9911796707
TMI Blog2016 (12) TMI 869X X X X Extracts X X X X X X X X Extracts X X X X ..... Maruti Wagon R which had been sold to Shri Hari Om Bhardwaj and the date of transfer was mentioned in the R.C. on 05-05-2010. The deposit of an amount of ₹ 1.50 lacs in HDFC Bank shows on 19-04-2010 and the transfer of the registration of the car in Registration Certificate of RTO shows on 5-05-2010 which establishes that whenever the old car is sold to the party then it takes time to change the ownership from seller to buyer. It is also noted from the Registration Certificate that transfer of the car was made on 05-05-2010 in the name of Shri Hari Om Bhardwaj S/o Shri Chiranji Lal R/o 18-A, Sri Ram Nagar Jhotwara, Jaipur. Hence, in view of the above facts and circumstances of the case, the assessee deserves relief on this count and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt order and the submission of the appellant. The assessee has claimed deduction of ₹ 1,42,736/- u/s 24(b) of the I.T. Act, 1961 in respect of a self occupied property on account of interest paid on house building loan obtained in respect of the said property. The Assessing Officer, during the assessment proceedings noted that the copy of allotment of the property on which the interest on house building advance was being claimed, showed that the property belong to Smt. Usha Sawhney mother of the assessee. However, the loan is in the joint name of the assessee and his mother. Since the property did not belong to the assessee, the claim of interest u/s 24(b) of the I.T. Act, 1961 was disallowed. In the present proceedings, initially the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to furnish the details of interest claimed. The AO observed from the details furnished by the assessee that the loan had been sanctioned in the joint name i.e. the name of the assessee and his mother Smt. Usha Sawhney. The AO further required the assessee to furnish the documentary proof as to ownership of the property on which house building advance was obtained by the assessee. On perusal of the copy of the allotment letter, the AO observed that the property was in the name of the mother of the assessee i.e. Smt. Usha Sawhney which establishes that the property in question was not in the name of the assessee and thus interest claimed by the assessee on house building advance was not allowed by the AO. In first appeal, the ld. CIT(A) also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e were from sale proceeds of an old Wagon R Car and the amount had been deposited on 19-04-2010. The car was transferred in the name of the seller on 05-05-2010. Since no documentary evidences have been furnished to show the receipt of cash of ₹ 1,50,000/- against the sale of car, the same was disallowed and the amount deposited was treated as from undisclosed sources. In the present proceedings, the assessee has reiterated the same submissions as before the Assessing Officer. Certificate of registration of Car evidencing the transfer of ownership on 05-05-2010 to Shri Hari Om Bhardwaj have been filed, as also an affidavit from Shri Surendra Jain, said to be a broker of second hand cars, who helped in the sale of the car. Adequate opp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted before the AO that he had sold the old Wagon R during the year 2010-11 for ₹ 1.50 lacs and thus the amount had been deposited on 19-04-2010 in the bank account. The assessee further submitted that the car was purchased by him on 29-09-2005 for ₹ 3.70 lacs which was five year old and subsequently the car was transferred in the name of buyer Shri Hari Om Bhardawaj on 05-05- 2010. The AO observed that the assessee neither furnished the documentary evidence regarding receipt of ₹ 1.50 lacs from sale of car nor explained the nature and source of the cash deposited in the bank account before the AO which he treated it as unexplained amount u/s 69A of the Act. Thus the AO treated the amount of ₹ 1.50 lacs of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e deposit of an amount of ₹ 1.50 lacs in HDFC Bank shows on 19-04-2010 and the transfer of the registration of the car in Registration Certificate of RTO shows on 5-05-2010 which establishes that whenever the old car is sold to the party then it takes time to change the ownership from seller to buyer. It is also noted from the Registration Certificate that transfer of the car was made on 05-05-2010 in the name of Shri Hari Om Bhardwaj S/o Shri Chiranji Lal R/o 18-A, Sri Ram Nagar Jhotwara, Jaipur. Hence, in view of the above facts and circumstances of the case, the assessee deserves relief on this count and the addition sustained by the ld. CIT(A) to the extent of ₹ 1.00 lac is deleted. Thus Ground No. 2 of the assessee is allow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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