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2020 (5) TMI 301 - AT - Income TaxUnexplained investment in the commercial property by assessee HUF - deduction u/s 80C denied - AR submitted that the entire family is earning a handsome amount either in individual parity or as HUF and entire cash amount is out of disclosed & declared sources - HELD THAT:- CIT(A) observed that since no withdrawal was shown in the return of income by the HUF, therefore, it is difficult to believe that the HUF has contributed for the household expenses of the assessee. Besides that the CIT(A) also rejected the contention of the assessee that the assessee required the cash in hand for his probable medical expenses. But the fact remains that the assessee has also explained the introduction capital of ₹ 8,25,505/- as capital by stating that he had received money from his father in law of ₹ 5,00,000/-, amount transferred from minor son saving bank account of ₹ 1,41,800/-, amount transferred from minor daughter’s saving account of ₹ 23,000/-, amount transferred from wife’s saving account of ₹ 63,000/- apart from dividend income and mutual fund receipts. AO as well as CIT(A) both did not look into the evidences brought on record by the assessee. The CIT(A) also has not given any cogent reason as to why said addition sustains. In fact, the observation of the CIT(A), that no documentary evidence was shown in respect of father in law and wife is incorrect and needs to be verified. Therefore, it will be appropriate to remand back this matter to the file of the Assessing Officer to verify the evidences which were produced by the assessee before the CIT(A). Ground allowed for statistical purpose. CIT(A) was rightly rejected the deduction u/s 80C of the Act.
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