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TMI Blog2018 (10) TMI 2012X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion activity then, entire amount of deposit cannot be treated as income in the hands of the assessee keeping aside the amounts of withdrawal during the year. In the present case, assessee is a LIC Agent, who is claiming that he received cash amounts as premium from his clients and he deposited the same to the bank account and further made payment to LIC on the instructions of his clients. From the copy of bank account available it is also clear that the assessee is depositing cash and also making payments to LIC and other entities. In this situation, the entire cash deposits cannot be treated as income of the assessee and only peak amount credited to the bank of the assessee, can be treated as income in the hands of the assessee. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in partly confirming the action of assessing officer in making addition on account of alleged unexplained cash deposits in bank by sustaining the addition to the extent of Rs. 14,68,604/- as against Rs. 15,87,330/- made by assessing officer. He further submitted that the above addition made by assessing officer and confirmed by the Commissioner of Income-tax (Appeals) may please be deleted. Alternatively, the ld. AR submitted that entire amount of deposit cannot be treated as income of the assessee being a LIC Agent as the amount deposited to the bank account represents cash received from various parties for making payment of LIC premium, cash received form Ashwin L. Rangani, President of Gajanad Society, Saroli for making payment of elec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee is regularly depositing and withdrawing amounts to the alleged bank account for the purpose of his business or profession activity then, entire amount of deposit cannot be treated as income in the hands of the assessee keeping aside the amounts of withdrawal during the year. In the present case, assessee is a LIC Agent, who is claiming that he received cash amounts as premium from his clients and he deposited the same to the bank account and further made payment to LIC on the instructions of his clients. From the copy of bank account available at assessee s paper book pages 29 to 33, it is also clear that the assessee is depositing cash and also making payments to LIC and other entities. In this situation, the entire cash depo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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