Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (7) TMI 114 - AT - Income TaxUnexplained deposits in bank account - appellant is a housewife - Held that:- Ld. Counsel for the assessee contends that ld. CIT(A) has given clear findings of facts and held that the opening cash of 2.75 lacs and withdrawal of ₹ 1 lac contributed towards construction were not considered, besides there was no justification in ignoring the cost of material of ₹ 1,32,176/- as indicated by ld. CIT(A). The factual discrepancies in AO’s working of Annex. B have been demonstrated by ld. CIT(A), his order deserves to be upheld on this issue. Un-explained investment in the construction of residential house - Held that:- CIT(A) from the bank statement, endorsed the correct fact that investment in the construction works was made partly in the Financial Year 2007-08. This has been impliedly acknowledged by the learned AO while discussing this addition in the body of the assessment order. These vital facts emerging from record cannot be ignored on ipsi-dixit by manufacturing some lacunae in assessee’s reply. Therefore ld. CIT(A)’s clear finding of fact that the investment in construction of house was made in AY 2008-09 & 2009-10 is based on proper verification of facts on record and there is no reason to disturb such findings of facts. It is further contended that ground iv of the revenue has no meaning inasmuch as the merits of all the credit entries stand proved by the assessee which is manifest from the order of ld. CIT(A). consequently there remains no issue about identity, genuineness and creditworthiness of these entries. In the light of above observations and working, the conclusions so arrived at by the learned CIT (A) are very fair, reasonable and logical so we rely upon such findings of the learned CIT (A). No reason to interfere with ld. CIT(A) order who has co-terminus powers with AO and can do what AO failed to do; except the alternate plea of the assessee about the Axis bank a/c being joint account. This becomes more relevant in the peculiar background of assessee’s being a house maker, having no knowledge of construction, debit and credit entries in the bank and prolonged and terminal illness of the husband. None of which is questioned by lower authorities Therefore, if at all it is held that ₹ 8,01,050/- remained unexplained then assessee being a joint a/c holder cannot be saddled with entire addition. The same is to be treated equally half in the hands of husband and wife. In view thereof we hold that the sustainable addition in the hands of assessee be restricted to 4,00,550/-. - Decided partly in favour of assessee.
|