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TMI Blog2015 (10) TMI 1462X X X X Extracts X X X X X X X X Extracts X X X X ..... perty has to be examined. On perusal of the registered sale deed, it shows that the property was purchased jointly without any reference to the share of the assessee. Therefore, for all practical purposes, the assessee and his wife have equal sharing in the property. It is also to be examined when the assessee has equal share in the property and the assessee himself claims that a sum of ₹ 40 lakhs was invested by him out of ₹ 47,35,000/-, it is not known how the assessee's wife could claim 50% of the share in the property on the basis of the sale deed. These aspects need to be examined by the Assessing Officer and find out whether the assessee's wife has actually invested the money or the entire money was invested by the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee. On a query from the Bench, what was the source for the assessee's wife to make investment of ₹ 7,35,000/-, the Ld.counsel submitted that the assessee belonged to Marwari community and the source was savings from childhood. The bank account would disclose the savings made in regular course. Therefore, according to the Ld. counsel, there cannot be any addition. 3. On the contrary, Sh. P. Radhakrishnan, the Ld. Departmental Representative, submitted that the assessee's wife filed return for assessment year 2008-09 disclosing a sum of ₹ 7,35,000/-. The assessee has disclosed as if a loan was taken from several family members. However, the property was purchased in the assessment year 2007-08. The return was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n was filed by the assessee's wife for assessment year 2007-08 and the return said to be filed by the assessee's wife relates to assessment year 2008-09. Therefore, whatever disclosed by the assessee's wife for assessment year 2008-09 may not be available for making investment in the said property in assessment year 2007-08 which is under consideration. Now the assessee claims that since they belonged to Marwari community, his wife could save money in the regular course, which was deposited in the bank and same was used in purchasing the property. This Tribunal is of the considered opinion that saving habit has increased in the society in the recent past. Therefore, saving of money in routine course cannot be ruled at the outrig ..... X X X X Extracts X X X X X X X X Extracts X X X X
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