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Judgment
The present appeal has been filed by the assessee against the order of ld. CIT(A)-17, New Delhi dated 11.03.2016.
The assessee filed return of income on 30.03.2010 declaring income of Rs.6,76,727/-. The assessee derives remuneration, interest profit from M/s SPS Movers & Lifter, Capital Gain and income from other sources.
Cash Deposit:
Information has been received by the revenue from Oriental Bank of Commerce with regard to cash deposit of Rs.55,87,000/ -.
The assessee has produced cash statement which is as under:
Tabulated cash statement for the period 1.4.2008 to 31.3.2009
MRS. ANJU MAHAJAN
DATE
AMOU NT
SOURCES
19.04.2008
250000
Cash Deposited from Op. Cash in hand as per statement of affairs as on 31 . 03 . 2008
19.04.2008
250000
Cash Deposited from Op. Cash in hand as per statement of affairs as on 31 . 03 . 2008
19.04.2008
300000
Cash withdrawn from S PS Movers & Lifters C A No 1192
( Wherein A nju Mahajan one of the partner) and deposited in Saving Bank A/ c 1769
06.05.2008
400000
Cash withdrawn from S PS Movers & ( Lifters CA Mo 1192 ( Where in Anju Mahajan one of the partner) and
deposited in Saving Bank A/ c 1769
08.05.2008
300000
Cash withdrawn from S PS Movers & ( Lifters CA No 1192 ( Where in Anju Mahajan one of the partner) and deposited in Saving Bank A/ c 1769
22.05.2008
280000
Cash Withdrawn from S B 10723 with ING Vysya Bank and deposit in S B A/ c 1769 OBC
26.05.2008
900000
Cash Withdrawn from S B 10723 with ING Vysya Bank and deposit in S B A/ c 1769 OBC
27.05.2008
200000
Cash Withdrawn from S B 10723 with ING Vysya Bank and deposit in S B A/ c 1769 OBC
30.06.2008
800000
Cash withdrawn from H. R. TRAD ERS ( Where in A nju Mahajan one of the partner) and deposited in Saving Bank A/ c 1769
11.07.2008
25000
Cash Withdrawn from S B 10723 with ING Vysya Bank and deposit in S B A/ c 1769 OBC
18.07.2008
112000
Cash deposited from cash in hand as per cash book and S tamp Duty Paid on 18.07.2008
09.08.2008
350000
Cash Withdrawn from SB 10723 with ING Vysya Bank and deposit in SBA/ c 1769 OBC
16.09.2008
150000
Cash Withdrawn from SB 10723 with ING Vysya Bank and deposit in SBA/ c 1769 OBC
14.10.2008
25000
Cash deposited from cash in hand as per cash book
26.11.2008
300000
Cash deposited from cash in hand as per cash book
03.12.2008
300000
Cash deposited from cash in hand as per cash book
04 .12.2008
502000
Cash deposited from cash in hand as per cash book
21.01.2009
5000
Cash deposited from cash in hand as per cash book
TOTAL
5449000
In the remand report, the AO has accepted Rs.44,49,000/-and the balance amount of Rs.11,38,000/- has been confirmed by the ld. CIT(A).
We have gone through the cash book submitted before us and find that Rs.11,38,000/- has also been duly reflected in the cash book from where the deposits have been made. Hence, we direct that the amount be deleted. The ground nos. 2 & 2.1 being interrelated are allowed.
PRV Sales Rs.6,00,000:
The AO made addition alleging that the sundry creditor namely, PRV Sales Corporation as a bogus entry. The said entity was a proprietorship concern of her husband and during the assessment proceedings vide letter dated December 23, 2011 had filed the confirmation along with the income tax particulars from the said creditor. The same has been annexed at page 64 of the paper book and already examined by the AO in the remand proceeding. Further, at page 53-54 of the paper book, the assessee has annexed the assessment order for A.Y. 2008-09, wherein the AO has examined the said creditor and accepted it. Hence, the addition is directed to be deleted.
Credit received from N.K. Mahajan:
The assessee received loan of Rs.18,18,000/- during the assessment year under appeal and the balance amount of Rs.12,75,000/- was received in the previous year and the same has been accepted by the AO in the assessment proceedings completed for A.Y. 2008-09. Copy of the order is (pages 53-54 of the PB) examined. Copy of confirmation from Mr. N. K. Mahajan along with the Income Tax particulars has been produced. No adverse interference has been drawn by the revenue except holding that the creditworthiness has not been proved. Since, the same amount has been accepted for the A.Y. 2008-09 received by the same person. In the absence of any contrary material, no addition is called for.
Amount received from R.K. Apartments & Monika Mahajan:
The facts reveal that the assessee has repaid an amount of Rs.12,00,000/-to her sister-in-law, Ms. Monika Mahajan out of the total loan outstanding amount of Rs.18,12,500/-. It was argued that there was no actual repayment of loan but only a journal entry was passed whereby an amount paid to R.K. Apartments for booking of flat was taken over by Ms. Monika Mahajan and the same was adjusted in her account. The said advance paid to R.K. Apartments as well as the loan outstanding from Ms. Monika Mahajan has been accepted by the same AO in the Assessment Order passed for the A.Y. 2008-09. The assessee has furnished a confirmation along with the income tax particulars of the said creditor vide letter dated December 23, 2011 during the assessment proceeding. The assessee during the proceeding before us had filed the certificate from ING Vyasa Bank demonstrating that the amount of Rs.12,00,000/- was paid through cheque during the financial years 2004-05 and 2005-06. Hence, keeping in view the entire factual matrix, we hereby delete the addition made by the AO.
In the result, the appeal of the assessee is allowed.