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TMI Blog2021 (4) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... s a/c with Andhra Bank, Main Branch, Tirupati and that he has not filed his return of income for the said year. Therefore, the Assessing Officer issued a notice u/s 148 on 22.3.2018, in response to which the assessee e-filed his return of income dated 4.12.2018 admitting an income of Rs. 1,92,050/-. 3. The Assessing Officer observed that this is the first year of filing of returns by the assessee and therefore, notices u/s 143(2) and 142(1) along with questionnaire were issued to the assessee to furnish the information with regard to the sources of cash deposits along with necessary evidence. 4. In response to the notices issued, the assessee furnished information stating that he is a goldsmith procuring old gold ornaments through auction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,241 26/02/2015 44,326 28/11/2014 92,103 08/05/2014 2,52,906 5/5/2014 1,45,644 6. It was also submitted that the old gold ornaments of worth Rs. 3,70,420/- were also procured from other customers and that the said gold was sold for a consideration of Rs. 15,92,000/- and offered to tax u/s 44AD of the Act. But since the assessee did not furnish any documentary evidence in support of his claim of purchase of old gold as well as sale of gold ornaments, the Assessing Officer issued a letter dated 18.12.2018 to the Andhra Bank, Main Branch, Tirupati in which the assessee is holding the above a/c. calling for information u/s 133(6) of the Act. In response to the said letter, on 27.12.2018, the Chief Branch Manager replied that their bran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e through banking channel. The assessee has stated that he has received marriage gifts from others totaling to Rs. 5,79,419/-. After enquiry conducted through ITI of the Office, it was found that the assessee stated to have received cash gifts from 105 persons and cash ranging from Rs. 501/- to Rs. 1,00,001/- for which the assessee has provided a list of donors and claimed that these are also the sources for the cash deposits during the year. The Assessing Officer, however, did not accept the entire cash gifts and he has accepted only 1/3rd of the cash gifts and the balance of Rs. 3,86279/- was treated as unexplained cash credit. As regards gift of Rs. 2,70,00/- from his brother, the Assessing Officer observed that the transaction was done ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt Sri S. Ramesh of Rs. 2,70,000/- is genuine and should not have been added by the Assessing Officer. 7. The learned Commissioner of Income-Tax (Appeals) erred in confirming the action of the Assessing officer in disbelieving the gifts received by the appellant at the time of marriage to the extent of Rs. 3,86,279/ - out of Rs. 5,79,419/- and that the said gifts are available for the appellant. 8. The learned Commissioner of Income-Tax (Appeals) erred in confirming levy of interest u/s 234A of Rs. 7,461/- and u/s 234B of Rs. 3,35,745/-. 9. Any other ground that may be urged at the time of hearing". 10. At the time of hearing, the learned Counsel for the assessee submitted that the assessee is not pressing Ground No.2 and it is accor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are from other customers as well. The learned Counsel for the assessee has filed before this Tribunal, the copy of the Bank A/c of the assessee as well as the customers from whom the assessee has allegedly purchased the gold and also the confirmation letters stating that the assessee has paid the loan amount and after release of gold, the said gold was sold and the sale consideration was given to the assessee in cash. None of these letters were considered and verified by the Assessing Officer and he has accordingly disallowed the entire sum of Rs. 15,92,000/-. In my opinion, if the assessee is able to prove the transfer of money from the assessee's bank a/c to the bank a/c of the customers and if the said gold loan is repaid on the same dat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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