Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (10) TMI 377 - AT - Income TaxTaxability of interest income in case of Joint Bank Account - Unexplained cash deposited in the bank account - addition made on protective basis - Held that:- A tax auditor has examined the books of account of Rahul H. Shah. As per the balance sheet drawn as on 31st March, 2008 a Corporation Bank SB Account No.15986 was duly disclosed. The deposits were in the regular course of business on several dates and some of the entries were contra entries in the bank account. Learned AR has pleaded on the basis of those evidences that although the said bank account stood in the name of the assessee as well as in the name of her son but for all purposes that was operated by son and not by the assessee. Sri Rahul H. Shah has also made a declaration before the AO that the transactions in the Corporation Bank Account were duly recorded in his books of account. In a situation when a tax payer, i.e., a son is duly disclosing the said transaction in the regular course in his books of account and those entries were duly disclosed in the income tax return then those very entries are not required to be again assessed, if Revenue is not satisfied, in the hands of that person who is one of the account holder. Although, the name of the assessee appeared as first name in the said bank account but for all practical purposes the son was operating that account as is evident from several evidences which were in the notice of the Revenue Department. Therefore on merits, we are of the view that the entries being explained in the case of the son and the Revenue Department has not taken any action in the case of the son, therefore, there was no justification to add those very entries in the hands of her mother, i.e., the appellant before us. Once, we have taken a decision on merits and directed to delete the addition, therefore, the legal issue raised as per the additional ground need not to be addressed by us. Rather, this additional ground has become infructuous. - Decided in favour of assessee.
|