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TMI Blog2023 (11) TMI 990X X X X Extracts X X X X X X X X Extracts X X X X ..... vidence regarding the loan given to the husband of the assessee by the known customers of the bank so as to achieve the target of the bank were furnished by the husband of the assessee. The identity of such persons, their capacity to give loan, their sources of income etc. were not proved by the husband of the assessee before the lower authorities. The confirmation letters were also not furnished by the persons by whom cash deposit were made in the account of the assessee. The claim of the assessee remained as a bald claim only followed by no evidence. Why the depositors will deposit their funds in an account of other person for increasing the deposits of a bank. The depositors can make deposit in their names by themselves. There is no n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Income Tax (Appeals) ought to have appreciated when it is claimed that the assessee could not possibly have any source of income, the addition on her hand is not justified within the parameters of the Income Tax Act. 5. The Commissioner of Income Tax (Appeals) erred in relying merely on the cash deposited in the appellant's bank account rather than considering the truth about the source of the deposit which was made by her husband and also the statement given by him. 6. The Commissioner of Income Tax (Appeals) was not right in appreciating the husband's statement given at the time of assessment regarding the rightful owner of the money deposited in her bank account. 7. The learned Commissioner of Income Tax ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee vide written submission dated 22-11-2017 submitted that whatever statements made or documents produced by her husband for the purpose of assessment of her income would bind her. As the assessee claimed ignorance about the cash deposits in her account, summon was issued to her to appear with all relevant details in support of the cash deposits in her SB account. The assessee appeared before the Ld. A.O, but could not furnish any evidence or details regarding the cash deposits. In fact, a statement was recorded u/s 131 of the Act from the assessee, wherein it was explained by the assessee that return of income was filed for getting a loan for construction or purchasing of a house. It was also explained by the assessee that her husband ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e funds. Rest of the funds transferred to the accounts as directed by the customers including for opening of fixed deposits. As the husband of the assessee failed to furnish evidence, the Ld. A.O asked him to clarify why the cash deposit amount should not be treated as the income of his wife. The husband of the assessee to that query replied that he had told the truth but unable to furnish details or evidence in support of his claim. The Ld. A.O did not accept the claim of the husband of the assessee and added the cash deposit amount of Rs. 87,59,057/- to the total income of the assessee noticing failure to furnish evidence by the husband of the assessee. The Ld. A.O treated the added amount of Rs. 87,59,057/- amount as unexplained investme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO and observed as under: In the remand report, the Assessing Officer has stated that he could not evidence any such papers to prove that the sums withdrawn were paid back to the customer in cash or converted as fixed deposits. It is further stated by the Assessing Officer that except some cases, most of the time, the amount was deposited by cash on first of the month and made self-withdrawal at the end of the month and that these claims are not backed by evidence to prove that these withdrawals have actually been returned back to the depositors. The Assessing Officer further opines that except for confirmation letters, the depositors have not produced proof for their identity, capacity and credit worthiness etc., and the details of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot proved by the husband of the assessee before the lower authorities. The confirmation letters were also not furnished by the persons by whom cash deposit were made in the account of the assessee. The claim of the assessee remained as a bald claim only followed by no evidence. Why the depositors will deposit their funds in an account of other person for increasing the deposits of a bank. The depositors can make deposit in their names by themselves. There is no necessity to increase the bank deposit by depositing funds in other s bank account. If the depositor deposits funds in his account, then also, deposit of a bank will increase. Therefore, the claim of the assessee is totally unbelievable. The Ld. CIT(A) rightly observed that the claim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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