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2022 (7) TMI 695 - AT - Income TaxUnexplained bank deposits - dispute between the parties that the bank account herein belongs to assessee’s son - this bank account had seen cash deposits of Rs.28 lacs which have been assessed in assessee’s hands - HELD THAT:- The assessee appears to have opened the foregoing bank account in the name of his erstwhile minor son Mr. Virendra Mahadik long back. He had also furnished his PAN number at the time of his minor son’s bank account opening. Mr. Jasnani vehemently argued that the learned lower authorities have rightly gone by assessee’s PAN for taxing the impugned cash deposits in his hands. He could hardly have rebut the clinching fact that the assessee’s son; who was a minor at the time of account opening, has become a major on 23.05.2011 who is assessable in his independent capacity. We also wish to quote section 64(1A) of the Act wherein clubbing of income is provided in case of a “minor” child only which is not the case before us. Faced with the situation, we conclude that both the learned lower authorities have erred in law and on facts in adding the impugned cash deposits in assessee’s hands. - Decided in favour of assessee.
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