2023 (6) TMI 1479

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....s and circumstances of the Appellant's case. 2. The appellant denies himself to be assessed at Rs. 1,10,19,330/- as against the returned income of Rs. 1,08,36,380/- for the assessment year 2017-18 on the facts and circumstances of the case. 3. The learned CIT (A) was not justified in confirming the addition of Rs. 1,82,952/-as unexplained money, which was a transfer from the appellants own bank account and within the same bank, on the facts and circumstances of the case. 4. The learned CIT (A) was not justified in appreciating the bank account filed as part of the appeal, was sufficient to demonstrate that the transfer was made - between the bank accounts of the appellant, held in the same sank ....

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....0. The appellant craves to add, alter, amend, substitute, change and delete any of the grounds of appeal. 11. For the above and other grounds that may be urged at 'tie time of hearing of the appeal, the Appellant prays that the appeal may be allowed and justice rendered. 2. The crux of above grounds is with regard to addition of Rs. 1,82,952/- as unexplained money u/s 69A of the Income-tax Act, 1961 ['the Act' for short]. 3. Facts of the issue are that during assessment proceedings, it was found by the AO that the assessee had a deposit of US $ 2700 into his bank account of Bank of America bearing account No. 000144812786 on 17.10.2016. The assessee has not furnished source of the same. The addition was ....

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....nt with assessee's wife Mrs. Savita Jayaram, it cannot be considered as an unexplained money u/s 69A of the Act. Being so, in our opinion, assessee explained the sources as the opening balance standing in the assessee's own account No. 000144808401 at US $ 9255.96. Accordingly, we find merit in the argument of ld. A.R. and the addition made u/s 69A of the Act is deleted. 5. In the result, appeal of the assessee is allowed. Order pronounced in the open court on 13th June, 2023. ============= Document 1 Bank of America Your savings account Account number: 0001 4480 8401 Your Money Market Savings RAMMOHAN KORDALE SAVITA JAYARAM Account summary Beginning balance on March 30, 2016 $9,255.96 Deposits and other addit....