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TMI Blog2022 (4) TMI 236X X X X Extracts X X X X X X X X Extracts X X X X ..... as well as he is into the business of selling seasonal vegetable products; and in such a factual scenario, when it is evident that there was several deposits and simultaneous withdrawals, the entire deposit of amount cannot be brought to tax as income of the assessee. In this case, in the Axis Bank account in question, find that there is regular inflow of money and regular outgo of money which gives credence to the explanation of the assessee or his wife that they are into trading activity (seasonal agriculture products) Even if it is presumed that the deposits made in the Axis Bank which has not been disclosed to the department was taken as correct still the entire amount cannot be taxed as done by the lower authorities. Therefore, tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee was confronted in respect of the cash deposits, the assessee submitted that this amount (₹ 27,68,700/-) belongs to/receipt from the business of the assessee s wife Mrs, Sanatan Mahanta. When asked by the AO to prove the contention, the assessee had filed P L Account as well as the Balance Sheet of his wife and stated that she was regularly filing return of income and for this assessment year under consideration she has shown an income of ₹ 1,83,630/-. However, this particular defense taken by the assessee was not accepted by the AO because according to him, there was no such business as contended by the assessee in the absence of trade license of wife (Mrs. Santana Mohanta) which assessee failed to produce. Therefore, the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore, presuming that the enhancement notice was given, still after perusing the bank transactions from pages 7 to 16 of the paper book it is noted that there was regular deposit as well as regular withdrawals in the said bank account, from which I note that there was no lump-sum deposit of the amount of ₹ 27,68,700/- in the Axis Bank account. In this factual back-drop, even if it is presumed that the assessee or his wife has not disclosed this bank account in the Axis Bank to the department, still the total deposit in the joint account cannot be treated as the undisclosed income of the assessee because I find that there was regular withdrawal after the deposits. It has been brought to my notice that assessee is executing contract w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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