9911796707
TMI Blog2019 (12) TMI 1250X X X X Extracts X X X X X X X X Extracts X X X X ..... directed against the order of the Commissioner of Income Tax (Appeals)-Kurnool, dated 19-02-2018. 2. Brief facts of the case are that, assessee, an individual, filed his return of income for the AY.2012-13 electronically on 31-03-2013, disclosing a total income of Rs. 12,67,650/- derived from interest, remuneration and commissions. The said return was selected for scrutiny by CASS for the reason ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... financial position of the HUF with regard to rent money and there is an entry of Sundry Debtors of Rs. 12 Lakhs in the Balance Sheet of HUF. The AO felt that the money of assessee is routed through assessee's-HUF and the amount of Rs. 12 Lakhs is concealed income. It was further submitted that the AO had issued notice to the assessee's-HUF to explain the deposits made into bank account of the HUF ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e authorities that the assessee-individual had borrowed a sum of Rs. 12 Lakhs from his HUF and it is also transferred through banking channels. He has filed before us the copies of the notice issued by the AO to the assessee's-HUF dt.13-10-2014, requiring the assessee to explain the deposit of Rs. 9,85,000/- on 02-04-2011. He has also referred to the reply of the assessee dt.22-11-2014 along with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Proddatur, dt.16-07-2019, stating that the assessee has been filing his returns of income in HUF capacity w.e.f. AY.2011-12 to AY.2018-19 and only for the AY.2012-13, the return of income in HUF status was filed on 01-04-2013 belatedly and the same was processed by the CPC, Bengaluru on 14-05-2013 and that no scrutiny assessment was done in that case for the AY.2012-13 in the HUF status. 6. Havin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the creditworthiness of the HUF has been accepted by the ITO and therefore, the same cannot be doubted in the hands of the individual. In view of the same, I am inclined to delete the addition of Rs. 9,85,000/-, confirmed by the Ld.CIT(A). The Ground raised by assessee in this regard is allowed. 7. In the result, the appeal of assessee is allowed. Order pronounced in the open court on 22nd Nove ..... X X X X Extracts X X X X X X X X Extracts X X X X
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