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Shri Naveen Kumar Kochar Versus The Assistant Commissioner of Income Tax

2015 (10) TMI 1462 - ITAT CHENNAI

Undisclosed investment - assessee, submitted that the assessee and his wife jointly purchased a property - assessee submitted that the assessee belonged to Marwari community and the source was savings from childhood - Held that:- Saving of money in routine course cannot be ruled at the outright. Since the assessee claims that the money was deposited in the bank account in a regular course, this Tribunal is of the considered opinion that the bank account maintained by the assessee's wife in which .....

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claims that a sum of ₹ 40 lakhs was invested by him out of ₹ 47,35,000/-, it is not known how the assessee's wife could claim 50% of the share in the property on the basis of the sale deed. These aspects need to be examined by the Assessing Officer and find out whether the assessee's wife has actually invested the money or the entire money was invested by the assessee. Accordingly, the orders of the lower authorities are set aside and the entire issue is remitted back to the file of .....

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al of the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-19, Chennai, dated 28.11.2014 and pertains to assessment year 2007-08. 2. Shri S. Sridhar, the Ld.counsel for the assessee, submitted that the assessee and his wife jointly purchased a property for a total consideration of ₹ 42,45,000/-. The assessee has also paid stamp duty. The assessee's wife, an independent assessee, filed return of income in the regular course disclosing the investment mad .....

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mitted that the assessee belonged to Marwari community and the source was savings from childhood. The bank account would disclose the savings made in regular course. Therefore, according to the Ld. counsel, there cannot be any addition. 3. On the contrary, Sh. P. Radhakrishnan, the Ld. Departmental Representative, submitted that the assessee's wife filed return for assessment year 2008-09 disclosing a sum of ₹ 7,35,000/-. The assessee has disclosed as if a loan was taken from several f .....

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that the claim of investment by the assessee's wife to the extent of ₹ 7,35,000/- was an afterthought. Therefore, the Assessing Officer found that the entire sale consideration was deemed to be paid by the assessee. Accordingly, a sum of ₹ 7,35,000/- was added as undisclosed income. 4. I have considered the rival submissions on either side and perused the relevant material on record. From the material available on record it appears that the assessee purchased a property with his .....

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the document was registered on 17.08.2006 which falls in the assessment year 2007-08. No return was filed by the assessee's wife for assessment year 2007-08 and the return said to be filed by the assessee's wife relates to assessment year 2008-09. Therefore, whatever disclosed by the assessee's wife for assessment year 2008-09 may not be available for making investment in the said property in assessment year 2007-08 which is under consideration. Now the assessee claims that since th .....

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