9911796707
TMI Blog2019 (6) TMI 438X X X X Extracts X X X X X X X X Extracts X X X X ..... ant to the assessment year, the Assessing Officer observed that there were cash deposits made into assessee's bank account i.e. Canara Bank A/c. No. 2492101001395 and ICICI Bank A/c No.630701071042 for an amount of Rs. 23,97,000/-. The Assessing Officer called for explanation from the assessee with regard to the source of cash deposits and satisfied with the source to the extent of Rs. 13,75,000/- and brought to tax the balance amount of Rs. 10,22,000/- relating to the advances received from his wife Smt. G. Lakshmi Bhavani of Rs. 5.50 lakhs and Sri Kodali Murali Mohan of Rs. 5.00 lakhs. During the assessment proceedings, the assessee has filed confirmation letters from both the parties. In respect of Smt. G. Lakshmi Bhavani, she explained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his ground hence, ground No.3 is dismissed as not pressed. The remaining grounds are relating to the merits of the additions made by the Assessing Officer to the extent of Rs. 10,22,900/- as unexplained deposits in the bank account. The addition of Rs. 10,22,900/- consist of loan received from Smt. Lakshmi Bhavani for Rs. 5.00 lakhs and the gift received from Sri Kodali Murali Mohan for Rs. 5.00 lakhs and the same are discussed separately as under. 5. With regard to the loan of Rs. 5.00 lakhs, during the appeal hearing, ld.AR submitted that the assessee has received a sum of Rs. 5.00 lakhs from his wife Smt. G. Lakshmi Bhavani, for which confirmation letter enclosed and placed in paper book at page No. 21 and argued that since the lender h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Smt. G.Lakshmi Bhavani as a genuine. The assessee failed to prove the creditworthiness and genuineness of the source, hence, we do not find any infirmity in the order of the ld. CIT(A) and the same is upheld. The assessee's appeal on this issue is dismissed. 8. The next loan was Rs. 5.00 lakhs from Sri Kodali Murali Mohan. The ld. AR at the time of hearing submitted that the creditor was having an agricultural income as well as salary income of Rs. 24,800/- p.m. and the creditor is having agricultural income of Rs. 2.50 lakhs p.a. It was further stated that savings were kept with her mother Smt. K.Girija Kumari w/o late K. Rama Mohana Rao and out of the above agricultural income and savings, he has given gift of Rs. 5.00 lakhs to his broth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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