9911796707
TMI Blog2020 (5) TMI 509X X X X Extracts X X X X X X X X Extracts X X X X ..... rs clearly suggests that the appellant has even withdrawn ₹ 5,000/- for his personal need. If this cash of ₹ 5 lakhs was lying in his house, why he will withdraw such petty amount from the bank. The transactions given by the appellant clearly shows that he has good banking habit and no prudent person will keep cash of ₹ 5 lakhs in his house for any emergency in the present scenario where the money can be withdrawn from the ATM and the payments also can be made through cheque, debit card, credit card, internet etc. Further, this is also relevant that the almost entire withdrawal of the last 2 years have been claimed by the appellant as his savings then what happened for his household expenses and from where these have been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Unit-I, Mumbai vide its letter dated 10.3.2016 forwarded information to Pr. CIT-20, Kolkata in the case of Cosmos Group, which is engaged in the business of building and construction. During the search proceeding, incriminating material relating to the on-money receipts of the assessee was unearthed and seized. The case of the assessee was reopened u/s. 147 by the ITO, Ward 62(4), Kolkata after recording reason to believe and obtaining approval from Addl. CIT, Range-62, Kolkata. Notice u/s. 148 of the Act for AY 2011-12 was issued on 22.3.2016. The assessee vide its letter dated 27.4.2016 stated that he has already filed his income tax return for AY 2011-12 on 27.7.2011 which may be treated as income tax return filed in response to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isfactory. Since no satisfactory explanation has been offered by the assessee about the nature and source of payment of cash, the value of the investment is deemed to be the income of the assessment of the relevant F.Y. and accordingly, the same was added to the hands of the assessee and the income of the assessee was assessed at ₹ 21,22,040/- u/s. 148 of the Act r.w.s. 143(3) of the I.T. Act, 1961 vide order dated 09.12.2016. Against the assessment order, assessee appealed before the Ld. CIT(A), who vide his impugned order dated 31.5.2018 has dismissed the appeal of the assessee. Aggrieved with the impugned order dated 31.5.2018, assessee is in appeal before the Tribunal. 3. Ld. Counsel for the assessee stated that Ld. CIT(A) has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment order. However, in the chart the date of payment has been mentioned as 07.02.2010 which is actually 02.07.2010 i.e, 2nd July, 2010 which is clarified by the Ld. AR of the appellant during the course of appellate proceedings. Hence, it is held that the transaction relates to A.Y. 2011-12 only. 6.7 This is an undisputed fact that this transaction took place between the appellant and the Cosmos Group for the purchase of the apartment and all the payments of ₹ 27,58,512/- was made by the appellant through cheque on 25 occasions from 28.08.2010 to09.03.2013 except the amount of ₹ 5 lakhs for which the information was gathered by the AO as a result of search in the case of Cosmos Group and the source of this amount of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chase of this property before AO. 6.9 Further, the details given by the appellant of the withdrawal of amount of the last 2 years clearly suggests that the appellant has even withdrawn ₹ 5,000/- for his personal need. If this cash of ₹ 5 lakhs was lying in his house, why he will withdraw such petty amount from the bank. The transactions given by the appellant clearly shows that he has good banking habit and no prudent person will keep cash of ₹ 5 lakhs in his house for any emergency in the present scenario where the money can be withdrawn from the ATM and the payments also can be made through cheque, debit card, credit card, internet etc. Further, this is also relevant that the almost entire withdrawal of the last 2 y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on those recitals. If all that an assessee who wants to evade tax is to have some recitals made in a document either executed by him or executed in his favour then the door will be left wide open to evade tax. A little probing was sufficient in the present case to show that the apparent was not the real. The taxing authorities were not required to put on blinkers while looking at the documents produced before them. They were entitled to look into the surrounding circumstances to find out the reality of the recitals made in those documents. 13 ......Science has not yet invented any instrument to test the reliability of the evidence placed before a court or tribunal. Therefore, the courts and Tribunals have to judge the evidenc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
