9911796707
TMI Blog2018 (5) TMI 1595X X X X Extracts X X X X X X X X Extracts X X X X ..... 28.12.2012 for the Assessment Year 2009-10. 2. At the outset, there is a delay of 60 days in filing the appeal by the assessee before us. The assessee had filed a delay condonation petition wherein he had explained the reason that he was advised to wait for the giving effect order to ld CITA order to be passed by the ld AO and later on, the appeal is to be preferred to this tribunal. Based on such advise given by his counsel, he had to wait for the giving effect order to CITA order to be passed by the ld AO and once the same was passed, the assessee had preferred an appeal before this tribunal. Hence it was a bonafide belief of the assessee based on legal advise given by his counsel which contributed to the delay in preferring the appeal. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ness of the assessee. The assessee entered into a partnership and intended to convert the said bank account as the current account of the prospective firm, but the said venture did not materialise. Hence this bank account was not disclosed by the assessee before the ld AO. But the assessee submitted that the deposits made in the said bank account were out of proceeds of business of transport. The assessee further submitted that all the deposits in the remaining 6 bank accounts also represents business receipts , loans received and gifts received. The ld AO examined the veracity of the loans and gifts received by the assessee and accepted the same as genuine. 5.1. The ld AO treated the one current account with ICICI Bank vide A/c No. 018800 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee before the ld AO that he had not maintained books of accounts for his transport business and since he owns less than 10 vehicles, he is not mandated as per law to maintain books of accounts and income from transport business was offered u/s 44AE of the Act by the assessee. The trucks were acquired out of financing from M/s Sundaram Finance Ltd to whom repayments were made by the assessee in cash out of the business proceeds of transport business. Hence the repayment of loans stand clearly explained by the business receipts itself and accordingly there is no need to make separate addition towards trucks loan repayment to Sundaram Finance Ltd in the sum of Rs. 14,39,152/-. The assessee stated before the ld CITA that the ld AO vide letter d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Id. Commissioner of Income Tax (Appeals)-Durgapur was erred in law as well as in facts in confirming the addition of an amount of Rs. 14,39,152/- paid to Sundaram Finance Co as alleged income from other source, on the ground that, the appellant has no cogent explanation to offer, his such conclusions are based on his surmises and conjunctures and contrary to the facts and material on record. 3. Because that the Id. Commissioner of Income Tax (Appeals) was erred in law as well as in facts in directing the Id. AO. to calculate the peak credit of all the 7 Bank Accounts to ascertain the total deposits actually made: by the appellant, his such directions are without jurisdiction and contrary to the provisions of law. 4. Because that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... certain loans and gifts received by the assessee which were treated as genuine by the ld AO and there is no dispute on the same. Since the income of the assessee is offered u/s 44AE of the Act, there is no need to make addition towards cash deposits when the same were duly explained to be business proceeds. Accordingly, we direct the ld AO to delete the addition made towards unexplained cash deposits in the bank accounts made on peak credit theory. Moreover, the repayment of loan to Sundaram finance Ltd were made only in respect of trucks used in the transport business which were purchased out of loan from the said company. The cash withdrawals made from the bank accounts and the cash sales of the assessee from transport business duly expla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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