TaxTMI 
TaxTMI 
2024 (8) TMI 1240
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....1) GROUND No. 1 On the facts and circumstances of the case and in Law, the Ld. AO erred in Going beyond Reasons for which assessment got reopened and made addition. 1.1) Assessee individual was engaged in the profession as Doctor, case was reopened to verify cash deposit in saving Bank account No. 1504 maintained in Youth Development co operative bank Ltd Kolhapur. In the course of assessment the subject matter of cash deposition got clarified . There is no addition on the subject matter for which case got reopened. During the course of assessment AO travelled beyond the subject for which assessment was reopened and asked about explanation of gift received by cheque by assessee from his father. Prayer ....
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....ec.148, filed Return of Income. Thereafter, AO issued notice u/sec.143(2) and 142(1) of the Act. Assessee filed submission in response to the notices. In the assessment order, AO has not made any addition with reference to the cash deposits of Rs. 12,75,300/-. However, during the assessment proceedings, AO observed that assessee has received Rs. 2,16,000/- from his father. AO asked Assessee to explain the deposit of Rs. 2,16,000/-. The assessee explained that his father has given him gift of Rs. 2,16,000/-. Assessee explained that said gift of Rs. 2,16,000/- was through banking channel. Assessee further explained that his father has given Rs. 2,16,000/- from his bank account on maturity of the fixed deposits. Assessee filed copy of the Bank....
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....see's father was not provided cheque book of S.S.L.SHRIPAL ALASE(KAKA) KURUNDWAD URBAN CO-OP BANK LTD., Branch-Jaysingpur. Therefore, Assessee's withdrew cash and deposited in YOUTH DEVELOPMENT CO-OP. BANK LTD., KOLHAPUR, Jaysingpur Branch in his individual Savings Account No.------1648. Thus, the source of deposit was properly explained by Assessee. 4. Ld.AR filed copy of affidavit of assessee requesting for condonation of delay of 23 days. Submission of ld.DR : 5. The ld.DR for the Revenue relied on the order of AO and ld.CIT(A). Findings &Analysis : 6. We have heard both the parties and perused the records. It is observed that AO had reopened Assessee's case on account of cash deposits of Rs. 12,75,300/- in Bank Account No....
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....ollowing reasons. In this case, assessee had received Rs. 2,16,000/- by cheque from Assessee's father's bank account. Assessee had submitted copies of his father's bank account. We have perused the assessee's father bank account in S.S.L.SHRIPAL ALASE(KAKA) KURUNDWAD URBAN COOP BANK LTD., wherein following Fixed Deposits have been credited on 09.04.2012. 6.4 Then, assessee's father had withdrawn Rs. 1,97,000/- in cash from the said account which is clearly seen from the Bank Statement. Similarly, it is observed that on 10.04.2012 itself, assessee's father deposited cash in the Saving Bank Account maintained with YOUTH DEVELOPMENT CO-OP. BANK LTD., Kolhapur. The scanned copy of Assessee's father bank account maintained with YOUTH DEVELOPM....
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....refore, source of Rs. 2,16,000/- stands explained. Hence, assessee has fulfilled his primary onus of proving identity, genuineness and creditworthiness. Assessing Officer has not brought on record any document to negate the Assessee's submission. Any sum of money received from a Relative(defined in the section) as gift is not taxable as per section 56(2)(vii) of the Act. In this case, Assessee has received Rs. 2,16,000/- by cheque as gift from his father. In these facts and circumstances of the case, we are of the opinion that addition of Rs. 2,16,000/- is not sustainable. Therefore, we direct the Assessing Officer to delete the Rs. 2,16,000/-. Accordingly, grounds of appeal raised by the assessee are allowed. 7. In the result, appeal of....