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2020 (11) TMI 446 - AT - Income TaxUnexplained investment u/s. 69 - amount deposited in the individual bank accounts maintained by the assessee in ING Vysya Bank - HELD THAT:- There are no findings by the Ld. Revenue Authorities that both the assessees are engaged in any other activity earning income other than agricultural income. In this situation, it is a great injustice inflicted on both the assessees by the Ld. Revenue Authorities for making additions without properly examining the veracity of the claim of the assessees when sufficient documents and explanation were furnished before them - amount deposited by both the assesses are from the sale proceeds of the agricultural owned by them. Hence the addition made by the Ld. AO which was further sustained by the Ld. CIT (A) on this count is not justifiable - order of the Ld. CIT (A) set aside and the Ld. AO directed to delete the addition made u/s 69. Unexplained expenditure invoking the provisions of section 69C - HELD THAT:- Assessee has enough resources from his accumulated funds to make payment towards the expenditure as he is earning income from his profession as insurance commission agent for quite a period of time. Further, the assessee's family has also resources for earning agricultural income. Hence, addition made by the Ld. AO which is further sustained by the Ld. CIT (A) on this regard is not warranted. Accordingly, hereby set aside the order of the Ld. CIT (A) and direct the Ld. AO to delete the addition made in the hands of the assessee invoking the provisions of section 69C of the Act as unexplained expenditure. Accordingly, this ground raised by the assessee is also allowed in his favour.
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