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2015 (10) TMI 1462 - AT - Income TaxUndisclosed investment - assessee, submitted that the assessee and his wife jointly purchased a property - assessee submitted that the assessee belonged to Marwari community and the source was savings from childhood - Held that:- Saving of money in routine course cannot be ruled at the outright. Since the assessee claims that the money was deposited in the bank account in a regular course, this Tribunal is of the considered opinion that the bank account maintained by the assessee's wife in which all the savings were deposited has to be examined and the availability of funds on the date of payment made for purchasing the property has to be examined. On perusal of the registered sale deed, it shows that the property was purchased jointly without any reference to the share of the assessee. Therefore, for all practical purposes, the assessee and his wife have equal sharing in the property. It is also to be examined when the assessee has equal share in the property and the assessee himself claims that a sum of ₹ 40 lakhs was invested by him out of ₹ 47,35,000/-, it is not known how the assessee's wife could claim 50% of the share in the property on the basis of the sale deed. These aspects need to be examined by the Assessing Officer and find out whether the assessee's wife has actually invested the money or the entire money was invested by the assessee. Accordingly, the orders of the lower authorities are set aside and the entire issue is remitted back to the file of the Assessing Officer. The Assessing Officer shall re-examine the matter in the light of the bank account that was said to be maintained by the assessee's wife and thereafter decide the matter in accordance with law, after giving reasonable opportunity to the assessee. - Decided in favour of assessee for statistical purposes.
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