9911796707
TMI Blog2019 (3) TMI 280X X X X Extracts X X X X X X X X Extracts X X X X ..... e has also filed returns of income and the same are also accepted and the assessee has submitted that out of savings the amounts are kept in the locker. Assessee has fully explained the sources and he has discharged the burden casted upon him. The A.O. without giving any basis, rejected the explanation of the assessee. In our opinion, the A.O. is not correct. CIT(A) is concerned, he is of the opinion that instead of keeping money in the locker, it is better to deposit in the bank so that the assessee may earn the interest. In our opinion, the assessee is the person who has to decide himself whether to keep the money in the locker or deposit in the bank. In this case, the assessee has decided to keep money in the locker to perform his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tice u/s 153A of the Act, the assessee has filed returns of income for A.Ys 2007-08 to 2013-14 on 14.10.2014 and regular return was filed for A.Y. 2013-14 on 29.3.2014. In the assessment order, the A.O. has noted that during the course of search and seizure operations, it was found in locker No.44, Bank of India, Kolar Road, Bhopal in the name of the assessee and his wife Smt. Goswami, an amount of ₹ 9,25,000/-. The A.O. has asked the assessee to explain the sources of the amount found in the locker No.44 during the course of search. It was submitted by the assessee by written reply dated 9.10.2014 that cash found of ₹ 9,25,000/- at locker No.44, Bank of India, Kolar Road, Bhopal was savings of the assessee and his spouse retain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see s wife Smt. Anita Goswami for the A.Yrs. 2007-08 to 2012-13 amounting to a total of ₹ 11,59,993/-. In so far as her husband Shri Dinesh Goswami is concerned, the returns of income from 2007-08 to 2012-13 for ₹ 10,74,346/- were filed and submitted that the assessee has filed all the details before the A.O. and during the course of search, a statement u/s 132(4) of the Act was filed and also submitted that the amounts kept in the locker are past savings of himself and his wife. The A.O. without considering the explanation of the assessee, simply made an addition u/s 69A of the Act. He has submitted that there is no basis for the addition made by the A.O. as confirmed by the Ld. CIT(A). It was further submitted by the Ld. Couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he purpose of performing his daughter s marriage. Even during the course of the assessment proceedings also, the assessee has submitted before the Ld. A.O. the very same facts. It is also submitted before the A.O. that the assessee filed returns of income for the A.Ys 2007-08 to 2012-13 by declaring an income of ₹ 10,74,346/- and for his wife s income returns filed for A.Ys 2007-08 to 2012-13 amounting to ₹ 11,59,993/- and submitted that out of the savings, the amounts were kept in locker. The A.O. after considering the explanation of the assessee is of the opinion that the assessee has not given any satisfactory explanation for keeping the amount in the locker and even the assessee has not satisfactorily explained before the se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount and balance sheets from A.Yrs 2007-08 to 2013- 14 during the proceedings. Smt. Anita Goswami had also filed the balance shseets during the assessment proceedings against her u/s 153A 143(3) for A.Yrs 2007-08 to 2013-14 when she was assessed u/s 153A and 143(3) for A.Yrs 2007-08 to 2013-14 by her combined order. The copies of balance sheet of appellant and his wife and her assessment order are enclosed herewith. During the search proceeding, the authorities raised the query about cash found in the locker operation and appellant had explained that he and his wife were saving money for their daughter s marriage, copy of his statement u/s 132(4) is enclosed herewith. During the course of assessment proceedings the assessing officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as to invite the addition u/s 69A in the hands of appellant. It is requested therefore that addition of ₹ 9,25,000/- may kindly be removed. 7. We have also considered the assessment order and gone through the orders passed by the Ld. CIT(A) and also explanation given by the assessee. We find that the Ld. CIT(A) simply rejected the explanation given by the assessee without giving any proper reasons. When the assessee has filed returns of income, same are accepted. His wife has also filed returns of income and the same are also accepted and the assessee has submitted that out of savings the amounts are kept in the locker. By taking into the facts and circumstances of the case, in our opinion, assessee has fully explained the sourc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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