9911796707
TMI Blog2025 (3) TMI 1050X X X X Extracts X X X X X X X X Extracts X X X X ..... led by the assessee before the relevant Tax Authorities in Angola declaring income from such incentives. The assessee did not file details of passport before the AO/ CIT(A) for the impugned year under consideration and the assessee has also not furnished copy of bank statement before the Tax Authorities, for their perusal. However, we also note that the assessee had furnished name and address of the concerned person who had exchanged the USD received by the assessee into INR, however, despite this is no independent enquiry was made by the AO to verify the genuineness of such party.
Accordingly, as assessee had furnished employment letter from his employer based out of Angola, letter of confirmation that the assessee had received a sum of Rs. USD 20,190 from his employer and also the details of the person who had exchanged the USD into INR, we are of the considered view that in the interest of justice, the matter may be restored to the file of AO for fresh appreciation of evidence placed on record by the assessee - Ground allowed for statistical purposes. X X X X Extracts X X X X X X X X Extracts X X X X ..... nt received from mother of Rs. 2,00,000/-, it is found that the same is received from her mother's bank account and the appellant has not furnished the entire bank statement of her mother. Further, loan of Rs. 2,80,000/- was received from her mother's bank account on 26.11.2020 which is preceded by cash deposit of Rs. 40,000/- (seven time) from 17.11.2020 to 26.11.2020 amounting to Rs. 2,80,000/- therefore the source of loan received from mother of Rs. 2,80,000/- is immediately of equal amount in her bank account. Similar pattern of cash deposit in his brother's (Piyush B Rajput) account was found and loan of Rs. 2,80,000/- was given to the appellant. This clearly shows that the alleged loan amount was managed from her mother's and brother's bank account. Therefore, the ld. AO rightly stated in the remand report that the source of loan amount received from his mother and brother is not satisfactorily explained. Further, the mother's and brother's copy of ITR shows that they have meager source of income and their creditworthiness is not found based on the documents submitted by the appellant. As regard of loan received from Minaxiben B Chauhan (mother's siste ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for A.Y. 2019-20, for a sum of Rs. 3.88 lakhs for A.Y. 2020-21 and for a sum of Rs. 4.98 lakhs for A.Y. 2021-22. Accordingly, in our considered view, the creditworthiness of Smt. Manjulaben B. Rajput stands duly established. Further, we also observe that Smt. Manjulaben B. Rajput also furnished confirmation of loan given to the assessee, through banking channels, during the impugned year under consideration. Accordingly, looking into the instant facts, in our considered view, the creditworthiness of Smt. Manjulaben B. Rajput stands duly established. So far as loan from Smt. Minaxiben B. Chauhan is concerned, we observe that she is the sister of the assessee's mother and she give a loan of Rs. 2,00,000/- on 15.06.2020 and another loan of Rs. 32,000/- on 02.11.2020. On perusal of the records, we observe that Smt. Minaxiben B. Chauhan filed return of income for a sum of Rs. 2.98 lakhs for A.Y. 2019-20 and for a sum of Rs. 3.33 lakhs for A.Y. 2020-21. Further, Smt. Minaxiben B. Chauhan also filed confirmation of loan given to the assessee before the Assessing Officer, alongwith her PAN details. Accordingly, in our considered view both the identity and creditworthiness of Smt. Minaxiben ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d save about 19,750 USD, which he brought bnack to India in two tranches on 27.01.2020 (USD 9,000) and on 14.01.2020 (USD 10,700). After returning to India, the assessee exchanged USD to INR and deposited the money in his aforesaid bank account. The assessee submitted that he exchanged USD into INR from Mr. Priyansh Shah, but the said person has not issued receipt of exchange from USD to INR. However, the Assessing Officer was not convinced with the assessee's explanation for the reason that if the assessee's employer had deposited his salary amounting to Rs. 5.77 lakhs in his NRE bank account, then it is not understandable as to why the commission on sale was paid to the assessee in cash. Secondly, the assessee has not furnished any documentary evidence to support that he had exchanged USD to INR and deposited the same in his NRO account. The assessee has merely given name and address of a money changer, however, the assessee was not able to produce receipt from the said person at the time of exchange. 13. In appeal, Ld. CIT(A) confirmed the additions in the hands of the assessee with the following observations: "5.4 The Ground No.3 is against the addition of cash deposit of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee. Further, the Counsel for the assessee also furnished before us the letter of appointment issued by M/s. Balaxi Healthcare (SU) LDA to the assessee dated 15.08.2018, which clearly mentions that the employer shall provide incentives based on the overall performance to the assessee. However, we also observe that the assessee has not filed certain details like return of income filed by the assessee before the relevant Tax Authorities in Angola declaring income from such incentives. The assessee did not file details of passport before the Assessing Officer / CIT(A) for the impugned year under consideration and the assessee has also not furnished copy of bank statement before the Tax Authorities, for their perusal. However, we also note that the assessee had furnished name and address of the concerned person who had exchanged the USD received by the assessee into INR, however, despite this is no independent enquiry was made by the Assessing Officer to verify the genuineness of such party. 16. Accordingly, looking into the totality of facts, wherein the assessee had furnished employment letter from his employer based out of Angola, letter of confirmation that the assessee had rece ..... X X X X Extracts X X X X X X X X Extracts X X X X
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