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2017 (6) TMI 1373 - AT - Income TaxUnexplained cash deposits in bank account - assessee submitted that the cash deposits is made out of the sale proceeds of a property sold by his wife - HELD THAT:- The purchase made by the assessee’s wife in year 2008 for Rs.2 lakhs has been sold in the year 2011 for a sum of Rs.3,35,700/-. There is no material on record nor any evidence produced by the assessee before the Tribunal to show that the assessee’s wife had received a sum of Rs. 31 lakhs on the sale of property vide sale deed No.201/2011 (sale deed dt 20-1-2011). In the absence of any material produced by the assessee, I have no other option but to confirm the addition of Rs.30 lakhs made by the Assessing Officer. Assessing Officer has not given credit of Rs.3,35,700/- disclosed in sale deed against the cash deposits of Rs. 30 lakhs. As long as the Department does not have a case that the sale proceeds of the assessee’s wife has not been deposited in any other Bank account, I am of the view that the sum of Rs.3,35,700/- disclosed in the sale deed of the assessee’s wife should be given due credit against the cash deposits of Rs.30 lakhs in assessee’s ICICI Bank account. Therefore, the assessee gets the benefit of Rs.3,35,700/- and balance of Rs. 26,64,300/- (Rs.30,00,000 – Rs.3,35,700 = Rs.26,64,300) is sustained as income of the assessee from the undisclosed sourceC- Appeal filed by the assessee is partly allowed.
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