9911796707
TMI Blog2020 (4) TMI 464X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee s claim that the entire net agricultural income was available with him is also not acceptable considering the fact that the assessee must have utilized some amount out of such income for his domestic and other expenditure. Thus, out of the net agricultural income of the past years, the assessee could reasonably be accepted to have saved an amount of ₹ 9,00,000. Therefore, to that extent, cash deposit made in the bank account stands explained. Balance cash deposit of ₹ 19,80,000 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, but were furnished for the first ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of further details called for, he found that during the year under consideration, the assessee has made cash deposit of ₹ 43,00,000, in a bank account maintained with Gopinath Patil Parsik Janata Sahakari Bank Ltd. When called upon by the Assessing Officer to explain the source of such cash deposit with supporting evidences, it was submitted by the assessee that such deposit has been made from the following sources: Agricultural Income ₹ 7,20,000 Retirement Benefits ₹ 13,68,758 Loan given and received back ₹ 12,00,000 Past Savings ₹ 8,00,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed, 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 placed in the paper book and their translated version in English. Explaining the purpose of cash deposit in the bank account, the learned Authorised Representative submitted, for the purpose of obtaining visa for his son s foreign education, the assessee as per requirement had to maintain a balance in the bank account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 pension account, it is noticed that on 4th January 2014, the assessee has withdrawn cash amounting to ₹ 8,10,000, whereas, he has deposited cash amounting to ₹ 7,00,000, in the other account on 1st February 2014. It is the say of the assessee that the aforesaid cash deposit of ₹ 7,00,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plained. This leaves us with the balance cash deposit of ₹ 19,80,000. To explain this, the learned Authorised Representative has submitted that assessee has received back the amount of ₹ 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, but were furnished for the first time before learned Commissioner (Appeals). However, learned Commissioner (Appeals) has rejected these evidences by stating that they are in the nature of self serving documents. In our considered opinion, the affidavits furni ..... X X X X Extracts X X X X X X X X Extracts X X X X
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