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2022 (2) TMI 487 - AT - Income TaxAddition u/s. 69/68 - unexplained source of deposit of cash in a joint bank account maintained by the assessee with his wife in ICICI Bank - assessee repeatedly stated before the AO that his only source of income was salary and no business was carried on - HELD THAT:- In support of the source of deposits, the assessee submitted that Shri Virendra Khilare, late father of his wife gifted certain land to the assessee. Copy of the gift deed was also made available. Wife of the assessee sold the land in plots. She filed her returns for the A.Ys. 2002-03, 2003-04 and 2004-05 declaring income from sale of plots. There is nothing on record to suggest that her income was disturbed in any manner by the AO or it was not genuinely declared. Out of the sale proceeds of the plots, she transferred ₹ 19.69 lakhs to her father through banking channel on various dates, including three transactions in the year 2002 and five transactions in the year 2004 as have been set out on page 3 of assessment order. It was out of such deposits in the bank account of Shri Virendra Khilare, that he gave back ₹ 13 lakhs to his daughter in the year 2004 itself. A sum of ₹ 12,97,600 was deposited in the joint savings bank account out of this amount. Immediately after the deposit of the amount, the same was transferred to his wife's account on 10.12.2004, which was later on utilized by her for purchasing some property. We are unable to comprehend as to how an addition can be made in the hands of assessee towards cash deposits in the joint bank account when not only the source of deposit but also the entire background of facts leading to the receipt of amount in the hands of assessee's wife was also thoroughly explained before the AO. The assessee's wife was separately assessed to tax, in support of which, her copies of income tax returns were also furnished. We are fully satisfied that the assessee discharged the onus upon him to prove the source of deposit in the joint bank account. Setting aside the impugned order, direct to delete the addition - Decided in favour of assessee.
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