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TMI Blog2022 (5) TMI 1377X X X X Extracts X X X X X X X X Extracts X X X X ..... ccounts. We noted that the Assessee's husband sold one immovable property located at Uthandi, Chennai to one Smt. Mangaiyarkarasi who has paid a sum to the Assessee by way of demand draft on 28.02.2014. As claimed that the husband has gifted a sum of Rs. 30.00 lakhs and Rs. 10.00 lakhs to the Assessee and the same was deposited in the above said bank accounts, i.e. Axis Bank account maintained in the name of the Assessee. The date of the sale of this property, the date of depositing the demand draft and the date of the gift is the same, i.e. 28.02.2014. We find that the Assessing Officer has examined the same facts and reached to a conclusion that the transactions of gift are genuine and explained. Hence, we find no merit in the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the Assessee to file an appeal against the revision order immediately before the Tribunal and accordingly an appeal before the Tribunal was filed on 28.08.2019 and thereby there was a delay of seventy-nine days. According to the learned Counsel for the Assessee, a wrong advice given by the Chartered Accountant is the reasonable cause. When these facts were confronted to the Senior Departmental Representative, he could not controvert to the above stated facts. 3. After hearing to the rival contentions, we are of the view that the wrong advice is a reasonable cause for condonation of delay and hence we condone the delay and admit the appeal for adjudication. 4. The first jurisdictional issued raised by the Assessee is that the Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... through the show-cause issued by the PCIT for revision of assessment u/s. 263 of the Act and stated that the PCIT after examination of the assessment records noted that the Assessing Officer during the course of the assessment proceedings has not examined the cash deposits of Rs. 30.00 lakhs deposited on 28.02.2014 in the bank account maintained with the Axis Bank. The learned Counsel for the Assessee drew our attention to the relevant portion of paragraph No. 2 of the show-cause notice which states as Your husband's bank account through which the above DO was encashed was not obtained and enquired into by the Assessing Officer. Other aspects of the source for the cash deposit were also not properly enquired into. Further, the learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion [CASS] for the reason of cash deposit at the saving bank account and accordingly a notice u/s. 143(2) of the Act was issued. The Assessee, before the Assessing Officer produced the books of accounts and bank accounts and statements and the Assessing Officer after verifying the cash deposit of Rs. 30.00 lakhs and Rs. 10.00 lakhs framed the assessment by observing in paragraph No. 3, as under: 3) When the Assessee's representative was asked to explain the reason for the cash deposits exceeding the turnover of the Assessee, the Assessee stated that the cash deposits amounting to Rs. 30,00,000/- was received from her husband as gift, and also submitted the copy of the return of income and statement of accounts of her husband, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated that the Assessee has changed her stand before the PCIT and he stated that the amount received is on account of the sale of the immovable property. He stated that even now the new version was added that it is a gift by the Assessee's husband which was out of the savings made out of the income earned by him during his foreign stay as a Non-Resident Indian [NRI]. Hence, according to him, the PCIT has simply directed the Assessing Officer to allow an opportunity and after verifying, make a fresh assessment. According to the learned Senior Departmental Representative there is no harm in verifying the source of cash deposits and urged the Bench to uphold the revision order. 9. We have heard the rival contentions and gone through th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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