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2019 (6) TMI 438

..... the assessee either before the Assessing Officer or before the ld.CIT(A) or before the Tribunal to establish that she had received streedhan of ₹ 50,000/- and given the same as hand loans to the various persons. The creditor is not an income-tax assessee. No details such as names and addresses of the persons to whom the hand loans were given, date of lending, interest received and the date of repayment etc. were filed. The letter filed by the creditor is a general letter without furnishing specific information, such as the date of receipt of streedhan and the cash flow till April, 2014. Therefore, we are unable to accept the contention of the assessee that the loan received from Smt. G.Lakshmi Bhavani as a genuine. The assessee failed .....

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..... ee in Bharat Sanchar Nigam Limited (BSNL). During the previous year relevant to the assessment year, the Assessing Officer observed that there were cash deposits made into assessee s bank account i.e. Canara Bank A/c. No. 2492101001395 and ICICI Bank A/c No.630701071042 for an amount of ₹ 23,97,000/-. The Assessing Officer called for explanation from the assessee with regard to the source of cash deposits and satisfied with the source to the extent of ₹ 13,75,000/- and brought to tax the balance amount of ₹ 10,22,000/- relating to the advances received from his wife Smt. G. Lakshmi Bhavani of ₹ 5.50 lakhs and Sri Kodali Murali Mohan of ₹ 5.00 lakhs. During the assessment proceedings, the assessee has filed conf .....

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..... on 68 or 69 of the Act in ground No.3. During the appeal hearing, the ld.AR has not pressed this ground hence, ground No.3 is dismissed as not pressed. The remaining grounds are relating to the merits of the additions made by the Assessing Officer to the extent of ₹ 10,22,900/- as unexplained deposits in the bank account. The addition of ₹ 10,22,900/- consist of loan received from Smt. Lakshmi Bhavani for ₹ 5.00 lakhs and the gift received from Sri Kodali Murali Mohan for ₹ 5.00 lakhs and the same are discussed separately as under. 5. With regard to the loan of ₹ 5.00 lakhs, during the appeal hearing, ld.AR submitted that the assessee has received a sum of ₹ 5.00 lakhs from his wife Smt. G. Lakshmi Bhavan .....

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..... he cash flow till April, 2014. Therefore, we are unable to accept the contention of the assessee that the loan received from Smt. G.Lakshmi Bhavani as a genuine. The assessee failed to prove the creditworthiness and genuineness of the source, hence, we do not find any infirmity in the order of the ld. CIT(A) and the same is upheld. The assessee s appeal on this issue is dismissed. 8. The next loan was ₹ 5.00 lakhs from Sri Kodali Murali Mohan. The ld. AR at the time of hearing submitted that the creditor was having an agricultural income as well as salary income of ₹ 24,800/- p.m. and the creditor is having agricultural income of ₹ 2.50 lakhs p.a. It was further stated that savings were kept with her mother Smt. K.Girija K .....

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..... editworthiness and genuineness of the source of gift and decide the issue on merits. In case, there is no source for the donor, the same is required to be taxed in the hands of the donor also, since, the donor has filed confirmation letter and explained the source. Accordingly, the issue is remitted back to the file of the Assessing Officer to examine the issue afresh and decide the same on merits. The Assessing Officer must give reasonable opportunity to the assessee before concluding the proceedings. The appeal of the assessee on this issue is allowed for statistical purpose. 11. In the result, appeal filed by the assessee is partly allowed for statistical purpose. Order Pronounced in open Court on this 07th day of June, 2019. - Income Ta .....

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