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2020 (6) TMI 336 - AT - Income TaxUndisclosed income u/s 68 - Unexplained deposit of cash in Vijaya Bank Account - HELD THAT:- Assessee before the revenue authorities submitted copy of service tax registration relating to Coaching Institute. The assessee also submitted that his wife is a taxpayer having source of income from Coaching Institute, rental income and bank interest and regularly files income tax return. Copy of ITR, Balance sheet and profit and loss account was also filed. The assessee also explained that rental income of the assessee and his wife is deposited in this saving account and his wife is at liberty to withdraw or deposit from her bank as per her requirement. That it is wrong to assume that the assessee is sole owner of funds in the said bank account. The evidences as narrated above clearly establish that ₹ 1,00,000/- related to her wife but the revenue authorities failed to consider the same. Direct the AO to delete the addition - Decided in favour of assessee.
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