TaxTMI 
TaxTMI 
2026 (6) TMI 1078
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....assessment year 2016-17. 2. The assessee is mainly aggrieved by the addition of Rs. 1,10,00,000/- made by the Assessing Officer under section 69 of the Act treating the investment made in purchase of immovable property as unexplained investment and also against the action of the learned CIT(A) in dismissing the appeal in limine on account of delay of 79 days without adjudicating the issue on merits. 3. Briefly stated, the facts borne out from the assessment records are that the assessee is an individual lady residing in Mumbai and is admittedly a homemaker having no independent source of income. As noted in the statement of facts and also reflected from the records available before the authorities below, the assessee had not filed any....
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....o source of income and that the entire payment for purchase of property had been made by the father directly to the seller from his bank account. The assessee had also furnished supporting bank statements and details of payment during the course of assessment proceedings. However, the Assessing Officer rejected the explanation primarily on the reasoning that though the bank statement of the father was furnished, the source of credits appearing in the bank account of the father had not been explained and no formal gift deed had been filed. On such reasoning, the Assessing Officer held that the source of investment remained unexplained and consequently treated the entire investment of Rs. 1,10,00,000/-as unexplained investment under section 6....
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....rious civil consequences should not ordinarily be thrown out at the threshold on account of marginal procedural delay. Accordingly, the delay in filing the appeal before the learned CIT(A) stands condoned. 8. Coming to the merits of the addition, we find that the entire edifice of the assessment order rests more on suspicion and conjecture than on any cogent material brought on record by the Revenue. It is an admitted and undisputed fact borne out from the assessment order itself that the assessee had specifically explained before the Assessing Officer that she was merely a housewife and the entire consideration for purchase of the property had been paid directly by her father from his own bank account. Not only this, the assessee had al....
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....assessee herself was admittedly not having any source of income and there is absolutely no material on record to even remotely suggest that the assessee had generated any undisclosed income from which such investment could have been made. Merely because the Assessing Officer entertained some suspicion regarding antecedent credits in the bank account of the father, the same could not be a ground to fasten tax liability upon the assessee daughter under section 69 of the Act. 9. We further find that the approach of the Assessing Officer in doubting the transaction merely because no formal gift deed was produced is wholly untenable in the peculiar facts of the present case. In ordinary Indian family set-up, it is neither uncommon nor unusual....