TaxTMI 
TaxTMI 
2026 (2) TMI 688
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....lution Panel-2, Mumbai, ["learned DRP"], under section 144C(5) of the Act, for the assessment year 2020-21. 2. In this appeal, the assessee has raised the following grounds: - "1. REASSESSMENT PROCEEDINGS: 1.1 The Hon'ble Dispute Resolution Panel (hereinafter referred to as "the DRP") failed to appreciate that the Income tax Officer (International tax) 1(2) - 1, Mumbai ("the J.A.O.") erred in - - passing the order under section 148A(d) of the Income tax Act, 1961 (hereinafter referred to as "the Act) dated 21st March 2024; - and issuing notice under section 148 of the Act dated 21st March 2024 in violation of the provisions of section 151A of the Act read with e-Assessment of Income Escaping Assess....
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....his draft assessment order wherein the J.A.O. made an addition of Rs. 28,40,000/- being amount received by the Appellant from her sister to the income of the Appellant under section 69A of the Act. 3.2 It is submitted that in the facts and the circumstances of the case, and in law, no such addition was called for." 3. Grounds No.1.1 to 1.5 were not pressed during the hearing. Accordingly, these grounds are dismissed as not pressed. 4. Grounds No.2.1 to 2.3, raised in assessee's appeal, pertain to the addition made under section 69 of the Act on account of investment in fixed deposits held with the Development Co-op Bank Ltd. ("DCB Bank"). 5. The brief facts of the case pertaining to this issue are emanating from the record....
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....nder section 133(6) of the Act was also issued to the DCB Bank calling for bank account details, however, no response was also received from the Bank. Since the assessee failed to satisfactorily substantiate the nature and source of money invested in time deposit, notice was issued to the assessee to show cause as to why the investment of Rs. 1.75 crore in time deposit should not be considered as unexplained investment under section 69 of the Act. In response, the assessee submitted that the sum of Rs. 1.75 crore was received from her mother and the same is duly reflected in her bank account statement. The assessee submitted that her mother has given the gift of an equal amount to her sister. In order to prove that her mother has given the ....
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....nk statement of assessee's mother to show that the gift of Rs. 1.75 crore by the mother to the assessee was pursuant to maturity of certain fixed deposits held by the mother. These additional evidences furnished by the assessee were forwarded to the AO and remand report was sought. In its remand report, the AO observed as follows: 8. Thus, the AO, after verifying the bank statement of the assessee's mother, found that ten fixed deposits were closed on 04.07.2019 and a total sum of Rs. 3,32,16,628/- was credited in the assessee's mother's account maintained with DCB Bank. Further, it was noted that out of the aforementioned closure proceeds of fixed deposits, the assessee's mother transferred (gifted) Rs. 1.75 crore to the assessee, and t....
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....tement showing the source of gift. However, before the learned DRP, the assessee furnished the bank statement of her mother, and after verifying the details, the AO, vide its remand report, noted that the assessee's mother transferred Rs. 1.75 crore to the assessee out of time deposits closed in the mother's account. In order to substantiate, its submissions, the assessee has again placed on record the bank statement of her mother in the paper book filed before us from pages 65-72. From the perusal of the same, we find that the assessee's mother held various fixed deposits with DCB Bank, and these fixed deposits were opened in financial years 2016-17 and 2017-18. Thus, we are of the considered view that the same sufficiently proves the clai....
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....to Rs. 28,40,000/- from her sister. As per the assessee, these credits were in respect of expenses and maintenance. However, the assessee could not bring on record the bank statement and other details sought of her sister during the assessment proceedings. Accordingly, the AO proposed an addition of Rs. 28,40,000/- under section 69A of the Act as the source of funds was not explained, and the assessee also failed to establish the genuineness and creditworthiness of her sister. Even before the learned DRP, the assessee failed to bring any documents on record to support her claim. Accordingly, the additions proposed by the AO were upheld by the learned DRP. Even in the present appeal before us, the assessee has not brought on record any docum....