9911796707
TMI Blog2025 (2) TMI 235X X X X Extracts X X X X X X X X Extracts X X X X ..... k account, the assessee submitted that she has received gift of Rs. 40.00 lacs from her Late Father, Shri Ajit Singh who has since expired on 25/09/2018. In support of her explanation, she submitted a copy of Halfia Bian dt. 07/09/2010 executed by her Late Father as well as copy of the sale deed executed by her Late Father on 07/09/2010 whereby he has sold agriculture land for a sum of Rs. 64.20 Lacs. The submissions and documentation so filed by the assessee were considered but not found acceptable to the AO and an amount of Rs. 40.00 lac was treated as income from undisclosed sources and brought to tax in the hands of the assessee and the relevant findings of the AO read as under: "4. Perusal of replies of the assessee nowhere reveals availability of cash of Rs. 40.00 lacs with Sh. Ajit Singh as on 07.09.2010. Moreover, during assessment proceedings, except a copy of 'Halfia Bian' dated 07.09.2010, which itself is a self serving document, hence, the same cannot be relied upon. Further, the same has not been got registered with the Competent Authority. Moreover, on the one hand, vide the said 'Halfia Bian' dated 07.09.2010, Sh. Ajit Singh has stated that he has gifted a sum of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed was executed and thereafter out of the sale consideration so received by her late father, an amount of Rs. 40.00 lacs has been given to the assessee by way of a gift which has been subsequently deposited by the assessee in her bank account on 13/09/2010- 16/09/2010 in four installments of Rs. 10.00 lacs each. 5. It was further submitted that as required by the AO, the assessee also submitted the original gift deed so executed by her Late Father. It was accordingly submitted that necessary evidence and documentation in possession of the assessee has been duly submitted before the AO and again before the Ld. CIT(A). However the same has not been appreciated and the addition has been sustained by the Ld. CIT(A). 6. It was further submitted that the assessee has not only submitted the source of cash deposit being the gift so received from her father but also the source of gifts in the hand of her late father which is in the form of consideration received by him from sale of agriculture land. It was accordingly submitted that merely the fact that the assessee could not furnish the copy of the bank statement of her late father, which the assessee couldn't produce inspite of her best ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sons were recorded on the basis of information that Rs 30 lacs in cash has been found deposited in the bank account of the assessee and income has escaped assessment in the hands of the assessee. Thereafter, during the assessment proceedings, basis bank statement obtained from the bank, it was found that there was another cash deposit of Rs 9 lacs and thus, total cash found deposited in the bank account of the assessee was to the tune of Rs 39 lacs and the assessee explained that she had received the said amount by way of gift from her husband. The AO accepted the explanation of the assessee that the amount has been received by her by way of gift from her husband, however, the quantum of gift so received was restricted to Rs. 10,73,125/- and after allowing credit for such amount, the AO brought to tax remaining sum of Rs. 28,26,875/- as unexplained income under Section 69 of the Act in the hands of the assessee. 11. If we look at the provisions of Section 69, it talks about the assessee having made investments which are not recorded in the books of account, if any maintained by her for any source of income and the assessee offers no explanation about the nature and source of such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of deposit by husband of the assessee in two tranches - Rs 30 lacs on 03/05/2011 and Rs 9 lacs on 09/05/2011 and in such circumstances, we are unable to sustain the findings of the AO in effectively breaking up these two tranches of flow of money and restricting to Rs. 10,73,125/- more so where the creditworthiness and source of funds in the hands of the donor has been duly demonstrated, being the sale proceeds of agriculture land, a factum which has been separately verified and accepted in the assessment proceedings undertaken in hands of the donor. 14. In light of the aforesaid discussions and in the entirety of facts and circumstances of the case, the addition so made by the AO is hereby deleted and the AO is directed to grant necessary relief to the assessee." 11. In the instant case as well, there were cash deposits in the bank account of the assessee to the tune of Rs 40 lacs and the assessee explained that she had received the said amount by way of gift from her late father, Shri Ajit Singh and in support of her explanation, she had submitted a copy of Halfia Bian/gift deed executed by her Late Father as well as copy of the sale deed executed by her Late Father whereby ..... X X X X Extracts X X X X X X X X Extracts X X X X
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