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2024 (1) TMI 743 - ITAT HYDERABADUnexplained Money u/s 69A r.w.s. 115BBE - receipts of gift from his wife on various occasions - HELD THAT:- As by filing confirmation from his wife and also the return of income showing the gross total income of Rs. 22,96,219/- during the assessment year under consideration, assessee discharged his onus. In the said confirmation, the wife of the assessee had submitted that Rs. 10 lakhs were given by her to her husband as gift. In our opinion the wife of the assessee falls within the exempt category of ‘relative’ as mentioned under section 56(2)(vii) of the Act and even otherwise, once the wife admits to have given the cash of Rs. 10 lakhs to her husband, the Revenue cannot object to the said gift. As the Revenue cannot disbelieve the confirmation given by the wife and moreover, the Revenue had accepted the return of income filed by the wife of the assessee showing Rs. 10 lakhs as cash gift to her husband. In view of the above, the addition of Rs. 10 lakhs is deleted. Cash gift received from the father of the assessee - In the case of the father, admittedly, no return of income has been shown whereby the father of the assessee had shown to given as cash gift to the assessee. In the absence of any return of income or any other document to prove the cash gift, it cannot be assumed that the father of the assessee has given Rs. 2,40,000/- as gift to the assessee. There is no evidence to show that the father of the assessee had given Rs. 2.40 lakhs as a gift to the assessee. The plea of the assessee is self-serving and is not tenable. Further, during the course of hearing, though the bench has directed to restrict the addition being the amount deposited in the prescribed specified bank notes, however, while finalizing the order, the facts of non-filing of return of income and expiry of father of the assessee were noticed however, the said facts were not been brought to my notice previously, and therefore, uphold the addition made by the Assessing Officer. Cash withdrawal from the firm as partner of the firm and saving cash available on hand deposited - As AO and CIT(A) had not disputed the fact that amount of Rs. 5 lakhs were withdrawn by the assessee from the bank account of firm, (where he was the partner), and thereafter, assessee had deposited the said amount in his account. Even the firm had issued confirmation letter confirming the withdrawing of amount towards the partner account. We find that along with confirmation letter given by the firm, assessee has also shown the financials of the firm wherein the capital account of the firm was debited by Rs. 5 lakhs. In view of the explanation given by the assessee, objection raised by the Assessing Officer and ld.CIT(A) in this regard are duly answered, so assessee had proved identity, creditworthiness and source of cash deposit. We do not find any reason to sustain the order passed by the Assessing Officer and ld.CIT(A) and accordingly, the addition of Rs. 5 lakhs is deleted. Saving cash available on hand deposited - With respect to this amount the opening balance which was disallowed by the Assessing Officer and confirmed by the ld.CIT(A), no documentary evidence was shown by the assessee showing that the amount was available with the assessee. Hence, no reason to acknowledge the submission of the assessee and accordingly, uphold the addition. Appeal of the assessee is partly allowed.
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