Unexplained bank deposit deleted where joint account funds were shown as wife's Stridhan and supporting affidavit was accepted.

An unexplained bank deposit added under section 69A was deleted where the assessee showed that the funds belonged to his wife, the account was jointly held, and the deposit represented her accumulated Stridhan from household savings and customary gifts. The supporting affidavit filed before the first appellate authority was treated as relevant material, and the explanation was found satisfactory on the facts. The addition was therefore not justified and relief was allowed in favour of the assessee.

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Issues: Whether the addition of Rs. 1,44,500 sustained under section 69A of the Income-tax Act, 1961, as unexplained bank deposit, was liable to be deleted.

Analysis: The explanation that the amount belonged to the assessee's wife, the bank account was jointly held, and the deposit represented her accumulated Stridhan from household savings and customary gifts was found satisfactory on the facts. The supporting affidavit filed before the first appellate authority was treated as relevant material, and the sustenance of the addition was not justified in the circumstances.

Conclusion: The addition of Rs. 1,44,500 was directed to be deleted, and the relief was allowed in favour of the assessee.

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