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TMI Blog2018 (10) TMI 1390X X X X Extracts X X X X X X X X Extracts X X X X ..... .O. to conduct detailed enquiries and to redo the assessment de-novo. - Decided in favour of revenue for statistical purposes. - I.T.A.No.24/Vizag/2015 - - - Dated:- 4-5-2018 - Shri V. Durga Rao, Judicial Member And Shri D.S. Sunder Singh, Accountant Member For the Appellant : Shri Ravi Shankar Narayan, DR For the Respondent : None ORDER PER D.S. SUNDER SINGH, ACCOUNTANT MEMBER: This appeal filed by the revenue is directed against order of the Commissioner of Income Tax (Appeals), Vijayawada vide Appeal No.552/CIT(A)/VJA/14-15 dated 30.10.2014 for the assessment year 2011-12. 2. All the grounds of appeal are related to addition made by the A.O. u/s 68 of the Income Tax Act, 1961 (hereinafter called as 'the Act'). In this case, the assessee filed return of income admitting total income of ₹ 1,28,12,500/- on 21.6.2011. The case was selected for scrutiny and during the assessment proceedings, the A.O. found that the assessee made cash deposits in Savings bank account No.5681050000918 with HDFC Bank a sum of ₹ 11,25,000/- and in account No.5681000008659 a sum of ₹ 67,50,000/- aggregating to ₹ 78,75,000/-as under: Account N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... kumar Naidu 1150000 No reply 2 D. Ravishankar 500000 No reply 3 V. Pandu 400000 No reply 4 T.V.S. Santosh Kumar 100000 No reply 5 r. Ambadasu 500000 No reply 6 T. Ravindra Mohan 50000 No reply 7 a.v. Satyanarayana 1270000 No reply 8 t. Rama Devi 225000 No reply 9 B. Naveen Babu 1000000 No reply 10 Sk. Siraj 100000 No reply 11 P. Jayaprakash 300000 No reply Total: 5495000 5. In respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with drawn in ATM₹ 4 24.03.2011 25000 Amount deposited by appellant s sister which was to drawn to hand over to her friend. 2. Account No.5681000008659 Date Amount (Rs.) Source for the deposit Hand loans given were recovered and deposited into bank account. Majority of the loans were given to staff of Optimum Commodity Futures Pvt. Ltd., for which the appellant is one of the founder Directors. 1 25.02.2011 950000 2 26.02.2011 1900000 3 28.02.2011 1500000 4 03.03.2011 1500000 5 22.03.2011 900000 8. Before the Ld. CIT(A) the Ld. A.R. of the assessee filed copies of returns of income, reconciliation of cash deposits and withdrawals made during the financial year 2010-11. In his written submissions, the Ld. A.R. submitted that the assessee withdrew gross ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to establish that the assessee has given the loans in cash and recovered the same in cash. The assessee had furnished the names of the persons, however, the letters sent to the purported debtors were returned un-served or no reply was received from the debtors. Therefore, the A.O. issued show cause notice to establish the genuineness of the source of cash deposits made into the bank account for which the assessee has requested to complete the assessment by making the addition. Since the assessee has agreed for the addition, no further enquiry was made. Before the first appellate authority, the assessee has submitted additional evidence in the form of books of accounts and bank account statement, which was not placed before the A.O. The Ld. CIT(A) also did not call for the remand report. Even before the CIT(A), the assessee has not established the genuineness of the source of credit, identification capacity and creditworthiness of the person from whom the cash was received. Though assessee has stated that he has given loans in cash, the same was not established with any documentary evidence. Similarly, for recovery of debt in cash from the debtors, there was no evidence and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with reference to bank statement, cash book etc. For instance, the appellant has deposited ₹ 9,50,000/- on 25.2.2011. The appellant claimed that this amount was repayment of advance given earlier received in cash from various persons like Sri A.V. Satyanarayana - ₹ 3,70,000/-. Sri B. Manoj Kumar Naidu - ₹ 2,00,000/-, T. Rama Devi - ₹ 2,00,000/-, Sri Hansaram - ₹ 1,50,000, Sri M. Chandra Sekhara Singh - ₹ 25,000/- on 24.2.2011 and cash withdrawn from ATM for ₹ 5,000/- on 21.2.2011. He claimed that he gave advance of ₹ 1,50,000/- on 3.4.2010, ₹ 70,000/- on 13.4.2010, ₹ 1,00,000/- on 16.4.2010 and ₹ 50,000/- on 30.4.2010 to Sri A.V. Satyanarayana. Like wise amount advanced to Sri B. Manoj Kumar Naidu was ₹ 1,00,000/- on 21.4.2010 and ₹ 1,00,000/- on 11.5.2010. In the case of t. Rama Devi, ₹ 1,50,000/- was given on 21.6.2010 and ₹ 50,000/- on 4.10.2010. In the case of Sri Hansaram, ₹ 1,00,000/- was given on 15.7.2010 and ₹ 50,000/- on 10.8.2010. In the case of M. Chandra Sekhara Singh, ₹ 25,000/- was advanced on 10.6.2010. The appellant claimed that all these amounts were a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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