9911796707
TMI Blog2016 (12) TMI 869X X X X Extracts X X X X X X X X Extracts X X X X ..... facts of the case in right perspective. Thus the addition so made/ confirmed is bad in law and deserves to be deleted. 2. On the facts and in the circumstances of the case, the ld. CIT(A) has legally and factually erred in confirming the addition made by AO u/s 69A of the I.T. Act, 1961 to the extent of Rs. 1,00,000/- out of the addition of Rs. 1,50,000/- made by the AO on account of cash deposits in his bank account without appreciating the facts of the case in right perspective. Thus the addition so made/ confirmed is bad in law and deserves to be deleted.'' 2.1 Apropos Ground No. 1 of the assessee, the facts as emerges from the order of the ld. CIT(A) is as under:- '2.3 I have perused the facts of the case, the assessment order and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer is upheld. The ground of appeal of the assessee is dismissed. 2.2 During the course of hearing, the ld. AR of the assessee submitted that the lower authorities have erred in disallowing the interest claimed on house building advance at Rs. 1,42,736/- which should be allowed as the loan had been sanctioned by the HDFC Bank in the joint name i.e. the assessee and his mother Smt. Usha Sawhney. 2.3 The ld. DR relied on the orders of the lower authorities. 2.4 I have heard the rival contentions and perused the materials available on record. It is noted from the records that the assessee had claimed interest on house building advance at Rs. 1,42,736/- for which the AO required the assessee to furnish the details of intere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estion does not belong to the assessee, therefore, the interest claimed by the assessee on house building advance is not allowable u/s 24(b) of the Act. Hence, I find no reason to interfere with the order of the ld. CIT(A) which is sustained on this issue. Thus Ground No. 1 of the assessee is dismissed. 3.1 Apropos Ground No. 2 of the assessee, the facts as emerges from the order of the ld. CIT(A) is as under:- 3.3 I have perused the facts of the case, the assessment order and the submissions of the appellant. The Assessing Officer during the assessment proceedings noticed a cash deposit of Rs. 1,50,000/-in the bank account of the assessee. Regarding the sources, the assessee stated that the same were from sale proceeds of an old Wagon R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in restricting the addition made by AO u/s 69A to the extent of Rs. 1.00 lacs out of the addition of Rs. 1.50 lacs made by the on account of cash deposits in his bank account without appreciating the facts of the case which should be allowed. 3.3 The ld. DR relied on the orders of the lower authorities. 3.4 I have heard the rival contentions and perused the materials available on record. It is noted from the records that the assessee had deposited a sum of Rs. 1.50 lacs in HDFC Bank account during the year under consideration for which the AO required from the assessee to explain the source of cash deposited in the bank amounting to Rs. 1.50 lacs. The assessee submitted before the AO that he had sold the old Wagon R during the year 2010 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... papers of the car, the same show a change of ownership but no evidence of amount for the same has been produced. However, an amount of Rs. 50,000/- is allowed for the same and the balance amount of Rs. 1,00,000- is confirmed as unexplained deposits. The ground of appeal of the assessee is partly allowed.'' During the course of appellate proceeding, the ld. AR of the submitted the Certificate of Registration of the Car bearing No. RJ-14-CA-6520 which establishes that the assessee was the owner of the Car -Maruti Wagon R which had been sold to Shri Hari Om Bhardwaj and the date of transfer was mentioned in the R.C. on 05-05-2010. The deposit of an amount of Rs. 1.50 lacs in HDFC Bank shows on 19-04-2010 and the transfer of the registration ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
