9911796707
TMI Blog2024 (8) TMI 1011X X X X Extracts X X X X X X X X Extracts X X X X ..... oint name of Mr. Sanjay Joshie and Mrs. Rashmi Joshie. The Cash Deposits are made by both person. The Assessee's wife Smt. Rashmi Joshie has sold Property in F.Y. 2014-15 and registry was registered on 23/05/2014, Rs. 4,00,000/- is cash out of sale consideration. Before the registrar it is certified that Rs. 40,00,000/- Consideration is already received. It means that 4,00,000/- are received before registration and same has been deposited by spouse in the bank A/c. which the AO has not accepted. The submission of AR Dated 29/11/2017 has not been accepted by AO. The AO has not provided opportunity of hearing before making the addition. 4) The assessee has received Rs. 21,000/- from the sale of Household items etc. 5) Rs. 3,59,000/- is old accumulated saving of Assessee's wife Smt. Rashmi Joshie. 6) The ground of appeal may be added, crave or modify before the appellate authority during the appeal period." 3. None appeared on behalf of the assessee however, the Bench decided to proceed the matter on merit based on the materials available on record, concerning the issue in question and written submission filed by the assessee. 4. Brief fact of the case is tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on filed by him except the proof of Rs. 1,70,000/- of sale of care on 15.03.2014. Therefore, it is held that AO has rightly made the addition of Rs. 7,80,000/- (Rs. 9,50,000-Rs. 1,70,000) in respect of deposits made in the bank account. Accordingly, addition of Rs. 7,80,000/- is confirmed and addition of Rs. 1,70,000/- is deleted. 4.0 In the result, the appeal is partly allowed." 6. As the assessee did find favour in full of the appeal filed before ld. CIT(A) The present appeal filed against the said order of the ld. CIT(A) before this tribunal on the grounds as reiterated in para 2 above. To support the grounds so raised the written submission were filed and placed on record which is extracted in below:- "It is humbly prayed and requested to your honour that the facts and submissions of the case are as follows: 1) Mr. Sanjay Joshie is a salaried Employee and files the ITR regularly. It is further requested humbly that during the period under consideration the wife of the assessee Mrs. Rashmi Joshie had sold a Property situated at Bhilwara. 2) From the sale of the above mentioned Property the spouse of the assessee Mrs. Rashmi joshie had received a consideration of Rs. 40 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s also mentioned in the body of the assessment order as under: Cash amount received from sale of Property at Bhilwara 4,00,000 (Sold by Mrs. Rashmi Joshie) Amount Received from sale of CAR 170000 Amount received from sale of Household items 21000 Own old accumulated Cash Savings of wife Rashmi Joshi 359000 (Mrs. Rashmi Joshi is self Employed) The A O has not discussed the reason of not accepting the above mentioned submission in the body of the assessment order. 11) It is humbly prayed to your honour that the spouse of the Assessee has sold the house property in the year 2014-2015. The property was sold for consideration of RS. 40 Lacs out of which the cash of Rs. 4 Lacs was received by the spouse of Assessee, before the execution of the Sale deed in the beginning of month of April 2014. The amount of Rs. 4 Lacs received in cash was deposited by Mrs. Rashmi Joshi in the above mentioned Joint Bank account situated at SBI, Bhilwara. 12) It is humbly requested that Spouse of Assessee Mrs. Rashmi Joshie W/o Mr. Sanjay Joshie joint holder and owner of the Bank account number 00000010385632164 situated at SBI, Bhilwara, is well educated lady and earns as b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecision has been cited before this bench. 10. In view of the above, the grievance of the assessee by way of the additional grounds taken is justified and accepted as such, Due to such acceptance, since the provisions of Section 68 of the act themselves held to be not applicable and misapplied, nothing remains to be adjudicated. 11. Accordingly, the order under appeal is reversed. The Addition is cancelled. 12. In the result, the appeal is allowed." Thus the crux of the above mentioned judgement is as follows: "Section 68 of the Income tax act 1961-Cash credit - As per Section 68, if the assessee offers no explanation of any some found credited in the books of an assessee maintained for any previous year, then section 68 would apply - Assessee had not maintained any books during the year, thus the provisions of section 68 were not at all attracted and they had been wrongly applied by the Authorities below." Therefore it is requested and prayed to your honour, that the assessment and addition made by the AO u/s 68 of the Income tax Act 1961 in the matter of the assesseeis absolutely wrong and the assessment order passed is invalid because the assessee is a salaried employ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed anywhere in the assessment order regarding to the Bank account number and the joint holders of the abovesaid bank account. The assessee had submitted the reply and facts along with the nature and source of the cash deposit, during the assessment proceedings and even before the ld. CIT(A), but the facts apparent from record are not considered by lower authorities. The assessee has furnished the explanation of cash deposited as under: Cash amount received from sale of property at Bhilwara 4,00,000/- (Sold by Mrs. Rashmi Joshie) Amount received from sale of CAR 1,70,000/- Amount received from sale of Household items 21,000/- Own old accumulated cash savings of wife Rashmi Joshi 3,59,000/- (Mrs. Rashmi Joshi is self employed) The spouse of the assessee has sold the house property in the year 2014-2015. The property was sold for consideration of Rs. 40 Lacs out of which the cash of Rs. 4 Lacs was received by the spouse of assessee, before the execution of the Sale deed in the beginning of month of April 2014. The amount of Rs. 4 Lacs received in cash was deposited by Mrs. Rashmi Joshi in the abovementioned Joint Bank account situated at SBI Bhilwara so the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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