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TMI Blog2022 (11) TMI 1239X X X X Extracts X X X X X X X X Extracts X X X X ..... icy holders. The assessee has not filed a single receipt issued by the insurance company to show that the assessee paid the premium of the amount which was received in the bank account. Therefore, the facts analyzed by the CIT(A) in the impugned order are found to be correct and proper. Accordingly, No infirmity or error in the order of the CIT(A), the same is upheld.Appeal of the assessee is dismissed. - ITA No.185/VNS/2019 - - - Dated:- 5-8-2022 - SHRI VIJAY PAL RAO, JUDICIAL MEMBER Appellant by: Sh. Ashish Bansal, Adv Respondent by: Sh. A.K. Singh, Sr. D.R. ORDER SHRI VIJAY PAL RAO, JUDICIAL MEMBER: This appeal by the assessee is directed against the order dated 09.05.2019 of CIT(A) for the assessment year 2010-11. The assessee has raised the following grounds:- 1. Because the CIT(A) has erred in law and on facts in upholding the proceedings that had been initiated under section 147 of the Act by the Assessing Officer, as the same had been initiated merely on the basis of deposits in his regular bank account and no material of adverse nature having been found against the appellant. 2. Because merely deposits in bank account does not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d report from the Assessing Officer and after considering the remand report had upheld the addition made by the Assessing Officer. 4. Before the Tribunal, the learned AR of the assessee has submitted that the assessee is a LIC agent and the amount deposited in the bank account of the assessee represents the premium paid by the persons who got insurance policy through the assessee. The said deposits were made at the outstation branches of the bank of the assessee which was used by the assessee for the payment of the premium of their LIC policies. The learned AR has further submitted that the assessee is also the Sarpanch of the village and some of the deposits are in the nature of remittance of the amount of the village persons working outside by using the bank account of the assessee. Thus, the cash received from the policy holders for payment of the premium is deposited in the bank account and the same was used for the payment of the LIC premium. The income of the assessee is only in the nature of commission received on the LIC policy and premium. He has thus contended that the documentary evidence produced by the assessee in the shape of the entries in the diary maintained by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Assessing Officer after considering the details and receipts filed by the assessee came to conclusion that these receipts are in respect of the money received by them and not by the assessee. The assessee has not filed any reply before the Assessing Officer to explain the deposits in the bank account except the documents which were considered by the Assessing Officer. Accordingly, the Assessing Officer made the addition of entire deposits made in the bank account to the total income of the assessee. The assessee challenged the order of the Assessing Officer before the CIT(A) and contended that the assessee is an Insurance Agent received premium from his clients and same were deposited in the bank account and later withdrawn for making of payment of premium. The assessee pleaded that a proper representation was not made before the Assessing Officer and contended that the amount deposited in the bank account represents the premium amount directly deposited by the clients of the assessee which was used by the assessee for the payment of policy premium on their behalf. The CIT(A) called for a remand report from the Assessing Officer. The Assessing Officer in the remand report has d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the premium directly. The appellant has not submitted any reason whatsoever for doing the same. Furthermore, the appellant has stated that some of the amount was from persons who wished to remit the amount to their families. The appellant has not submitted any evidence in this regard. This contention of the appellant appears to be an afterthought in response to the discrepancy pointed out by the AO in his remand report. A perusal of the bank statement submitted by the appellant shows that cash has been deposited and withdrawn and regular Interval from the said bank account. The deposits made in the bank account are in round figures which does not point towards the payment being made for LIC premium. In view of the above I find that the appellant has failed to substantiate the source of funds deposited in his bank account. The contention of the appellant that peek credit maybe considered for making the addition is not acceptable as the appellant has failed to fully disclose the nature and source of the deposits, The contention that the appellant did not made investment else were after withdrawing the amount is an unsubstantiated statement. Accordingly, the addition made by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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