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Facts
The assessee, who runs a petrol pump, deposited Rs. 59.71 Lacs in cash into a savings bank account. This deposit was not reflected in the financial statements. The assessee's claim of an agreement to explain the deposit was found to be fake as the stamp paper date was later than the purported agreement period.
Held
The Tribunal held that the facts presented by the lower authorities were undisputed and that the assessee had failed to prove the source of the cash deposited in undisclosed bank accounts. The fake nature of the agreements further supported the addition made.
Key Issues
Whether the addition of Rs. 59.71 Lacs to the assessee's income is justified when the source of the cash deposit is not satisfactorily explained and supporting documents are found to be fake.
Sections Cited
69
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Income Tax Appellate Tribunal, “DB” BENCH, AGRA
Before: HON’BLE SHRI SATBEER SINGH GODARA, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM
(िनधा�रणवष� / Assessment Year:2014-15) Smt. Pushpa Devi Gupta Income-tax Officer, बनाम/ Mohalla-Sujawalpur, Sahawar Road Ward 3(2), Etah. Vs. Gunjdundwara, Kasganj-207123. �थायीलेखासं./जीआइआरसं./PAN/GIR No. ACDPG-5625-Q (अपीलाथ�/Appellant) : (� थ� / Respondent) अपीलाथ�कीओरसे/ Appellant by : Sh. Pankaj Gargh, Adv. – Ld. AR � थ�कीओरसे/Respondent by : Sh. Shailender Shrivastava – Ld. Sr. DR सुनवाईकीतारीख/Date of Hearing : 20-02-2025 घोषणाकीतारीख /Date of Pronouncement : 22.04.2025 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2014-15 arises out of an order passed by learned Commissioner of Income Tax (Appeals), Aligarh [CIT(A)] on 24-01-2018 in the matter of an assessment framed by Ld. AO u/s144 on 31-03-2014. Having heard rival submissions, our adjudication would be as under.
From case records, it emerges that the assessee runs a petrol pump in the name of M/s Rishav Kisan Sewa Kendra. It transpired that the assessee deposited cash of Rs.59.71 Lacs in its savings bank account. The Ld. AO added the same to the income of the assessee u/s 69 for want of any satisfactory reply from the assessee. The Ld. AO also observed that the said bank account was not reflected in the financial statements. During first appeal, the assessee furnished additional evidences which were subjected to remand proceedings. The Ld. AO made enquiries and arrived at the conclusion that the agreements as given by the assessee were fake and wrong. The stamp paper was dated 21-01-2016 whereas the agreement was shown to have been entered between 01-08-2013 to 31-01-2014. Considering the same, Ld. CIT(A) upheld the addition against which the assessee is in further appeal before us.
The facts as noted by lower authorities remain undisputed before us. It is quite clear that the assessee has deposited cash in undisclosed bank accounts. The assessee has miserably failed to prove the source of the same. Accordingly, no interference is required in the orders of lower authorities.
The appeal stands dismissed. Order pronounced u/r 34(4) of Income Tax (Appellate Tribunal) Rules, 1963.