TaxTMI 
TaxTMI 
2025 (2) TMI 1949
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.... In the above cited appeal, the Revenue has taken the following grounds : "a. On the facts and in circumstances of the case, the CIT(A) erred in allowing the appeal of the assessee without considering the fact that during the assessment proceedings, the assessee failed to furnish documentary evidences in respect of investment in immovable properties as well as on the issue of cash deposits made during the year. b. On the facts and in circumstances of the case, the CIT(A) erred in allowing the appeal of the assessee without considering the fact that the contentions made by the assessee during the appellate proceedings were different from those which were made by the assessee during the assessment proceedings. c. On....
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....0/-. As the appellant didn't give proper explanation with respect to these deposits, addition of Rs. 59,29,000/- was made u/s. 69 r.w.s. 115BBE of IT Act, as unexplained money. c) The second addition made by Ld. AO is with respect to the unexplained investment u/s. 69 of IT Act r.w.s. 115BBE. Out of the total investment of Rs. 2.53 Cr. while purchasing the flat, the Ld. AO held that the appellant couldn't explain the source of investment to the extent of Rs. 1,72,00,000/- and hence added. The major amounts where Ld. AO was not satisfied and added are bank loan of SBI to the extent of Rs. 1,10,00,000/- and Rs. 60,00,000/- received from sale of an immovable property. The Ld. AO added Rs. 1,10,00,000/- because the appellant ha....
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.... i.e., cash deposits and the sources for acquiring the same house property which is in joint names, the AO of the appellant can't doubt the veracity of sources for acquiring property. The Ld. AR of appellant has argued that the AO has disbelieved even bank loan of SBI and will of appellant's mother-in-law and added the amounts which is totally uncalled for. The Ld. CIT(A) has passed a detailed order of 14 pages mentioning the arguments of Ld. AO and appellant, after perusing the material placed before him, having applied his mind, has adjudicated the matter fairly and gave relief to the appellant which should not be disturbed. The Ld. CIT(A) has taken into consideration the documents which were already filed before AO and hence ther....
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....des in detail at the time of hearing proceedings as well as clarification proceedings before ITAT and matter is adjudicated in favour of assessee for the following reasons : a) As mentioned in the beginning of this order, two additions were made and the first one relates to cash credits deposited in bank and other one relates to purchase of property. The major addition relates to the sources for acquiring the flat mentioned in the assessment order where the AO made an addition of Rs. 1,72,00,000/- disbelieving the version of appellant about bank loan and sale of old immovable property. The relevant documents relating to bank loan from SBI including sanction of loan letter were filed before AO and before Ld. CIT(A) again. The Ld. AR....
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....t the details were furnished before AO and CIT(A), in similar circumstances, the AO of appellant's husband has accepted all their contentions and no addition was made. The Ld. DR relied on the assessment order and Rule 46A(3) of IT rules. c) The AR of appellant has submitted a chart showing source of cash deposits and amounts transferred to her account. A copy of chart showing sources which was submitted to Ld. CIT(A) was filed before ITAT also. Out of the cash deposits of Rs. 37,95,000/-, the Ld. AR of appellant has stated that an amount of Rs. 29,85,000/- was given to her by her mother-in-law who passed away, bequeathing this amount as part of her "Will Deed" and a copy of this "Will Deed" filed before lower authorities was s....
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....dition relating to credit entries into appellant's bank account was already explained to the AO of her husband who has accepted his submissions while completing the scrutiny assessment of her husband. Hence, credit entries representing amounts received from her husband was correctly deleted by Ld. CIT(A). ii. The addition relating to the cash deposits is also deleted because necessary evidences relating to amount received through "Will Deed" of her mother-in-law who passed away was furnished to lower authorities and Ld.CIT(A) has correctly deleted the addition after perusing and getting satisfied. iii. The other hand loans of Rs. 7,08,000/- were also explained along with confirmation letters, PAN of creditors and their....