9911796707
TMI Blog2014 (5) TMI 188X X X X Extracts X X X X X X X X Extracts X X X X ..... ial brought on record either by the Revenue or by the assessee to prove that the amount deposited in the joint bank account in fact belongs to which one of the joint account holder - there is no evidence in support of the case of the Revenue or the assessee, but on preponderance of probability, the issue could be decided as regard the quantum adding of the assessee is concerned - since the assessee has failed to prove the source of cash deposited of Rs.14,52,000/- in the joint bank account of three individuals, the addition to one-third of the cash deposit is restricted – Decided partly in favour of Revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... e. The learned counsel of the assessee has opposed the submissions of the learned DR. She submitted that the CIT(A) has given a finding that the cash amount deposited in the joint bank account of the assessee, along with his parent was made by the father of the assessee, and therefore, no action could be taken in the hands of the assessee. She submitted that the provisions of section 68 of the Act was wrongly invoked by the AO, as it is a case of deposit in the bank account and not a credit entry in the account books of the assessee. She relied on the order of the CIT(A). 4. We have considered rival submissions carefully and perused the orders of the AO and the CIT(A) and have perused copies of documents filed in the compilation by the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tive. We find that in such cases, although there is no evidence in support of the case of the Revenue or the assessee, but on preponderance of probability, the issue could be decided as regard the quantum adding of the assessee is concerned. In these facts and circumstances of the case, we are of the considered view that since the assessee has failed to prove the source of cash deposited of Rs.14,52,000/- in the joint bank account of three individuals, i.e. father, mother and the assessee (son), it shall be justified to restrict the addition to one-third of the cash deposit of Rs.14,52,000/- which comes to Rs.4,84,000/- as against the addition of Rs.14,52,000/- made by the AO and deleted in full by the CIT(A), accordingly, the grounds of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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