2015 (10) TMI 1462

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....sessee is directed against the order of the Commissioner of Income Tax (Appeals)-19, Chennai, dated 28.11.2014 and pertains to assessment year 2007-08. 2. Shri S. Sridhar, the Ld.counsel for the assessee, submitted that the assessee and his wife jointly purchased a property for a total consideration of Rs. 42,45,000/-. The assessee has also paid stamp duty. The assessee's wife, an independe....

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....y addition. 3. On the contrary, Sh. P. Radhakrishnan, the Ld. Departmental Representative, submitted that the assessee's wife filed return for assessment year 2008-09 disclosing a sum of Rs. 7,35,000/-. The assessee has disclosed as if a loan was taken from several family members. However, the property was purchased in the assessment year 2007-08. The return was filed only in assessment yea....

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.... on record it appears that the assessee purchased a property with his wife as a joint owner, for a sale consideration of Rs. 47,35,000/-, including the stamp duty and registration charges paid to the State Revenue Department. In the return of income, the assessee has admitted only Rs. 40 lakhs as his investment in the property. The assessee explained before the Assessing Officer that the property ....

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....chasing the property. This Tribunal is of the considered opinion that saving habit has increased in the society in the recent past. Therefore, saving of money in routine course cannot be ruled at the outright. Since the assessee claims that the money was deposited in the bank account in a regular course, this Tribunal is of the considered opinion that the bank account maintained by the assessee&#3....