Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (12) TMI 299 - ITAT PUNEAddition u/s.69 - assessee has not proved the source of investment satisfactorily - assessee failure to prove with cogent evidence that amount of cash has been gifted by her wife - Held that:- It is an undisputed fact that the wife of the assessee Smt. Kavita D. Gupta is an income-tax assessee from 2000-01 onwards. The copies of the returns of income filed by her for different assessment years have been filed in the paper book. The cumulative capital of Smt. Kavita D. Gupta is more than ₹ 9 lakhs. The various documents filed by the assessee substantiating the credit worthiness of Smt. Kavita D. Gupta cannot be disbelieved under the facts and circumstances of the case. When Smt. Kavita D. Gupta had filed the details of her income-tax returns along with PAN and confirmation letter, the Assessing Officer should have summoned her. Since the assessee is a lady with a mentally challenged child and is doing seasonal business and has produced the purchase and sale bills etc. the Assessing Officer under the facts of the present case should not have doubted the business of the wife of the assessee merely on the ground that she has not produce the shop license. So far as the objection of the Assessing Officer that money has not routed through banking channel although the wife of the assessee is maintaining a bank account is concerned, this in my opinion should not be a ground under the facts and circumstances of the case to disbelieve the gift. Since the assessee in the instant case has substantiated the identity and credit worthiness of the donor and the genuineness of the transaction, therefore, the CIT(A) in my opinion should not have confirmed the addition made by the Assessing Officer u/s.69 of the I.T. Act to the extent of ₹ 3 lakhs. Thus the lower authorities should not have disbelieved the gift received by the assessee from his wife for purchase of the agricultural land in question
|