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Income-tax Officer, Wd-3 (4) , Kolkata Versus Raj Kumari Shah

2016 (6) TMI 925 - ITAT KOLKATA

Taxability of credits in the undisclosed bank account jointly held with assessee and her daughter - Held that:- Learned CITA had given categorical findings that the entire credits in the Indian Bank account have been duly considered by Smt. Rita Bagaria (daughter) with proper explainable sources and there is no case for making any addition in the hands of the assessee in the sum of ₹ 42,44,508/-. He had also categorically held that an addition of ₹ 3,06,041/- is also included in the .....

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ita Bagaria and it would not advance the case of the revenue in any manner. Hence we find no infirmity in the order passed by the Learned CITA in this regard. - Decided against revenue - I.T.A No.2171/Kol/2013 - Dated:- 1-6-2016 - Shri N. V. Vasudevan, JM & Shri M. Balaganesh, AM For The Appellant: Smt. Ranu Biswas, JCIT, Sr. DR For The Respondent: Shri Subash Agarwal, Ad ORDER Per Shri Balaganesh, AM: This appeal by revenue is arising out of order of CIT(A), Asansol vide Appeal No. 314/CIT( .....

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stances of the case. 3. The brief facts of this issue are that the assessee , a senior citizen lady , filed her return of income for the AY 2009-10 on 31.3.2010 showing total income of ₹ 2,50,770/- . The Learned AO during the course of assessment proceedings observed that the assessee had certain undisclosed bank accounts which when confronted, the assessee replied as follows:- (a) Transactions with Indian Bank Savings Bank Account Bearing No. 539840776 jointly held with daughter - transac .....

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mt Rita Bagaria is the only daughter of the assessee. Smt Rita Bagaria is regularly filing her Return of Income before the ITO, Ward-3(2), Purulia. The said Joint Savings Account as discussed above is duly shown in the Accounts Statement of Smt Rita Bagaria which is duly filed before the concerned ITO. The said Bank Account is actually of Smt Rita Bagaria. In this regard the Copy of Return filed along with the Accounts were produced and submitted before the Learned A.O. who has accepted the same .....

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sit for ₹ 4244508/- are very genuine and are properly shown and declared before the department by the daughter. The Ld. A.O. has completely ignored the material facts on record and disallowed the same and added back the amount to the total income of the assessee. The Learned A.O has added back ₹ 3,06,041/- being deposit in Indian Bank. It is worthwhile to mention here that when the Ld A.O. has added back total deposit of Savings Bank Account No.539840776 as stated earlier, it is very .....

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nt is continuously being accounted by Smt. Rita Bagaria. This has been stated before Assessing Officer and is mentioned in assessment order. He relied on the I. T. Return and accompanying statements of Smt. Rita Bagaria. The Assessing Officer took the stand that return of Smt. Rita Bagaria was not filled in, only computation part was filled in. The first enquiry regarding an SB account is as to who has accounted the same in trial Balance. I find that the conclusion drawn is based on incorrect fa .....

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,75,000/- (31.03.2009). This, as per cash book of Rita Bagaria these came out of surplus funds which includes cash withdrawal from the same bank. (b) All other entries are transfer entries, interest credits which also is included in books of account. All these figures in cash book of Smt. Rita Bagaria. (c) There is no accretion to capital of Smt. Rita Bagaria through any artificial entries like loan, gift advance etc in the year. (d) Even otherwise entire deposit cannot be added and benefit of r .....

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ddition. Aggrieved, the revenue is in appeal before us on the following grounds:- 1. That the Ld. CIT(A), Asansol has erred in law and on facts by deleting the addition of ₹ 42,44,508/- made by the AO on account of deposition of cash into Indian Bank, Purulia as the assessee could not substantiate that the amount has been deposited by 2nd name of the Jt. Bank Account holder. 2. That the Ld. CIT(A), Asansol has erred in law and on facts by deleting the addition of ₹ 3,06,141/- made by .....

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e said bank account were duly considered in the return of income filed by the daughter which were also verified by the Learned AO from the jurisdictional AO of the daughter of the assessee. 6. We have heard the rival submissions and perused the materials available on record including the detailed paper book filed by the Learned AR containing income tax returns , computation of total income and final accounts of assessee (Pgs 1 to 8 of PB) ; income tax returns , computation of total income and fi .....

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dered in the returns filed by the daughter of the assessee. The Learned AO had even cross verified the income tax returns of daughter from the jurisdictional AO of Smt. Rita Bagaria (daughter). We find that the rejection of the contentions of the assessee by the AO on the flimsy ground that the return of income does not contain detailed annexures and hence the same could not be verified in detail is, in our opinion, is highly unjustified. The Learned AR even brought to our notice the relevant po .....

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