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2019 (3) TMI 481 - AT - Income TaxUnexplained investment u/s.69 - cash deposit in the Bank as unexplained cash credits - income from salary, stridhan, interest income for a prolong period in relation to the income of the assessee’s wife - HELD THAT:- As perused the documents annexed assessee’s wife in whose name the amount was claimed to have been deposited either by assessee or herself was from her income from salary, sale of jewellery and other sources including Income Tax Return as available seems to be genuine. The salary certificate is also part of the document before us. The chart prepared by the assessee regarding her source of income appearing in the written submission before the Learned CIT(A) dated 07.05.2013 for Financial Year 2002-03 to 2007-08 have also been perused by us. We have carefully considered the judgments relied upon by the assessee as well. We find that since the pay-in-slips bore the signature of the assessee and not the signature of the assessee’s wife. AO came to a conclusion that the transactions were made by the assessee and not by his wife. While doing so, the AO did not take into account that the evidence relating to income from salary, stridhan, interest income for a prolong period in relation to the income of the assessee’s wife or that the fact that the preposition of deposing this money in a joint account by the husband by putting his own signature instead of his wife does not necessarily lead to a conclusion that the husband has deposited the same from his own income other than the income earned by the wife. Since the genuineness of the source of income of the wife has not been questioned by the authorities below the entire addition cannot be made as unexplained investment u/s 69. The entire source of amount so deposited was failed to have been established by the assessee with corroborating evidences. Taking into consideration the entire gamut of the matter found it fit and reasonable to allow ₹ 3,00,000/- as the saving of the wife of the assessee from such addition made by the authorities below. - Decided partly in favour of assessee.
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