9911796707
TMI Blog2019 (3) TMI 481X X X X Extracts X X X X X X X X Extracts X X X X ..... "The order passed u/s.250 on 11-08-2014 for A.Y.2008-09 by CIT(A)-XVI, Abad upholding the addition of Rs. 8,60,549/- as unexplained investment u/s.69 made by AO is wholly illegal, unlawful and against I the principles of natural justice. 1.2 The Ld. CIT(A) has grievously erred in law and or on facts in not considering fully and properly the submissions made and evidence produced by the appellant with regard to the impugned additions. 2.1 The Ld. CIT(A) has grievously erred in law and on facts in confirming the addition of Rs. 8,60,549/- out of cash deposits in bank account made by appellant's wife-Mrs. Richa Sharma, 2.2 That in the facts and circumstances of the case as well as in law, the Ld.CIT(A) ought not to have upheld the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned the same as the second holder of the account. It is the case of the assessee that the assessee's wife deposited the money in the said account out of her past savings and cash withdrawals out of her past earnings from salary, tuition income, interest income, receipts of various social function, sale of jewellery etc. The opening cash balance of Rs. 6,90,530/- as on 01.04.2007 was reflected in her cash book. The pay-in-slips and cheques as obtained from the Bank by the Assessment Officer revealed that most of the instruments were bearing the signature of the assessee. The Learned AO on the basis of such documents came to a conclusion that the transactions were made by the assessee having a successful business of Civil Construction. Furthe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the matter of Nemi Chand Kothari-vs-CIT [2004] 136 Taxman 213 (Gau.) and Sumati Dayal-vs-CIT [1995] 80 Taxman 89/214 ITR 801 (SC). According to him, it is evident from the records that the assessee nowhere manipulated by hiding his income and therefore he prayed for deletion of addition made by the authorities below. On the contrary, the Learned DR relied upon the orders passed by the authorities below. 5. We have heard the respective parties, perused the relevant materials available on record. The documents namely the Bank Statement of the wife of the assessee, cash book and cash flow statement along with other documents annexed to the Paper Book show that those documents were duly placed before the authorities below. The only ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clusion that the husband has deposited the same from his own income other than the income earned by the wife. Since the genuineness of the source of income of the wife has not been questioned by the authorities below the entire addition cannot be made as unexplained investment u/s 69 of the Act. However, the entire source of amount so deposited was failed to have been established by the assessee with corroborating evidences. We, therefore, taking into consideration the entire gamut of the matter found it fit and reasonable to allow Rs. 3,00,000/- as the saving of the wife of the assessee from such addition made by the authorities below. 6. In the result, assessee's appeal is partly allowed. This Order pronounced in Open Court on 07/03/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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