2022 (2) TMI 487

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....e order passed by CIT(A)-1, Kolhapur on 06.06.2018 in relation to the assessment year 2005-06. 2. The only issue raised in this appeal is against confirmation of addition of Rs. 12,97,600 made by the AO u/s. 69 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'). 3. Succinctly, the facts of the case are that the assessee has been serving as professor with PVPIT at mate....

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....ad, Sangli by way of a gift from her father, late Shri Virendra Khilare. This land was converted into plots and sold. Profit from such sale transactions was duly offered for taxation for the A.Ys. 2002-03, 2003-04 and 2004-05. Out of the sale proceeds of plots deposited in her own Sangli Bank Civil hospital Branch account No. 10589, she gave a sum of Rs. 19.69 lakhs to her father from time to time....

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....om which the wife gave Rs. 19.69 lakhs to his father. He further did not accept the genuineness on the ground that the assessee could not file any evidence to substantiate the fact that the said amount of Rs. 13.00 lakhs was part of the amount given earlier to her father. He, therefore, made an addition of Rs. 12,97,600, which came to be affirmed in the first appeal. 4. I have heard both the si....

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....nner by the AO or it was not genuinely declared. Out of the sale proceeds of the plots, she transferred Rs. 19.69 lakhs to her father through banking channel on various dates, including three transactions in the year 2002 and five transactions in the year 2004 as have been set out on page 3 of assessment order. It was out of such deposits in the bank account of Shri Virendra Khilare, that he gave ....