of ₹ 17,15,169 was deposited on 21/06/14 and the entire amount was also withdrawn on the very same day through self cheques. Apart from these deposits, there a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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