TMI Blog2018 (4) TMI 1695X X X X Extracts X X X X X X X X Extracts X X X X ..... .2012 and assessee had no good source to explain the payment of ₹ 45,00,000/- to Ms.S. Ishwariah.Source of such payment would be relevant only for previous year ending 31.03.2013 viz, assessment year 2013-2014. As far as assessment year 2014-15 is concerned, assessee had well explained source for making fixed deposit of ₹ 35,00,000/-. The addition stands deleted. Grounds 2 3 are allowed. Unexplained cash credit - HELD THAT:- Bank account Shri. Bhuma Ramakrishna Reddy with ICICI was not an NRI account. Assessee had failed to file any confirmation from Shri. Bhuma Ramakrishna Reddy. Assessee also could not give any details on the whereabouts of Shri. Bhuma Ramakrishna Reddy. In such circumstances, we are of the opinion that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s only a power of attorney holder and not owner of the property. According to him, though assessee had produced a purchase agreement entered with one Ms. Iswariah in the year 2010 for proving the acquisition of the property claimed to have been sold, such purchase agreement was not registered. Further, as per the ld. Assessing Officer, assessee could not give any source for the payment of ₹ 45,00,000/- mentioned in such purchase agreement. Thus, he rejected the explanation given by the assessee for the fixed deposit, and made an addition of ₹ 35,00,000/-. 4. Aggrieved, assessee moved in appeal before the ld. Commissioner of Income Tax (Appeals). Ld. Commissioner of Income Tax (Appeals) however confirmed the addition no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dmission, this was executed by Ms.S. Ishwariah on payment of ₹ 45,00,000/-. Contention of the ld. Departmental Representative was that assessee could not show any source for the sum of ₹ 45,00,000/- paid to Ms.S. Ishwariah on execution of the power of attorney. Hence, according to him, source of the fixed deposit was not explained. 7. We have considered the rival contentions and perused the orders of the authorities below. Addition has been made by the ld. Assessing Officer for a fixed deposit of ₹ 35,00,000/- placed by the assessee in his account with ICICI Bank. Statement of M/s. ICICI Bank has been placed on record at paper book, page 46. Such statement does show a credit of ₹ 48,00,000/- on 20.02.2014, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was placed by the assessee from the very same bank account through a transfer debit. It might be true that the power of attorney was registered on 03.12.2012 and assessee had no good source to explain the payment of ₹ 45,00,000/- to Ms.S. Ishwariah. However, source of such payment would be relevant only for previous year ending 31.03.2013 viz, assessment year 2013-2014. As far as assessment year 2014-15 is concerned, assessee had well explained source for making fixed deposit of ₹ 35,00,000/-. The addition stands deleted. Grounds 2 3 are allowed. 8. Vide its grounds 4 5, grievance of the assessee is on an addition of ₹ 25,06,000/- treated by the ld. Assessing Officer as unexplained cash credit. 9. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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