2020 (5) TMI 161

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....N, JUDICIAL MEMBER: This appeal of the assessee is directed against the order passed by the Commissioner of Income Tax (Appeals)-16, Chennai dated 12.02.2019 and pertains to the assessment year 2007-08. 2. Shri G. Baskar, the Ld. Representative for the assessee submitted that the only issue arising in this appeal is confirming the addition of Rs. 22,50,000/- u/s. 69B of the Income Tax Act, 1961 ....

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....ssessee has also have agricultural income from HUF to the extent of Rs. 8.50 lakhs. The assessee has received Rs. 6.50 lakhs from his wife from agricultural income. This explanation of the assessee was not accepted by the AO since there was a contradictory statement recorded u/s. 131(1A) of the Act. The assessee appears to have explained that the source for purchase of residential flat was from bu....

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....d the addition made by the AO. 4. Having heard the Ld. Representative for the assessee and the Ld. Departmental Representative, this Tribunal is of the considered opinion that the assessee has explained before the Assessing Officer, the source of deposit of Rs. 22.50 lakhs. The AO in fact reproduced the explanation of the assessee at para 6 of his order. Since, the AO doubts the genuineness of th....