TMI Blog2022 (3) TMI 425X X X X Extracts X X X X X X X X Extracts X X X X ..... liquidation of fixed deposits. There is no bar on the part of the assessee to extend loan from his known sources of income to his wife. Similarly, there is no bar on the assessee s wife to repay the loan from her own mutual funds and fixed deposits. The assessee has paid house rent and the recipient, the assessee s wife has declared the same under the head income from house property in her returns which has been accepted by the revenue. The copy of which has been placed before us. The house has been registered in the name of Smt. Shivani Bansal. CIT(A) s observation that the assessee has got meager income hence he cannot afford to purchase a house cannot be accepted as the sources for purchase of the house in the hands of Smt. Shivani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oan assistance stands returned by the Spouse to the Assessee on 02.08.2013 ₹ 7,50,000/- and 19.07.2015 ₹ 50,00,000/-. That the case was selected for scrutiny through CASS and Notice U/s 142(1) of the Income Tax Act, 1961 was issued on 12.10.2015. 4. That the CIT(A) has erred in law and on facts that the Rental Income cannot be taxed twice, both in hands of the Assessee as well as the Spouse, since the Spouse had declared the Rental Income and accordingly filed her Income Tax Returns. 5. That the CIT (A) has erred in law in making observations that the property has been transferred for inadequate consideration. Such observation has no reference w.r.t. Section 27 of the Income Tax Act, 1961. 6. That the CIT (A), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paid rent to his wife Mrs. Shivani Mittal during the period September 2012 to March 2013 totaling to a sum of ₹ 5,34,000/-. During assessment proceedings, Assessing Off icer required the assessee to explain the capacity of assessee s wife to purchase the property giving details of source/sources of funds for the same. It was explained by the assessee that property worth ₹ 1.15. Crore was claimed to be purchased by assesssee s wife for which amount of ₹ 87.50 lacs were funded by the assessee himself and remaining amount was claimed to have been invested out of her own sources i.e. maturity of FD amounting to ₹ 33.25 lacs. However it was noticed by the Assessing Officer that assessee s wife, in fact, had no independent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5.950/- 2003-04 1,48,900/- 2004-05 Nil 2005-06 1,44,855/- 2006-07 3,36,580/- 2007-08 1,72,663/- 2008-09 2,16,961/- 2009-10 1,68,547/- 2010-11 2,90,000/- 2011-12 1,52,356/- 2012-13 3,27,315/- 2013-14 3,73,800/- 5. The ld. CIT(A) held that it is evident that there is no substantial taxable income shown by appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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