TaxTMI 
TaxTMI 
2016 (6) TMI 925
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.... whether the credits in the bank account jointly held with assessee and her daughter to the extent of Rs. 42,44,508/- and Rs. 3,06,041/- could be fully brought to tax in the hands of the assessee in the facts and circumstances of the case. 3. The brief facts of this issue are that the assessee , a senior citizen lady , filed her return of income for the AY 2009-10 on 31.3.2010 showing total income of Rs. 2,50,770/- . The Learned AO during the course of assessment proceedings observed that the assessee had certain undisclosed bank accounts which when confronted, the assessee replied as follows:- (a) Transactions with Indian Bank Savings Bank Account Bearing No. 539840776 jointly held with daughter - transactions considered in the hands of ....
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....genuine and are properly shown and declared before the department by the daughter. The Ld. A.O. has completely ignored the material facts on record and disallowed the same and added back the amount to the total income of the assessee. The Learned A.O has added back Rs. 3,06,041/- being deposit in Indian Bank. It is worthwhile to mention here that when the Ld A.O. has added back total deposit of Savings Bank Account No.539840776 as stated earlier, it is very astonishing to see in the order that from where the said amount was derived by the Ld. A.O. There is no mention of such amount in the findings made by the A.O. in his order sheet. Thus the addition made in this regard is totally absurd and bogus. The Ld. A.O. has just made the addition ....
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.... (c) There is no accretion to capital of Smt. Rita Bagaria through any artificial entries like loan, gift advance etc in the year. (d) Even otherwise entire deposit cannot be added and benefit of recycling of funds is to be granted to assessee. 7. Considering the aspects discussed in para 4 and 5, I delete the addition of Rs. 42,44,508/-. 8. The Assessing Officer also made an addition of Rs. 3,06,041/- being deposit in Indian Bank. The sum is already included in the above Rs. 42,44,508/- and since the addition of Rs. 42,44,508/- is deleted there is no reason to consider the addition. The same is deleted since the original addition of Rs. 3,06,041/- itself is a double addition." Aggrieved, the revenue is in appeal before us on the f....
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....B) ; Trial Balance of Smt. Rita Bagaria (pgs 12 to 14 of PB) ; Cash Book of Smt. Rita Bagaria (Pgs 15 to 20 of PB) ; Bank Book with Indian Bank Account of Smt. Rita Bagaria (Pgs 21 to 25 of PB) and Bank Statement of Indian Bank A/c No. 539840776 (Pgs 26 to 30 of PB). From the perusal of the same, we are convinced of the fact that the entire transactions in the joint bank account with Indian Bank A/c No. 539840776 have been duly considered in the returns filed by the daughter of the assessee. The Learned AO had even cross verified the income tax returns of daughter from the jurisdictional AO of Smt. Rita Bagaria (daughter). We find that the rejection of the contentions of the assessee by the AO on the flimsy ground that the return of income ....