9911796707
TMI Blog2011 (2) TMI 1571X X X X Extracts X X X X X X X X Extracts X X X X ..... f suppression of interest on F.D. by observing as under :- Addition on account of Rs..11,00,000/- "The assessee has one OD/CC account with Union Bank of India, Raniganj and two loan accounts with Raniganj Co-operative Bank Ltd. In account No.107 of Raniganj Co-operative Bank Ltd. there is debit balance as on 31.03.2005 is ₹ 6,26,989/- and in another account with the Bank bearing No.3838 there is debit balance of ₹ 4,44,506/-. In the account of Union Bank of India bearing No.30020 there is debit balance of ₹ 5,71,804/-. On examination of copy of Bank statement of account No.107, it appears that there are cash deposits of ₹ 19,25,000/- on various dates of which there is one deposit ₹ 11,00,000/- on 19.06.04 b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explained money u/s. 69A of the Income Tax Act, 1961 and added back to the income of the assessee." Addition on account of suppression of interest of ₹ 20,290/- "It appears from the balance sheet as on 31.3.2005 submitted alongwith the return that the assessee has shown the following FDR :- 1) F.D. ₹ 88,133/- [Interest ₹ 4642/- @ 5.25%] 2) F.D. ₹ 72,291/- [Interest ₹ 3,795/- @ 5.25%] 3) F.D. ₹ 1,39,852/- [Interest ₹ 7342/- @ 5.25%] From the above, it appears that the interest credited is @ 5.25% p.a. whereas the information collected from Bank as well as copy of FDR collected from Bank shows rate of interest at 12% p.a. Therefore, there is suppression of 6.75% in calculating interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest loss on this amount, therefore, this plea is not believable at all. Likewise, the Appellant has also failed to produce any copy of the Bank A/c in respect of ₹ 66,000/- cash withdrawal made by him between 01.04.2004 to 19.06.2004. Same is the case in respect of cash withdrawal of ₹ 1,86,500/- from the OD A/c of Tirupati Auto Engg. Works, Raniganj because the copy of the same was not enclosed before me as claimed in his submission. Likewise, the Appellant has also failed to prove that NSC ₹ 39,120/- (matured amount) was received by the Appellant on 16.05.2004 as no evidence in this regard has been furnished. Therefore, this plea is also rejected. Likewise, the Appellant has failed produce the copy of the loan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ow the assessee is in appeal before us. 3. At the time of hearing before us, Ld. Counsel appearing on behalf of the assessee has submitted as under :- "The Petitioner most humbly and respectfully prays to consider following papers included in paper book as well those the petitioner wishes to file at the time of hearing which could not be filed before authorities below. 1. Papers at Serial No. 2 to 7 of Paper Book dt. 02-07-2009 as detailed below were given to one Mr. G. P. Kundu, F.C.A. alongwith written submission and cash flow at serial No.2 of Paper Book and also evidences of family members as to funds given to assessee (Sl. No. 3 to 7) to be filed with Ld. C.I.T.(A) :- Page No. 2. Cash Flow Statement for F.Y. 2004-05 09 09 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hon'ble Members to consider the papers /evidences contained in paper book and confirmations from three parties being filed herewith, as evidences in the appeal before the Hon'ble Bench." 4. On the other hand, Ld. Departmental Representative relied on the orders of the revenue authorities. 5. After hearing the rival submissions and taking into consideration of the submissions filed by the assessee before the revenue authorities as well as before us and based on the documents filed by the assessee at pages 9 to 15, which are not filed before the revenue authorities, we are of the view that the additions on account of unexplained money of ₹ 11,00,000/- requires fresh verification. Therefore, in the interest of justice, we set aside t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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