9911796707
TMI Blog2013 (6) TMI 407X X X X Extracts X X X X X X X X Extracts X X X X ..... ted in bank by the assesee. Ground No. 2 The assessee may please be allowed to add, delete alter modify any of the grounds of appeal." 2. The brief facts of the case are that return in this case was filed on 30.07.2006 declaring an income Rs.1,85,460/-. The income shown in the return of income consisted of salary only. The case was selected for scrutiny under CASS. 3. During assessment proceedings, the AO noticed that assessee had made cash deposits in Standard Chartered Bank and ING Vysya Bank amounting to Rs.10,88,000/-. In response to the query of AO, the assessee explained the source of cash deposits as under: "1. Gift received from wife Rs.6,00,000/- 2. Gift received from father's in law Rs.2,00,000/- 3. Cash help from Sister's ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dition u/s 269 SS for accepting cash deposit. 7. The AO further held that assessee himself had submitted that he had deposited an amount of Rs.14,55,000/- and since the explanation has been rejected therefore, he made a further addition of Rs.3,67,000/- being difference of Rs.14,55,000/- and Rs.10,88,000/-.He held that amount was received in cash in violation of provisions of section 269 SS. 8. Dissatisfied with the order, the assessee filed appeal before CIT (A). The Ld. CIT (A) after going through the submissions of assessee upheld the addition made by AO on account of gift from wife. However, he deleted the addition of Rs.2,00,000/- being received from father in law, and that of Rs.1,90,000/- received from other relative. The addition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h to her husband. The addition of Rs.6lakhs is, therefore, confirmed." 8. With regard to addition of Rs.3,67,000/-, the Ld. CIT (A) upheld the same by holding as under:- 22. There were cash deposits in the bank account of the appellant to the extent of Rs.14,55,000/-. The appellant furnished explanation with regard to source of deposits to the extent of Rs.10,88,000/- as per details discussed above. With regard to the balance amount of Rs.3,67,000/- the appellant stated that the source of these was his past withdrawals from bank and accumulated petty savings. The income of the appellant was stated to be as under in various assessment years: Assessment Year Amount(Rs.) 2003-04 5,18,614/- 2004-05 5,17,742/- 2005-06 3,92,368/- 2006- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee was gifted an amount of Rs.6,00,000/- by her uncles on the 10th marriage anniversary which was also used for deposit in the bank account. In this respect two affidavits sworn and signed by uncles of assess's wife were filed. Continuing his arguments, he submitted that assessee had sold his house at a loss which he had purchased with the help of a loan from bank and house was sold under distress to repay the loan of bank. In view of the above he argued that gifts were taken from relatives to repay the loan amount which fell short due to loss in the sale of house. The Ld. DR on the other hand relied upon the order of AO and Ld. CIT (A). 10. We have heard the rival parties and have gone through the material placed on record. We find ..... X X X X Extracts X X X X X X X X Extracts X X X X
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