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TMI Blog2015 (9) TMI 653X X X X Extracts X X X X X X X X Extracts X X X X ..... F at 5% of turnover and recomputed the same. The Assessing Officer has failed to establish that the Income of the wife is not separate from the assessee’s income along with his salary income. - Decided against revenue. - I.T.A. No. 4402/Del/2013 - - - Dated:- 31-8-2015 - Shri N. K. Saini And Smt Suchitra Kamble,JJ. For the Appellant : Sh. T. Vasanthan, SR. DR For the Respondent : Sh. V. K. Sabharwal, Adv. ORDER Per Suchitra Kamble, JM This appeal is filed by Revenue against order dated 25/06/2013 passed by CIT(A) XXX, New Delhi. The grounds of appeal raised herein, are as follows:- 1. Deleting the addition of ₹ 14,19,676/- made by the AO on account of unexplained cash credits and payments of credit ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds: 1. That the proceedings initiated u/s. 147 of the Income Tax Act, 1961, are perverse to the law and to the facts of the case and not tenable because the deposits of ₹ 3,61,575/- with the Central Bank of India during the year pertains only to the credit of salary received by the assessee from his employer Indian Airlines, which has already been disclosed in his ITR and a sum of ₹ 86,148/- credited in his said bank a/c on 06.04.2005 was the maturity amount received from UTI, which were deposited in the preceding year by the assessee, therefore the same could not be the income. 2. That with regard to the deposits of ₹ 5,34,658/- with HSBC Bank Ltd., which has also been taken and treated as deposits from undisclosed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne bank account maintained in the Central Bank of India only the salary of the assessee has been credited and the deposits appearing in the other bank A/c maintained with HSBC Bank, the same does not belongs to the assessee as the same was being operated by his wife Mrs. Ashita Murgai, the Assessing Officer out-rightly rejected the objections filed by the assessee against the initiation of proceedings u/s. 147 of the Act, as such the initiation of proceedings declared to be valid by the Assessing Officer is illegal and not tenable in the eyes of law and liable to be quashed. 3. That with regard to the deposits of ₹ 2,61,800/- in the CITI Bank A/c No. 5150374229, the counsel of the assessee attended the hearing on 29/12/2011 and exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 1992/- b. Income as 5% Profit on the total credit of ₹ 261800/- with the CITI Bank Rs.13090/- Total Rs.197692/- Rounded Off 197700/- 4. The CIT(A) relied upon the letter dated 02.12.2011 submitted by the Assessee before the Assessing Officer challenging the initiation of proceedings u/s. 147 of the Act. The CIT(A) further held that the assessee s wife is filing her income tax return in ITO, Ward 32(4) since many years before A.Y. 2003-04. She is deriving her income from salary separately. Hence, her income and the gifts she has received from her uncle in USA in US$ for the help of her father, w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee has failed to discharge his onus with supporting evidences. The DR further submitted that the assessee being an employed person cannot run any business and thus the entire amount should be taken into account. 6. The AR totally relied upon the CIT(A) s order and urged that the appeal be dismissed. 7. We have perused all the relevant records and proceedings and heard both the parties, the CIT(A) has correctly mentioned that the income of the assessee s wife has to be excluded from the income tax assessment of the assessee, as the wife of the assessee is filing her returns with the respective ITO. The CIT(A) has correctly directed the Assessing Officer to compute the assessee s income from salary and income from small business u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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