9911796707
TMI Blog2017 (7) TMI 362X X X X Extracts X X X X X X X X Extracts X X X X ..... plained deposit into bank. 2.The learned Commissioner of Income Tax (Appeals) ought to have held deposit relates to Joint Hindu Undivided Family to which the appellant is Kartha. 3.The learned Commissioner of Income Tax (Appeals) ought to have held the source for deposit into bank is out of the sale proceeds of the property and which sale is assessed to capital gains in the hands of HUF assessed under PAN AAGHB9555H 4.The learned Commissioner of Income Tax (Appeals) erred in not considering cash flow statement of the HUF, wherein it is explained the source for deposit in bank and which cash flow statement was considered in the case of Smt. B. Jayasree, the appellant's wife, for the purpose of deleting the addition made in her hands i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess of the HUF for deposit of Rs. 25 lakhs in the bank account. The ld. AR has pointed out that a HUF property situated at kolar was sold in the Financial Year 2008-09 and the capital gain on sale of said property was also shown in the return of income filed by the HUF. The income of the HUF was assessed under separate PAN and therefore there was sufficient fund with the HUF of the assessee to source the deposits of Rs. 25 lakhs in the bank account of the assessee. He has further pointed out that in the case of the wife of the assessee the cash deposit of Rs. 23 lakhs was accepted by the AO while considering the cash flow statement of HUF. Thus the ld. AR has submitted that the total fund available with the HUF as on 31.03.2009 was Rs. 62,6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... flow statement of HUF for the Financial Year 2008-09. It is pertinent to note that the AO has not examined the relevant record and source of the deposit and made the addition by recording the reason that the authorized representative of the assessee agreed for the addition. When the assessee challenged the order of the AO and filed the written submissions as well as cash flow statement of HUF to show the source of deposit of Rs. 25 lakhs, the CIT(A) sent the said record to the AO for his comments and filing of the remand report. In the remand report the copy of which has been filed by the assessee at page no. 1 and 2 of the paper book the AO has stated that the income arising on account of capital gain from sale of property was duly to offe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see then non-considering of the remand report while passing the impugned order amounts violation of principle of natural justice as the contention of the assessee as considered by the AO were not considered by the CIT(A). Even otherwise when the HUF has shown the availability of fund of Rs. 62,67,451/- in the cash flow statement along with the application of fund was also explained which includes the deposits made in the bank in the name of Smt. B. Jayashree of Rs. 23 lakhs and further a sum of Rs. 25 lakhs in the name of the assessee then in the absence of any contrary record or fact to dispute the details pointed out in the cash flow statement, the addition made by the AO is not sustainable. Further the cash flow statement of the affairs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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