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2013 (12) TMI 714 - ITAT KOLKATAUnexplained cash credit - Held that:- The assessee has only source of income i.e. income from other sources, interest on loans and interest on bank - The assessee has only bank account maintained with Allahabad Bank - She has opened one bank account with Standard Chartered Bank, Gariahat Branch, Kolkata just to deposit the sale proceeds of jewellery, which was handed over by her mother for the purpose of charity - The assessee produced the letter of Smt. Rampiyari Devi which clearly states that she is having gold and diamond jewellery, which was received at the time of her marriage, and expressing her will for charity out of the sale proceeds of the above jewellery through her daughter - Even the sale proceeds were deposited in the Standard Chartered Bank Account only for the purpose of depositing sale proceeds of jewellery, for which the assessee was only custodian and this account was opened just as a facilitator - Immediately after sale of jewellery the amount was deposited in this bank and was issued cheque in the name of Ramkrishna Mission for the purpose of charity - By producing the evidence before the lower authorities the assessee has discharged the initial burden which lies upon him. Now the burden shifts on the department as to why the assessee's case cannot be accepted and why it must be held the entry, thought purporting to be in the name of a third party, still represent the income of the assessee from an undisclosed income - The AO or the CIT(A) has neither examined these evidences nor put to cross examination like that of sale bill, the valuation report or the ownership letter written by assessee's mother - The assessee has produced all the evidences and which have arbitrarily been rejected by the lower authorities - Assessee was never the owner of gold and diamond jewellery instead her mother has handed over the possession of jewellery for doing charity out of the sale proceeds of the same and assessee acted accordingly - Decided in favour of assessee.
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