TaxTMI 
TaxTMI 
2020 (8) TMI 503
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....income of Rs. 2,34,464/-. 3. During the assessment proceedings u/s.143(3) of the Income Tax Act [Act], the Assessing Officer (AO) made four additions. As regards the first issue, the AO observed that the assessee has received dividend from Osmania Chit Fund amounting to Rs. 31,861/- and suffered a loss of Rs. 22,000/- on bidding it and after adjusting the loss to the dividend, a surplus dividend of Rs. 9,861/- only remained. Accordingly, the AO brought Rs. 9,000/- to tax. 3.1. The second issue is that from the AIR data, the AO found that the total receipts during the year was Rs. 13,71,527/-, Rs. 6,10,038/- (i.e., from profession), and Rs. 7,61,489/-from commission. But the assessee had declared only a sum of Rs. 11,96,475/- (Rs. 6,07,497....
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....pellant. 2) The learned CIT (A) erred in confirming the addition of Rs. 9,000/- towards chit dividend from Osmania Chit Funds. 3) The learned CIT (A) erred in confirming the addition of Rs. 1,75,052/- on the ground that there is a difference in the commission received. 4) The learned CIT (A) erred in confirming the addition of Rs. 10,00,000/- representing the credits into the bank account of State Bank of Hyderabad, Domalguda branch, Hyderabad. 5) The learned CIT (A) erred in confirming disallowance of foreign tour expenses of Rs. 1,52,596/-. 6) Any other ground or grounds that may be urged at the time of hearing". 5. Having regard to the rival contentions and material on record, I find that as regards the addition of Rs. 9,000/-....
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.... by him into his bank account. In support of this contention, the assessee has filed a copy of Gift Deeds dt.16-08-2008 and 23-10-2008. From these documents, it is evident that assessee's mother has gifted some property to Shri G.Ravinder Reddy, and the elder brother of assessee as well as his mother have also gifted another property to Shri G.Ravinder Reddy. The assessee was not be able to produce any other documentary evidence, except confirmation letter from Shri G.Ravinder Reddy, which is placed at Pg.5 of the Paper Book. The contents of the same are reproduced hereunder for ready reference: "I Gummakonda Ravinder Reddy S/o.G.Lakshma Reddy staying at United States of America and my Indian Address Plot no.152 Nagarjuna Colony, Nr Pedd....