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2017 (5) TMI 4 - AT - Income TaxAddition of amount deposited by the deceased assessee in his bank account as income from commission - addition u/s 68 - Held that:- The assessee expired on 04/09/2008, for which the death certificate is placed on the record and the ld. CIT(A) considered the deposit till the date of death of the assessee as commission income and the deposits were of ₹ 20,21,147/-. The ld. CIT(A) considered the amount as a commission income from insurance business and 50% of the same was estimated as income. However, from the close scrutiny of the bank account, notice that the cash was deposited and thereafter the cash has withdrawn with a regular intervals and the highest peak of deposits in this bank account of the assessee comes at ₹ 89,332/- on 30/8/2008. The pattern of deposits and withdrawals shows that the income credited in this account was out of the cash transactions of trading activity, therefore, the provisions of Section 44AF of the Act for estimating the income of the assessee on the total deposit of ₹ 20,21,147/- has to be considered. The 5% of deposit of ₹ 20,21,147/- comes to ₹ 1,01,057/-. The peak of the deposits in this account also comes at ₹ 89,332/-, thus the income of the assessee for this period out of these transactions recorded in bank can reasonably and justifiably be estimated at ₹ 1,01,057/-. Thus, this ground of the assessee’s appeal is partly allowed. Receipt of commission from insurance as reflected in Form 26AS - treated as income from other sources - Held that:- No explanation was furnished by the ld AR of the assessee before the ld. CIT(A) as well as before this Bench, therefore, find no infirmity in the order of the ld. CIT(A) and the same is hereby sustained.
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