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2017 (7) TMI 1386 - AT - Income TaxAddition on account of cash deposits in the savings bank account - HELD THAT:- In the instant case Sale deed was registered with all the terms and conditions of sale which is a conclusive proof of sale consideration and no other evidence was provided by the Ld. A.R. explaining the source for the remaining amount of 12.90.lacs. In the assessee’s case assessee did not explain the source for sum credited in his bank account. Therefore, we hold that the CIT(A) has rightly directed the A.O to tax the amount as unexplained cash deposit and accordingly we dismiss Ground Nos. 1 and 3 of the assessee. Assessment of income in the hands of the assessee instead of his wife - HELD THAT:- Both the purchase and sale documents clearly show that the property was acquired by Smt Vanaja, wife of the assessee, on 17-09-2008 and the same was sold by her on 14-10-2009. The Ld. AR submitted that the property was acquired from the source of Smt Vanaja but not of the assessee. DR did not controvert the above facts. The Ld. DR also did not place any evidence regarding the beneficial ownership to make assessement in the hands of the assessee. Therefore, we hold that the capital gains, if any, should be assessed in the hands of the owner of the property i.e Smt Vanaja but, not in the hands of the assessee. Accordingly, we delete the enhancement made by the Ld. CIT(A) and the ground no.2 raised by the assessee is allowed.
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