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TMI Blog2019 (3) TMI 1066X X X X Extracts X X X X X X X X Extracts X X X X ..... e on the sale of properties by her in-laws, then where was the need to deposit the amount in bits and pieces during the month of December, 2007 and thereafter, in March, 2008. The said tabulated details are available at page 21 of appellate order. The assessee has failed to link the sale proceeds of agricultural land received by her father-in-law with the amounts given as hand loans to various persons. The whole exercise is an afterthought by the assessee and the amount if received after the death of father-in-law should be available with the assessee in lump sum and there was no requirement to deposit the amount in bank in bits and pieces on different dates. There is no merit in the stand of assessee in this regard. Hence, the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o explain the source of the cash deposits. In reply, the assessee pointed out that the said deposits were out of gift received from her father-in-law and mother-in-law. The Assessing Officer has elaborately considered the explanation of the assessee and summarized the same as under :- i) Cash withdrawal of ₹ 90,000/- from S.B. Account at Cosmos Bank. On verification of saving bank account statement it was noticed that the assessee has cash withdrawal of ₹ 90,000/- on 22.01.2008 and the said amount deposited in saving bank account. The claim of the assessee has been supported by Bank statement. Hence, the same considered and proved. ii) Gift received from father Shri Vishwas Vasant Kulkarni ₹ 6,20,000/-. The amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imilarly, no evidence has been produced regarding gift out of ICICI account of the mother and the details of withdrawals made in cash and gifted to the assessee have been furnished. Therefore, amount of ₹ 2,25,000/- claimed to have been received out of gift has not been proved and as such is not acceptable. The proof regarding amount of ₹ 2,50,000/- received out of sale proceeds has been supported by the purchase bill and as much considered as proved. Thus the balance amount of ₹ 7,15,000/- out of gift received is treated unproved. 4. The Assessing Officer was of the view that the burden placed upon the assessee under section 69 of the Act has not been discharged. However, credit was given to the extent of ₹ 3,40 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade in the hands of the assessee. 8. The learned Departmental Representative for the Revenue, on the other hand, placed reliance on the orders of the authorities below and submitted that there was no merit in the plea of the assessee especially when the various deposits in the month of December, 2007 on different dates had been made in the aforesaid bank account. In case the source was out of sale of land, then why the amount was bifurcated and deposited in the bank account. 9. On perusal of the record and after hearing both the learned Authorized Representatives, the issue which needs to be adjudicated is the cash deposits totaling ₹ 12,98,500/-. The source of said cash deposit has been explained by the assessee as gift receive ..... X X X X Extracts X X X X X X X X Extracts X X X X
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