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TMI Blog2022 (7) TMI 695X X X X Extracts X X X X X X X X Extracts X X X X ..... fact that the assessee s son; who was a minor at the time of account opening, has become a major on 23.05.2011 who is assessable in his independent capacity. We also wish to quote section 64(1A) of the Act wherein clubbing of income is provided in case of a minor child only which is not the case before us. Faced with the situation, we conclude that both the learned lower authorities have erred in law and on facts in adding the impugned cash deposits in assessee s hands. - Decided in favour of assessee. - ITA No. 603/PUN/2019 - - - Dated:- 14-7-2022 - SHRI S.S. GODARA , JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE , ACCOUNTANT MEMBER Assessee by : Shri Nikhil Pathak Revenue by : Shri M.G. Jasnani ORDER PER S.S. GODARA, JM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act. 5. All the grounds relate to the same issue and hence disposed together. 5.1 It is claimed that the bank account in Karnataka Bank belongs to his son and who is a regular tax payer and the said bank account is also reflected on the balance sheet and return of income for AY 2014-15. It is claimed that no addition of the cash deposits in the said account can be made in his hands. It was further submitted that the said account was open on 20.10.2010 when the son was a minor and he acted as a guardian for the son and the account. It was claimed that the son became major on 23.05.2011 and claimed that he has no relation to deposit and withdrawals after he became major. It is claimed that his PAN No. and the status of the g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the foregoing bank account in the name of his erstwhile minor son Mr. Virendra Mahadik long back. He had also furnished his PAN number at the time of his minor son s bank account opening. Mr. Jasnani vehemently argued that the learned lower authorities have rightly gone by assessee s PAN for taxing the impugned cash deposits in his hands. He could hardly have rebut the clinching fact that the assessee s son; who was a minor at the time of account opening, has become a major on 23.05.2011 who is assessable in his independent capacity. We also wish to quote section 64(1A) of the Act wherein clubbing of income is provided in case of a minor child only which is not the case before us. Faced with the situation, we conclude that both the learne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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