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TMI Blog2022 (4) TMI 860X X X X Extracts X X X X X X X X Extracts X X X X ..... me chargeable to tax and reopened the assessment. In view of the above facts, we find that the Assessing Officer has validly reopened the assessment. We find no merits in the arguments of the ld. Counsel and accordingly, the ground of reopening of assessment raised by the assessee is dismissed. Unexplained cash deposits - As assessee has submitted with regard to the addition of 86,500/- that the assessee has received the said amount from Arihant Capital Markets Limited, share broker and member of NSE and is registered with SEBI. It was further submitted that the receipt of funds from Arihant Capital Markets Limited are from trading of securities only and that all the receipts and payments are being made through banking channel only. Once th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n raised in both the appeals, we shall take up the facts in the assessment year 2009-10 for consideration and adjudication. 2.1 Brief facts of the case are that the assessee has filed her return of income for the assessment year 2009-10 on 04.03.2010 admitting a total income of ₹ 1,99,877/-. The case was reopened under section 147 of the Income Tax Act, 1961 ["Act" in short] and the notice under section 148 of the Act was issued on 09.03.2015 and the same was served upon the assessee. The reasons recorded by the Assessing Officer are reproduced as under: "The case was reopened for the following reasons: It is seen from the material available on record that assessee Smt. Premlatha Chhajed had made huge cash deposit and made huge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment proceedings in your case for Asst. year 2009-10 your AR filed the table showing source of funds which were deposited into Bank account vide letter dated 07.12.2015. In this connection, you are requested to furnish the documentary evidences for having cash received from various persons. For A. Y.2009-10, while explaining the source for deposit you have stated that the funds received from Arihant Capital was lying with you more than 2 months as cash and then it was deposited in the bank. What is the necessary to keep such huge cash as balance in your hand for more than two months that too you are being a financier. Hence, the reply filed by your AR is not at all acceptable and it is an afterthought only. Hence, I proposed to mak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er considering the explanations of the assessee and in the absence of any documentary evidences filed for the cash deposits made in the bank account to the extent of ₹ 86,500/- was treated as unexplained cash deposits and brought to tax. Besides the above, the assessee has not filed any wealth tax return or wealth tax computation, and there is no documentary evidences filed by the assessee with respect to the opening, balance of cash shown as on 01.04.2009 of ₹ 1,26,000/- and therefore, the same was added into the total income of the assessee of ₹ 2,12,500/- (86,500 + 1,26,000) as unexplained cash balance available as on 31.03.2009. On appeal, the ld. CIT(A) confirmed the additions made by the Assessing Officer. 3. On bei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see is dismissed. 6. So far as merits of the case is concerned, the ld. Counsel for the assessee has submitted with regard to the addition of ₹ 86,500/- that the assessee has received the said amount from Arihant Capital Markets Limited, share broker and member of NSE and is registered with SEBI. It was further submitted that the receipt of funds from Arihant Capital Markets Limited are from trading of securities only and that all the receipts and payments are being made through banking channel only. Once the receipts and payments are being made through banking channel and not disputed by the authorities below, we are of the opinion that the addition made by the Assessing Officer of ₹ 86,500/- is liable to be deleted and accord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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