9911796707
TMI Blog2020 (4) TMI 464X X X X Extracts X X X X X X X X Extracts X X X X ..... ef facts are, the assessee, an individual, is stated to be a retired employee of Municipal Corporation and derives income from Pension and agricultural activity. For the assessment under dispute, the assessee filed his return of income on 29th April 2015, declaring total income of Rs. 1,70,020. In the course of assessment proceedings, the Assessing Officer on verifying the return of income found that the assessee has shown income from other sources amounting to Rs. 1,80,000 and agricultural income of Rs. 7,20,000. After verification of further details called for, he found that during the year under consideration, the assessee has made cash deposit of Rs. 43,00,000, in a bank account maintained with Gopinath Patil Parsik Janata Sahakari Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich was re-paid by them since the assessee wanted funds for the purpose of foreign education of his son. The learned Authorised Representative submitted, towards re-payment of loan the assessee received an amount of Rs. 13,25,000. Thus, he submitted, balance amount of cash deposit almost stands explained. He submitted, to prove receiving back loans, the assessee has furnished affidavits of the concerned persons who had availed loan as well as their identification. He submitted, learned Commissioner (Appeals) without considering the veracity of the statements made in the affidavits has mechanically rejected them by simply observing that they are self-serving documents. In support of such contention, he drew our attention to the affidavits pl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see has made cash deposit of Rs. 43,00,000, in a bank account standing in his name. Before the Assessing Officer, the assessee has explained the source of such cash deposits by furnishing certain evidences. As could be seen, except the amount of Rs. 7,20,000, representing the agricultural income earned in the impugned assessment year, the Assessing Officer has disbelieved assessee's explanation with regard to the balance cash deposit. Before us, the assessee has filed certain documentary evidences in the form of a paper book. On a perusal of the said documentary evidences, it is evident, the assessee has two bank accounts. One is a pension account and the other one is the account wherein cash deposits have been made. On a perusal of the pen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... domestic and other expenditure. Thus, in our opinion, out of the net agricultural income of the past years, the assessee could reasonably be accepted to have saved an amount of Rs. 9,00,000. Therefore, to that extent, cash deposit made in the bank account stands explained. This leaves us with the balance cash deposit of Rs. 19,80,000. To explain this, the learned Authorised Representative has submitted that assessee has received back the amount of Rs. 13,25,000, from three persons who have availed loan from him. In this context, the assessee has relied upon the affidavit of the concerned persons and confirmation letters. As it appears, the aforesaid documentary evidences (affidavits, etc.) were not furnished before the Assessing Officer, bu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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