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TMI Blog2022 (11) TMI 376X X X X Extracts X X X X X X X X Extracts X X X X ..... facts and in the circumstances of the case, as well as law on the subject, the Learned CIT(A) NFAC Delhi erred in confirming the centre addition made by the learned A.O." 2. Brief facts of the case are assessee is a doctor by profession, has filed its return of income for AY.2016-17, declaring total income of Rs.1,72,640/-. The case was selected for scrutiny. During the assessment proceeding the Assessing Officer find that during the financial year under consideration, the assessee has entered into the transactions in shares and securities in different segments and incurred loss of Rs.1,95,655/-. The Assessing Officer find that assessee was maintaining bank account No. 019301005452 in ICICI Bank and made investment in share market after depositing the cash in the said account for the purpose of investment in shares or securities. The total credit entry in such account was Rs.6,48,483/-. It was used by the assessee for the purpose of investment, in the return of income filed by assessee, the assessee has not disclosed the said account, which is mandatory as per the notification No. 41/2015 issued by Central Board of Direct Tax (CBDT) to disclose all bank accounts from AY.2015-16 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dited entries of Rs.6,47,693/- (by excluding the dividend and dividend fund of Rs.105 and Rs.685/- respectively), and remaining amount was added as an undisclosed investment. 5. Aggrieved by the additions in the assessment order, the assessee is filed before the ld. CIT(A). Before ld. CIT(A), the assessee filed detailed written submissions. The submission of assessee is recorded on para no.5 at page no.5 to 7 of the order of ld. CIT(A). In the submission, the assessee stated that assessee incurred loss in the stock market and was mentally upset and wanted to hide such loss from his family members. The ICICI Bank account was opened exclusively for carrying out share transaction. The assessee suffered short term capital loss of Rs.7,056/- and speculative / trading loss of Rs.1,88,609/-, thus suffered total loss of Rs.1,89,665/-. The assessee has no mala fide intention of not disclosing any share transactions maintained on ICICI Bank account. During assessment, the assessee furnished detail and summary showing the cash withdrawal from Dena Bank and deposits in ICICI Bank. The assessee also furnished copy of passbook of Dena Bank and ICICI Bank. The assessee further stated that Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.6,29,918/- available in ICICI Bank Account, which pertains to purchase cost of shares, brokerage, service tax and other charges for carrying out the share transactions. All such submissions were made before the Assessing Officer; however, the Assessing Officer has not accepted such submissions. Thus, considering the debit and credited entries, the assessee as the incurred loss from share business to the tune of Rs.1,88,609/- and short term capital loss at Rs.7056/-, total loss of Rs.1,95,665/-. 7. The ld. CIT(A) after considering the submission of assessee held that the assessee has not disclosed the bank account in his return of income and the addition made by Assessing Officer under section 68 is in accordance with law and not need to be interfered with, thereby upheld the action of Assessing Officer Further aggrieved, the assessee has filed present appeal before this Tribunal. 8. I have heard the submissions of learned authorized representative (ld. AR) of the assessee and the learned senior departmental representative (ld. Sr. DR) for the Revenue and have gone through the order of lower authorities carefully. The ld. AR of the assessee submits that before assessing officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank. 10. On the other hand, the ld Sr DR for the revenue supported the order of lower authorities. The ld Sr DR for the revenue further submits that assessee has not disclosed the bank account in ICICI bank, through which the assessee was making transactions in shares. If the assessee has suffered losses in the share transaction, how, the assessee was having credit in the undisclosed bank account. 11. I have considered the rival submissions of the parties and have gone through the orders of the lower authorities carefully. I find that the assessing officer made addition of Rs. 6,47,693/- by taking view that withdrawn from Dena Bank was made through ATM and deposits in ICICI Bank is after 2 to 3 days in some instances gap between withdrawals and deposits are more than 20 to 30 days. The explanation given by assessee for withdrawal from one bank and deposits in another bank is nothing but afterthought. The assessing officer further recorded that household expenses in a middle class family in the City like Surat, can approximately be estimated at Rs. 30,000/- per month. The assessee is required at least to spent Rs.3.60 lacs as household expensed for whole of the year and that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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