9911796707
TMI Blog2022 (3) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... opinion, the authorities below were not justified in making the addition. The documents on record that the assessee's late brother Shri Dilipkumar Amichand was a man of worth. Shri Dilipkumar Amichand redeemed his investment in Reliance Mutual Funds to the extent of ₹ 63,28,380/-. The assessee has, in the paper book produced copy of invoice issued in the name of M/s. Dilipkumar Amichand Kothari by Flax Investment Services Pvt. Ltd. for sale of gold bar (owned by Shri Dilipkumar Amichand). Further, from the order of Ld. CIT(A), it transpires that the Ld. CIT(A) had called for remand report from the assessing officer. But the assessing officer did not file any remand report. Therefore, it was not fair on the part of the Ld. CIT(A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... calling for remand report from him. As no remand report from the assessing officer was forthcoming, the Ld. CIT(A) decided the issue on merits by finding that the source of cash was not explained before him, as well. 2.1. With regard to the other addition of ₹ 20,27,703/- which was claimed to be inherited out of the estate of assessee's deceased brother in the form of silver and gold, the assessing officer found that as per capital account of the assessee for assessment year 2011-12, the assessee had received 500 gms of gold worth ₹ 13,42,290/- and 11.3 kgs of silver worth ₹ 6,85,413/- from the estate of late Dilipkumar A Kothari, assessee's deceased brother. When the assessee was asked to substantiate the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are only surmises and conjectures, which need to be brushed aside. 5. The learned departmental representative, on the other hand, relied upon the orders of authorities below. 6. We have considered the rival submissions and perused the materials available on record. We find that the assessee deposited cash in his bank account on various dates. The assessee has placed on record 'Cash balance summary' alongwith cash book extract, average cash balance and bank statement. A perusal on these documents would adequately prove that the assessee is a man of means. Nowhere the assessing officer found any deficiency in the cash book maintained and produced by the assessee. Merely on surmises and conjectures, assessing officer brushed asi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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