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TMI Blog2020 (8) TMI 503X X X X Extracts X X X X X X X X Extracts X X X X ..... ure - HELD THAT:- Assessee has drawn our attention to Form 26AS, where the receipt to the extent of ₹ 13,50,647/- were reflected, on which, TDS was also deducted. On perusal of the order of the CIT(A), find that the Ld.CIT(A) has corrected this mistake and restricted the addition to the extent of ₹ 1,54,172/- only. Therefore, find no reason to interfere with the order of Ld.CIT(A) and the Ground raised by assessee in this regard, is dismissed. Addition representing the credits into the bank account of State Bank of Hyderabad, Domalguda branch, Hyderabad - HELD THAT:- Registered Settlement Deeds were executed on 16-08-2008 23-10-2008, while the cash was deposited on 13-12-2008. Therefore, the possibility of a family sett ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... distributorship of Amway products, filed his return of income for the AY.2009-10 on 31-08-2009, declaring total income of ₹ 2,34,464/-. 3. During the assessment proceedings u/s.143(3) of the Income Tax Act [Act], the Assessing Officer (AO) made four additions. As regards the first issue, the AO observed that the assessee has received dividend from Osmania Chit Fund amounting to ₹ 31,861/- and suffered a loss of ₹ 22,000/- on bidding it and after adjusting the loss to the dividend, a surplus dividend of ₹ 9,861/- only remained. Accordingly, the AO brought ₹ 9,000/- to tax. 3.1. The second issue is that from the AIR data, the AO found that the total receipts during the year was ₹ 13,71,527/-, ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the CIT(A), the assessee is in second appeal before the Tribunal by raising the following Grounds: 1) The order of the learned CIT (A) is erroneous to the extent it is prejudicial to the appellant. 2) The learned CIT (A) erred in confirming the addition of ₹ 9,000/- towards chit dividend from Osmania Chit Funds. 3) The learned CIT (A) erred in confirming the addition of ₹ 1,75,052/- on the ground that there is a difference in the commission received. 4) The learned CIT (A) erred in confirming the addition of ₹ 10,00,000/- representing the credits into the bank account of State Bank of Hyderabad, Domalguda branch, Hyderabad. 5) The learned CIT (A) erred in confirming disallowance of foreign tour expens ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee submitted that there was a settlement of properties amongst the family members and the assessee s share on land was also given to his brother, Shri Ravinder Reddy, who in turn has paid a sum of ₹ 15 Lakhs to the assessee, out of which ₹ 10 Lakhs has been deposited by him into his bank account. In support of this contention, the assessee has filed a copy of Gift Deeds dt.16-08-2008 and 23-10-2008. From these documents, it is evident that assessee s mother has gifted some property to Shri G.Ravinder Reddy, and the elder brother of assessee as well as his mother have also gifted another property to Shri G.Ravinder Reddy. The assessee was not be able to produce any other documentary evidence, except confirmation letter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eposited on 13-12-2008. Therefore, the possibility of a family settlement cannot be ruled out. It is also seen that the elder brother of the assessee, Shri Venkat Reddy and also the mother of the assessee have executed the Settlement Deeds. Since the Revenue also has not brought out that there were other properties which have been settled in favour of the assessee, the contention of assessee that he has received ₹ 15 Lakhs towards settlement of family property cannot be ruled out totally. Considering the preponderance of probabilities and circumstantial evidence, I am inclined to accept the source of deposit of ₹ 10 Lakhs as the receipt of the amount from his brother. Therefore, the addition to the extent of ₹ 10 Lakhs is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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