Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (1) TMI 538 - AT - Income TaxAddition of purchase of housing in joint name as unexplained investment - using past savings - explanation of the taxpayer that half of the amount was paid by his wife - Held that:- The explanation of the taxpayer that half of the amount was paid by his wife where she was an independent taxpayer in her own right deserves to be accepted and consequently the assessee in those peculiar facts and circumstances cannot be saddled with the addition of ₹ 7.50 which has been owned up by the wife; the property as per record is in the joint name of the husband and wife and the bank loan is also in their joint name. Accordingly the explanation that the wife contributed ₹ 7.50 Lacs from her past savings and her Stridhan is accepted. Qua the remaining amount of ₹ 7.50 lacs remand is directed and the issue is set aside back to the file of the Ld. CIT(A). The CIT(A) is directed to examine the taxpayer’s claim in regard to the payment of ₹ 7.50 Lacs by the assessee which is stated to be from his past savings. Accordingly, the impugned order to this limited extent is set aside back to the file of the CIT(A) with the direction to pass a speaking order in accordance with law after considering the assessee’s explanation to the extent of ₹ 7.50 Lacs as the explanation qua his wife for the remaining portion for the reasons given hereinabove is accepted. Appeal of the assessee is allowed for statistical purposes.
|