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2020 (11) TMI 822 - AT - Income TaxRevision u/s 263 - transaction of cash deposit in the saving bank account by the respective assessee(s) - transaction arising out of family partition - CIT while initiating proceedings u/s 263 of the Act mentioned that “ no details and documents are found on record which could establish that the dates on which the amount was received by the assessee from his father and also the Ld. A.O did not examined the assessee on oath in connection with the veracity of the transaction” - HELD THAT:- A.O vide his notice dated 3.10.2016 issued u/s 143(2) of the Act enclosed a Annexure and through point No.13, the assessee was required to explain the source of cash deposit in his saving bank account. Along with this reply the assessee enclosed copy of bank pass book, copy of agreement of sale of agriculture land, copy of memorandum of family settlement and copy of death certificate of father Ramcharan Das. On the basis of above details the explanation of the assessee were accepted by the Ld. A.O and the alleged amount being the amount received on family partition, the transaction was treated as explained by the Ld. A.O. All necessary evidences which could explain the source of cash deposits in the bank account by the respective assessee(s) is established and in the family partition deed the name of three assessee(s) named S/Shri Ram Swarrop Bairagi, Sriram Vaishnav and Shailendra Vashav who are in appeal before us are appearing. The nexus of cash deposit is proved with copy of sale deed, partition deed and bank pass book. We therefore in the given facts and circumstances of the case are of the considered view that specific information was called by Ld. A.O about the alleged cash deposits and the assessee has satisfied the Ld. A.O with complete details giving the source of cash deposit in the bank account. Therefore it is neither a case of no enquiry or inadequate enquiry - PCIT has wrongly assumed jurisdiction u/s 263 of the Act and the impugned order deserves to be quashed - Decided in favour of assessee.
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