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2017 (1) TMI 1288 - AT - Income TaxAddition u/s 68 - cash deposited in bank account - Held that:- The assessee also furnished the copy of the gift deed for a sum of ₹ 5,00,000/- received on 29.01.2009 from her father Colonel Dharm Vir Yadav who had stated in the said gift deed that he was getting a handsome salary throughout his carrier and income tax was deducted from his salary income and that he worked as a Solider Board Secretary, after his retirement under Haryana Government. The assessee also furnished the copy of PAN number of Sh. Dharam Vir Yadav which is placed at page no. 32 and also furnished the affidavit of her brother Sh. Ashok Kumar (copy of which is placed at page nos. 34 & 35) in the said affidavit it is mentioned that his father was not feeling well and died on 04.01.2009 and that he had given a cash amount gift of ₹ 5,00,000/- to his sister Smt. Sunita before his death. Therefore, considering the totality of the facts of the present case as discussed hereinabove, the assessee duly explained the source of the gifts received from her sister, father-in-law and father. Therefore, the addition amounting to ₹ 10,00,000/- made by the AO by considering the gifts as non-genuine and sustained by the ld. CIT(A) was not justified. Addition of expenses incurred for operating Chandanvan Tiny Tots School - Held that:- Carefully gone through the material available on the record. In the present case, it is noticed that the assessee was depositing receipts from tuition in her bank account maintained with Punjab National Bank in the name of Chandanvan Tiny Tots School and also had shown withdrawals, so it cannot be said that only deposits were there in the bank account as alleged by the AO. It is also an admitted fact that the assessee had shown the net income amounting to ₹ 1,20,000/- on account of tuition fee. In the present case, the assessee deposited the entire tuition fee in her bank account withdrew the amount to meet out the expenses from the said bank account and had shown net income from tuition in the profit & loss account. Therefore, the addition made by the AO and sustained by the ld. CIT(A) to the extent of ₹ 80,298/- was not justified and therefore, the same is deleted.
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