TMI Blog2020 (6) TMI 336X X X X Extracts X X X X X X X X Extracts X X X X ..... titute, rental income and bank interest and regularly files income tax return. Copy of ITR, Balance sheet and profit and loss account was also filed. The assessee also explained that rental income of the assessee and his wife is deposited in this saving account and his wife is at liberty to withdraw or deposit from her bank as per her requirement. That it is wrong to assume that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see s wife s business receipts, even when documentary evidences were produced and explained. 2. That the appellant craves leave to add or alter any of the grounds of appeal on or before the final hearing if necessary so arises at the time of hearing. 2. Facts in brief are that the AO considered deposit of cash in Vijaya Bank Account, as undisclosed income u/s 68 of the Act. The assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee and made the addition of ₹ 1,00,000/-. Against this the assessee approached the Ld. CIT(A) who also confirmed the addition. Still aggrieved the assessee is before this Tribunal. 3. Ld. counsel for the assessee submitted that the cash does not relate to the assessee but relates to his wife who was co-owner in the said bank account being a joint account of the assessee with his wife ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee and his wife is deposited in this saving account and his wife is at liberty to withdraw or deposit from her bank as per her requirement. On consideration of these facts and circumstances, I, am of the view, that it is wrong to assume that the assessee is sole owner of funds in the said bank account. The evidences as narrated above clearly establish that ₹ 1,00,000/- related ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
