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TMI Blog2020 (2) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... and are declaring total income exceeding ₹ 25.00 lakhs. Since both the persons are blood relations, the transactions have been entered through cash. Besides the above, Shri Abhilash is a director of a company and the said company has also confirmed the transactions entered between it and Shri Abhilash. Though the assessee furnished copies of income tax returns of Smt. Subhashini (mother) before the AO, a specific confirmation letter was not filed. Documents show that the identity of the creditors was not doubted and the credit worthiness of both the creditors, in my view, has been proved. Since the transactions were between blood relatives, in the facts of this case, the genuineness cannot be doubted. Hence addition of ₹ 12.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5-2019 passed by Ld CIT(A)-11, Bengaluru and it relates to the assessment year 2015-16. The assessee is aggrieved by the decision of Ld CIT(A) in confirming the addition of ₹ 30.00 lakhs made by the AO u/s 68 of the Act. 2. The facts relating to the above said issue are stated in brief. The revenue carried out search and seizure operations in the hands of M/s Rajatha Jewels u/s 132 of the Act on 28-01-2016. Consequent thereto, the present assessment of the assessee herein was completed by the AO u/s 153C r.w.s. 153A r.w.s 143(3) of the Act. The AO noticed that the assessee has deposited cash aggregating to ₹ 30.00 lakhs in her bank account maintained with Kotak Mahindra Bank. The AO asked the assessee to explain the sources ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted that Shri Abhilash has withdrawn money from the above said company, which has also been confirmed by the above said company. Accordingly he submitted that the credit worthiness and identity of Shri Abhilash was proved. He submitted that the above said amount was paid by him to the assessee in cash, since she was his sister. He submitted that there is no reason to doubt the genuineness of explanations furnished by the assessee. He further submitted that Smt. Subhashini is also assessed to tax and she has declared a total income of ₹ 28.25 lakhs in AY 2014-15. Accordingly he submitted that there is no reason to reject the claim of receipt of money from Smt. Subhashini, mother of the assessee. With regard to the claim of deposit o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he has received ₹ 12.00 lakhs and ₹ 4.00 lakhs respectively from her brother and mother. The copies of Statement of total income/income tax returns were furnished to show that both the above said persons are having credit worthiness for make the above said payments. I have noticed earlier, both are assessed to income tax and are declaring total income exceeding ₹ 25.00 lakhs. Since both the persons are blood relations, the transactions have been entered through cash. Besides the above, Shri Abhilash is a director of a company and the said company has also confirmed the transactions entered between it and Shri Abhilash. Though the assessee furnished copies of income tax returns of Smt. Subhashini (mother) before the AO, a s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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