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TMI Blog2017 (9) TMI 1100X X X X Extracts X X X X X X X X Extracts X X X X ..... ale of car. The learned CIT (A) thus erred in not allowing the set off the loss so incurred on sale of car. Such disallowances is bad-in-law. 2. On the facts and in the circumstances of the case and in law, the learned CIT (A) erred in confirming the part of the addition on account of difference in the valuation arrived by the department valuation officer & the sale consideration by invoking the provision of the section \ ' SOC of the income Tax Act, 1961. It is prayed that the addition on account of alleged difference in the sale value & fair market value of Rs. 10,17,900/- may be deleted. 3. On the facts and in the circumstances of the case and in law, the learned CIT (A) erred in confirming the part of the addition on account o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 34B and 234C of the Act, having regard to the fact of the case. The appellant denies its liability for payment of interest u/s 234B & 234C of the Act." 2. The brief facts of the case are that the assessee is an individual deriving income from house property, capital gain and income from other sources, filed his return of income for the assessment year 2010-11 on 20-07-2010 declaring total income of Rs. 1,30,69,630. The case was selected for scrutiny under CASS and notices u/s 143(2) and 142(1) of the Act were issued. In response to notices, the authorized representative of the assessee appeared from time to time and furnished the details, as called for. The assessment was completed u/s 143(3) of the Act on 22-02-2013 determining total inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ish supporting evidence explaining the source of income for opening cash balance brought forward from earlier year. In addition, the CIT(A) enhanced the assessment in respect of personal drawings by stating that the assessee has shown a meager drawing of Rs. 24,000 per annum which is quite low compared to his status and income declared by the assessee for the relevant assessment year. Therefore, considering the status of the assessee and also the fact that he is residing in a posh area in the costliest city of Mumbai directed the AO to estimate household expenses at Rs. 1,50,000 per month and accordingly made additions of Rsw.18 lakhs u/s 69C of the I.T. Ac6, 1961. Aggrieved by the order of CIT(A), the assessee is in appeal before us. 4. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... brought forward from earlier year was explained with cash withdrawals from Citi Bank account in the previous Financial Year for which bank statement as well as cash book has been furnished before the AO. 6. Having heard both the sides and considered material available on record, we find that the assessee has explained cash deposit of Rs. 2,50,000 on 07-05- 2009 out of opening cash balance brought forward from previous financial year. We find tht opening cash balance of Rs. 3,17,000 has been explained as out of cash withdrawal from Citi Bank in February, 2011. We further observe that these bank accounts are declared in the regular return filed for the relevant assessment year. Therefore, we are of the view that the assessee has filed neces ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and not for maintaining his family. We do not find any merits in the arguments of the assessee for the reason that when an assessee is having a total income of Rs. 1,30,69,630 as income, an expdenditure of Rs. 24,000 per annum for his household expenses cannot be relied upon. As rightly observed by the CIT(A), the assessee is residing in posh are of Mumbai City for which Rs. 2,000 pm is not at all sufficient to manage his household expenses. At the same time, the estimate made by the Ld.CIT(A) is also on higher side. Keeping in view all the facts and circumstances of the case and also the fact that the assessee is a member of joint family, a reasonable estimate towards household expenses would meet the ends of justice. Accordingly, we direc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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