SHRI. SHARDUL SINHA,BENGALURU vs. ASSESSING OFFICER, 4(1)(3), BENGALURU

Date of Hearing : 18-11-2020 Date of Pronouncement : 19-11-2020 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal has been filed by assessee against order dated 20/08/2019 passed by Ld. ACIT (A)-4, Bangalore for assessment year 2014-15 on following grounds of appeal: “1. CIT Appeal's order is opposed to the law and facts of the case.

2. Appellant submitted details of deposit and the sources for such deposit. CIT(A) failed to examine the same.

3. CIT (A) has not given finding on the submission of details of depcit and sources.

4. CIT(A) on surmise accepted the finding of Assessing officer

at the time hearing.

6. Hon'ble ITAT may kindly allow the appeal and render justice to the appeal.” Brief facts of the case are as under:

2. Assessee is an individual and filed his return of income for year under consideration on 01/10/2014 declaring total income of Rs.13,89,340/-. The case was selected for scrutiny and statutory notice under section 143(2) was issued to assessee. Notice under section 142(1) of the Act was also issued to assessee in response to which representative of assessee appeared before Ld.AO and filed requisite details as called for.

3. During the assessment proceedings it was from AIR information available with revenue, Ld.AO noted that assessee had made cash deposits of Rs.43,93,000/- in Corporation bank and Rs.17,06,000/-in IndusInd bank Ltd. Assessee was a accordingly called upon to explain the nature and source of cash deposits made in these banks and was requested to furnish copy of the bank accounts. On verification of the bank statements, Ld.AO noted that assessee failed to explain the nature and sources of the deposits. He therefore made addition of cash deposits amounting to Rs.60,99,000/- under section 68 of the act as unexplained cash credits.

4. Aggrieved by order of Ld.AO, assessee preferred appeal before Ld.CIT(A).

5. Before Ld.CIT(A) assessee filed statement deposits and withdrawals prepared by him and submitted that these were from genuine sources. Ld.CIT(A) observed that assessee neither produced any credible proof nor appeared before the authority in support of his submissions. Ld.CIT(A) thus concluded that nothing substantial documents/evidences are available with assessee to support the claim. He accordingly upheld the addition made by Ld.AO.

by assessee stands allowed for statistical purposes. In the result appeal filed by assessee stands allowed for statistical purposes. Order pronounced in the open court on 19th Nov, 2020 Sd/- Sd/- (CHANDRA POOJARI) (BEENA PILLAI) Accountant Member Judicial Member Bangalore, Dated, the 19th Nov, 2020. /Vms/ Copy to: