9911796707
TMI Blog2023 (4) TMI 694X X X X Extracts X X X X X X X X Extracts X X X X ..... y of ledger account of purchase and sale. With these evidences on record submitted before the Investigation Wing, it can be safely presumed that M/s Arjun Traders is a regular assessee. Therefore, it was incumbent upon the AO to make direct enquiries from the officer of M/s Arjun Traders if it did not appear before the AO during the assessment proceedings. AO has questioned the deposits made in the bank account of M/s Arjun Traders. We fail to understand how the assessee is responsible/answerable to the transactions made by an unrelated party in its bank accounts. Interestingly, on similar facts, the AO has also made addition in the case of sale of jewellery to Assure Jewels Pvt Ltd. where a person appeared before the AO and in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 06.12.2016. As a result of search, certain documents were seized from the residence of the assessee which represented vouchers for sale of old jewellery made by the assessee and her family members, 4. The sale of jewelry which is under dispute is the sale made to M/s Arjun Traders from whom receipt on account of sale of jewelry have been shown by the assessee for Rs. 4,99,963/- on 03.08.2016 for sale of old gold ornaments weighing 190 gms and for Rs. 4,99,122/- on 13.05.2016 for sale of old gold ornaments weighing 210.600 gms. 5. The assessee was asked to establish the genuineness of the transactions with supporting evidences. 6. The assessee filed detailed reply supported by evidences in the form of a reply filed by M/s Arjun Trad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntained with Central Bank of India no. 1041730339. On 24.05.2016 itself Rs.9,90,000/- were deposited in cash out of which RTGS of 495 las was made to its another account with PNB from which cheque was issued to assessee. Hence cash routed from one bank of party to another for issuing cheque only to divert the nexus In the same account cash of Rs.5,05,000/- has been deposited on 03.08.2016 before RTGS of Rs.498972/- on the same day in favour of Ayesha Jain daughter of assessee. Cash handling charges have been paid by the account holder As regards the other entry of Rs.4,99,963/- dated 05.08 2016 wherein RTGS was made to assessee after deposit of Rs.5 lac in cash on same day ie 05.08.2016 Cash handling charges have been paid by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clarified that the returns of wealth filed during assessment proceedings are treated as nonest being not filed in response to notice. No evidence of purchase / gift etc filed during assessment proceedings (although during investigation proceedings photographers were stated to be produced but neither such evidences were received from investigation wing not provided by assessee during assessment proceedings During investigation enquiry the acquisition of alleged sold jewellery was stated to be of Darsna Devi. (But as per return of wealth of 1991-92 she was having sold jewelery of 427 gms and even on the date of search finally of 334. gms was stated to be owned by her so the claim that jewellery belonging to Smt. Darsna Devi was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be income from undisclosed sources is hereby added u/s 69A of I.T. Act to the income of assessee. Tax is to be computed u/s 115BBE of I.T.Act Penalty proceeding u/s 271AAB of the 1. T. Act, is initiated separately. 8. The assessee carried the matter before the ld. CIT(A) but without any success. 9. Before us, the ld. counsel for the assessee vehemently stated that the Assessing Officer was asking the assessee to do something which is impossible. It is the say of the ld. counsel for the assessee that the Assessing Officer wanted the assessee to explain the source of bank transactions in the bank accounts of M/s Arjun Traders. 10. The ld. counsel for the assessee further stated that provisions of section 69A of the Act do no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0.09.2016 along with copy of stock register and copy of ledger account of purchase and sale. 15. With these evidences on record submitted before the Investigation Wing, it can be safely presumed that M/s Arjun Traders is a regular assessee. Therefore, it was incumbent upon the Assessing Officer to make direct enquiries from the officer of M/s Arjun Traders if it did not appear before the Assessing Officer during the assessment proceedings. 16. We find that the Assessing Officer has questioned the deposits made in the bank account of M/s Arjun Traders. We fail to understand how the assessee is responsible/answerable to the transactions made by an unrelated party in its bank accounts. 17. Interestingly, on similar facts, the Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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