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2017 (7) TMI 362 - AT - Income TaxUn-explained deposit into bank - proof of fund available with the HUF - Held that:- HUF has shown the availability of fund of ₹ 62,67,451/- in the cash flow statement along with the application of fund was also explained which includes the deposits made in the bank in the name of Smt. B. Jayashree of ₹ 23 lakhs and further a sum of ₹ 25 lakhs in the name of the assessee then in the absence of any contrary record or fact to dispute the details pointed out in the cash flow statement, the addition made by the AO is not sustainable. The cash flow statement of the affairs of the HUF was accepted in the case of the wife for the purpose of source of deposit and the AO has clearly stated in the remand report that all the particulars as shown in the cash flow statement are also found in the assessment record of the HUF. Therefore, when the particulars of the cash flow statements are accepted by the AO then the source as explained by the assessee as fund available with the HUF cannot be denied. In view of the above facts and circumstances of the case the addition made by the AO is not sustainable and the same is deleted. - Decided in favour of assessee.
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