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TMI Blog2022 (11) TMI 662X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority. Further even if we ignore the explanation, for the sake of argument, then also it is for the assessing officer to bring on record some cogent evidence to prove that the amount deposited in the bank was undisclosed income arising from the business or from any other activities. No evidence has been brought on record by the lower authorities. The intention of the Parliament in enacting section 69 was to confer a discretion on the ITO in the matter of treating the source of investment which has not been satisfactorily explained by the assessee as the income of the assessee and the ITO is not obliged to treat such source of investment as income in every case where the explanation offered by the assessee is found to be not satisfact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in not considering an amount of Rs.493984/- which was invested out of the saving of the appellant and her family members. 3. The lower authorities has grossly erred in making / confirming an addition of Rs. 493984/- without bringing any material on record to prove that the appellant has earned this amount from undisclosed sources and this amount was not accumulated from past savings of the appellant and her family members. 4. That the assessment order passed/confirmed by the lower authorities are arbitrary, illegal, illogical, unreasonable, and unwarranted with considering the facts and circumstances of the case and law on the point. 5. That the appellant craves to leave and or amend grounds of appeal till the appeal is h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ource of investment in purchase of land to the extent of Rs. 3 lakhs is further accepted. Regarding the remaining amount of investment of Rs.5,93,984/-, (Rs. 8,93,984/- Rs. 3,00,000/-) , no explanation has been furnished by the appellant apart from stating that it was out of the past savings of the family members kept as cash in hand/ earlier cash withdrawals. As per bank a/c statement, the appellant has withdrawn only Rs. 50,000/- from her account on 06.01.2011. The submission of the appellant that the amount was-used for purchase of fend is accepted. Source of investment in purchase of land to the extent of Rs.50,000/- is accepted. Further submission that Rs. 49,000, Rs 78,000/- were contributed by her sons/ daughters-in-law o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the family members kept as cash in hand/ earlier cash withdrawals without bringing on record the supporting corroborative documentary evidence to disprove the claim of the appellant. 8. In case of Smt. Uma Agrawal Vs. ITO-1(3), Gwalior [2021] 127 taxmann.com 735 (Agra - Trib.) ITAT Agra Bench has noted that Assessing Officer had not brought on record any document, evidence etc. to show that amount deposited in account by assessee was her undisclosed income arising from business or any other source. Assessee had duly explained source of deposit i.e her previous year savings. Thus, on facts, the Tribunal observed that said amount in question deposited by assessee during demonetization could not be treated as income of assessee and addition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Further as mentioned herein above, in the decision of Kirti (supra), women per say cannot be said to be not having income from any activities, as they are presumed to always been doing economic activities in the family for many years, hence in our view the assessee had duly explained the source of her investment. Therefore no additions can be made by lower authority. Further even if we ignore the explanation, for the sake of argument, then also it is for the assessing officer to bring on record some cogent evidence to prove that the amount deposited in the bank was undisclosed income arising from the business or from any other activities. No evidence has been brought on record by the lower authorities. Hon'ble Supreme Court in the mat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e facts of each case. In other words, a discretion has been conferred on the ITO under section 69 to treat the source of investment as the income of the assessee if the explanation offered by the assessee is not found satisfactory and the said discretion has to be exercised keeping in view the facts and circumstances of the particular case. 4. In the instant case, the Tribunal has held that the discretion had not been properly exercised by the ITO and the AAC in taking into account the circumstances in which the assessee was placed and the Tribunal has found that the sources of investments could not be treated as income of the assessee. The High Court has agreed with the said view of the Tribunal. We also do not find any error in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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