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2016 (12) TMI 113 - AT - Income TaxUnexplained investment made in recurring deposits and interest thereon - Held that:- Revenue is not denying the fact that the recurring deposit account is in the name of both the assessee and his wife and the deposit is only of ₹ 67,500/-. The assessee has shown withdrawals of ₹ 1,08,835/-. Even if we consider that this amount is entirely used for the house hold expenses still deposit could have been presumed to be made out of the income of the assessee’s wife who earned income of ₹ 2,63,930/- and taxable income of ₹ 73,930/- during the current year which is more than the investment of ₹ 67,500/- made in recurring deposits. Hence, we hold that the assessee has sufficient source of income for the deposits of ₹ 67,500/- made in the recurring deposits account jointly held with his wife. Hence, we delete the addition - Decided in favour of assessee Adition towards unexplained cash credit - Held that:- We are of the view that the assessee has not substantiated his claim with evidences before the lower authorities or even before us. Hence, we sustain the orders of the lowers authorities - Decided against assessee Addition of gift received by assessee from his father - genuity of gift - Held that:- It is not denied by the revenue that the parents of the assessee are owning agricultural land to the extent of 10 acre (39 hectors without water facilities 12 hectors with water facility). Therefore, it cannot be completely brushed aside that there is no creditworthiness to the donor to give the gift. We agree with the assessee that the gift deed declaration of gift made by his mother cannot be treated as non genuine since the contention of the assessee that this gift was given by his father as his last wish and the cash was not proved to be false. Coming to the creditworthiness of the creditor /donor since donor is having sufficient wet land and dry land it cannot be doubted earning of agricultural income. The creditworthiness cannot be doubted. Both the parents of the assessee are passed away and therefore the assessee may not be in a position to establish the fact of the parents cultivating the land when they were alive. Therefore, taking the totality of facts and circumstances into consideration and in view of the smallness of the gift we cannot hold that the gift is not genuine. In the circumstance, we hold that the gift is genuine and addition on account of gift is deleted. - Decided in favour of assessee
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