2023 (3) TMI 463

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..... vvuru RL Reddy, Judicial Member : This appeal is filed by the assessee against the order of Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi in DIN & Order No.ITBA/NFAC/S/250/2021-22/1036569377(1) dated 26.10.2021 for the Assessment Year (A.Y.) 2017-18. 2. Brief facts of the case are that the assessee is an individual, deriving income from salary, income from o .....

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..... ed the sum of Rs.31,00,000/- as unexplained income u/s 69A of the Act and added to the income returned in the absence of any circumstantial evidence and also the time lag between the availability of the source with that of the deposit. 3. Aggrieved by the order of the AO, the assessee preferred appeal before the CIT(A) and the Ld.CIT(A) upheld the addition made by the AO and dismissed the appeal .....

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..... ged unexplained cash deposits in the bank account of the assessee. The Ld.AR submitted that the assessee had received gifts of Rs.11 lakhs from his mother on 27.09.2015, Rs.10 lakhs from his wife on 14.12.2015 and Rs.10 lakhs from his father on 30.01.2016 on account of sale of agricultural land. The assessee further submitted that his father, mother and wife are assessed to income tax and filed co .....

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..... ed that the Ld.CIT(A) is correct in sustaining the addition made by the AO as the assessee could not adduce any evidence to substantiate that all the three i.e. his father, mother and wife have all deposited in the bank during the financial year out of sheer love and affection which is not acceptable in terms of timing of the transfer. Therefore, pleaded to uphold the order of the Ld.CIT(A) and di .....

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..... saction of the family members, considering the above evidence. Therefore, I am of the firm view that the assessee has explained his source properly. Therefore, I direct the AO to delete the addition of Rs.31,00,000/- made u/s 69A of the Act. 9. In the result, the appeal of the assessee is allowed. Order pronounced in the open court on 31st January, 2023.
Case laws, Decisions, Judgements, Ord .....

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