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2019 (12) TMI 1250 - AT - Income TaxAddition u/s 68 - Assessment of HUF - AO felt that the money of assessee is routed through assessee’s-HUF and the amount is concealed income - HELD THAT:- HUF has filed its return of income for the AY.2012-13 and the CPC, Bengaluru has processed the return also on 14-05-2013. It is not known under which provisions or proceedings, the AO has issued notice dt.13-10- 2014, requiring the assessee to explain the sources for the deposits in cash to the assessee in HUF status. Assessee has also filed reply and the acknowledgment of the ITO, Ward-I, Proddatur is also available on the said copy. After that date, no action has been taken by the ITO, Proddatur and therefore it is to be deemed that the AO/ITO was satisfied with the explanation given by the assessee-HUF. Once the AO of the assessee-HUF has accepted the source for the deposits made into its accounts, the creditworthiness of the HUF has been accepted by the ITO and therefore, the same cannot be doubted in the hands of the individual. In view of the same, inclined to delete the addition - Decided in favour of assessee.
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