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TMI Blog2018 (1) TMI 538X X X X Extracts X X X X X X X X Extracts X X X X ..... e contributed ₹ 7.50 Lacs from her past savings and her Stridhan is accepted. Qua the remaining amount of ₹ 7.50 lacs remand is directed and the issue is set aside back to the file of the Ld. CIT(A). The CIT(A) is directed to examine the taxpayer’s claim in regard to the payment of ₹ 7.50 Lacs by the assessee which is stated to be from his past savings. Accordingly, the impugned order to this limited extent is set aside back to the file of the CIT(A) with the direction to pass a speaking order in accordance with law after considering the assessee’s explanation to the extent of ₹ 7.50 Lacs as the explanation qua his wife for the remaining portion for the reasons given hereinabove is accepted. Appeal of the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. That the Appellant craves the right to amend, append, delete, enhance, and add any or all ground of appeal before or at the time of hearing of appeal. 2. Both the parties have been heard. The record shows that the assessee declared an income of ₹ 1,84,410/- from petty business activities wherein books of accounts have not been maintained. The AO required the assessee to explain the investment of ₹ 15 lacs in the purchase of house property. The assessee initially was represented by Sh. S.C.Jain, CA thereafter on 12.12.2011 by Sh. Rajeev Kumar, CA. Addition of ₹ 15 lacs was made by the AO by an order dated 29.12.2011 u/s 143(3) holding as under:- 2. On 12.12.2011 Shri Rajiv Kumar, CA attended the proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted as under :- Net Income as shown Rs.184410/- Add: as per para-2 above. Rs.15,00,000/- Total income Rs.1684410/-' Assessment for A.Y. 2009-10 is completed on the income of ₹ 1684410/- against returned income of ₹ 184410/-. Issue notice of demand and challan. Charge interest u/s 234A/B/C as per rule. Issue penalty notice u/s 271(l)(c) 271(l)(b). 3. In appeal before the First appellate authority, the assessee submitted that the purchase of the said property had been financed by a housing loan of ₹ 20 lacs. The house was purchased in the joint name alongwith his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DR relied upon the impugned order. 6. I have heard the rival submissions and perused the material available on record. On a consideration of the peculiar facts and circumstances of the case, I find that the Ld. CIT(A) has failed to give any finding whatsoever as to why the explanation of the assessee that half the funds for meeting the cost of investment of ₹ 7. 50 Lacs was financed by his wife should not be accepted. Admittedly the assessee consistently has taken the stand that the residential house was jointly purchased by the husband and the wife. The record shows that in support of the claim the assessee has submitted the evidence to show that his wife has also been a taxpayer for almost 5 years prior to the purchase of this ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arriages of children as a status symbol to impress the society. The decision to buy a family home are equally emotional decisions driven by family pride. The reality of this social dictum of false status boosting family pride can be well understood in the context of the social mileu where repeatedly Indian families, at times willingly still put themselves in crippling financial indebtedness against all sound financial advise towards this so called necessary wish fulfillment. The tax authorities cannot blindly dictate what the earning couple should necessarily save, the tax authorities are expected to be alive to the needs and expectations of aspirational India where both spouses are willing to earn and save making sacrifices on a personal l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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