2023 (2) TMI 701

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....pondent : Shri. P. Mohan Reddy , CIT ORDER PER G. MANJUNATHA , ACCOUNTANT MEMBER : This appeal filed by the assessee is directed against the order passed by the learned Commissioner of Income Tax (Appeals)-19, Chennai, dated 28.08.2019 and pertains to assessment year 2017-18. 2. The assessee has raised the following grounds of appeal: "1. The CIT(A) is erred in upholding the a....

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....nafter referred to as "the Act"), in the group case of M/s. Kirtilal Kalidas Jewellers Pvt. Ltd on 12.09.2016. The appellant was working as Assistant Vice-President, Retail Operations in the company. During the course of search, the assessee's residence was also covered and found that he had in possession of cash amounting to Rs. 10,39,460/-. The assessee was called upon to explain source, for whi....

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....earch was, out of gift received from his wife Smt. Hanspriya and also amount received from his father Shri. Ramalingam. The Ld. CIT(A), after considering relevant submissions of the assessee opined that, the assessee could able to explain source to the extent of Rs. 1 lakh and thus, allowed relief to the extent of Rs. 1 lakh and balance amount of Rs. 9,39,460/- has been confirmed. Aggrieved by the....

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....bstantiate his claim with necessary evidence, except stating that she had withdrawn some amount from her bank account. The Ld. CIT(A), after considering withdrawal from bank and subsequent deposits opined that assessee could able to explain source from his wife Smt. Hanspriya to the extent of Rs. 1 lakh only. Therefore, allowed relief to the assessee to that extent. In respect of amount received f....