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2018 (4) TMI 1695 - ITAT CHENNAIAddition of unexplained fixed deposit - cheque received on sale of the property - HELD THAT:- There can be no two opinion that the sum credited in assessee’s bank account on 20.02.2014 was the cheque received on sale of the property. Irrespective of the fact whether assessee, as a power of attorney holder, was entitled to such sum, it cannot be controverted that the fixed deposit made by the assessee on 17.03.2014, thus stood explained. Fixed deposit was placed by the assessee from the very same bank account through a transfer debit. It might be true that the power of attorney was registered on 03.12.2012 and assessee had no good source to explain the payment of ₹ 45,00,000/- to Ms.S. Ishwariah.Source of such payment would be relevant only for previous year ending 31.03.2013 viz, assessment year 2013-2014. As far as assessment year 2014-15 is concerned, assessee had well explained source for making fixed deposit of ₹ 35,00,000/-. The addition stands deleted. Grounds 2 & 3 are allowed. Unexplained cash credit - HELD THAT:- Bank account Shri. Bhuma Ramakrishna Reddy with ICICI was not an NRI account. Assessee had failed to file any confirmation from Shri. Bhuma Ramakrishna Reddy. Assessee also could not give any details on the whereabouts of Shri. Bhuma Ramakrishna Reddy. In such circumstances, we are of the opinion that the addition was rightly made by the ld. Assessing Officer and confirmed by ld. Commissioner of Income Tax (Appeals). - Decided against assessee.
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