9911796707
TMI Blog2021 (2) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... while adjudicating the appeal. 2. Heard both the sides and perused the material on record. Regarding objection to re-assessment proceedings in respect of ground no. 1 & 2 at the level of the Assessing Officer, the Assessee has not filed the return of income within the time prescribed u/s. 139(1) of the Act till 31st March, 2014. There was a specific information with the Assessing Officer that assessee had deposited cash to the amount of Rs. 13,11,000/- in her saving bank account maintained with the ICICI Bank. The Assessing Officer has also issued a letter dated 19th December, 2013 to the assessee that as per information received by the income tax department, she has not filed income tax return for assessment year 2010-11 & 2011-12. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of the assessee. It is clear from the facts elaborated by the Assessing Officer that at the assessment stage, the assessee has vehemently claimed that the cash deposited in the saving bank account maintained with the ICICI Bank was from her business of trading in iron and steel. During the course of assessment, the assessee has tried to link the source of cash provided in the said bank account with the ledger account maintained in the case of M/s. Hari Krishna Steel Trader ( a dealer from whom the assessee has purchased steel & iron) and the assessee has claimed that cash deposited in her bank account was her business receipt from the aforesaid business of trading in iron and steel after making reference to the ledger account. How ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h in hand to the amount of Rs. 13,11,000/- However, when the same could not be substantiated with relevant supporting evidences before the Assessing Officer, the assessee has made contradictory claim before the ld. CIT(A) that the said bank account did not belong to her. However after verification and examination of the document as elaborated in the finding of the ld. CIT(A) at para no. 5.3.1 it was clearly established with the support of the evidences that the said bank account was belonged to the assessee and assessee had repeatedly made false claim. In addition to above, the ITAT highest fact finding authority after verification of the paper book filed by the assessee had noticed that assessee has declared and owned up the said saving ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the assessing officer was placed at page no. 10 of the paper book filed by the assessee wherein information pertaining to the PAN ASZPP4927E of the assessee also reflected that cash deposit of Rs. 10 hies was made in her saving bank account. The assessee has not responded to the said letter. Therefore, a notice u/s. 142(1) of the act on 30'" December, 2013 was issued along with blank return form however the assessee has not responded. Thereafter, on 13th March, 2014 a notice u/s. 148 was issued to the assessee to file the return of income within 30 days from the receipt of the notice. It is clear from the facts reported above that assessee has not filed any return of income u/s. 139(1) of the act. It is undisputed fact that huge c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act. Accordingly, ground nos. 1 & 2 of the assessee are dismissed. Grounds of appeal no. 3 to 6:- In addition to the facts as elaborated above, the assessee has filed the income tax return only on 8" December, 2014 declaring income of Rs. 1,09,626/-. The assessee has claimed in the return of income that she has earned business income of Rs. 80,984/- from the business of trading in iron and steel, however, on verification the assessing officer noticed that assessee has claimed purchases made from one party M/s. Harikrishna Trader but the said party was not existed at the given address. The assessee could not substantiate with relevant evidences that she was engaged in any business. Subsequently before the id. CIT(A) the assessee had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ertained to her. However, she has failed to substantiate her new claim with any relevant evidences and material. As discussed above in this order on perusal of the relevant material on record, it is noticed that assessee has herself reported under her signature in her income tax return filed after replying the notices from the assessing officer that the impugned bank account with the ICICI Bank was pertained to her. In the light of the above facts and circumstances, we consider that the assessee has failed to substantiate the source of cash deposit detected in the saving bank account, therefore, we do not find any infirmity in the decision of Id. CIT(A). In view of the discussion made above, we do not find any merit in the grounds of ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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