9911796707
TMI Blog2023 (3) TMI 214X X X X Extracts X X X X X X X X Extracts X X X X ..... g PAN number and bank account which shows her identity, capacity and creditworthiness and genuineness of transaction of gift to his brother that is assessee. Regarding second deposit from the copy of passbook of father of assessee Shri Ganshyam Dass Rathi reveals that the father of assessee has withdrawn Rs. 5 lakh on 01.03.2011 from his bank account maintained with Corporation Bank and on the very same date the same amount was deposited by the assessee to his bank account. The copy of bank passbook, Aadhar Card, affidavit and confirmations of gift given by the father of assessee Shri Ganshyam Dass Rathi clearly reveals the identity capacity and creditworthiness and genuineness of transaction of gift from the father to son therefore n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 148, where reasons recorded for the reopening of the assessment are silent on the following vital issues: a. Contents of information available to AO and b. Mere cash deposits are treated to be equivalent to income escaping assessment. 3. That the CIT (Appeals) has erred in law and on fact, in confirming the order of assessment under section 147/143(3) of the Act, in initiating proceedings under section 147 of act in holding that there existed relevant material which could lead to formation of requisite Reason to Believe 4. That the CIT (Appeals) has erred in law and on fact, in confirming the order of assessment under section 147/143(3) of the Act, in making the addition of Rs. 14,00,000/- as unexplained cash credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the same account amounting to Rs.10,00,000/- and a sum which was stated to be deposited by the sister in her bank account on dated 17-02-2011 was out of the FD mature and other sum received through the banking channel only. 7. That the CIT (Appeals) has erred in law and on fact, in confirming the order of assessment under section 147/143(3) of the Act, in making the addition made of Rs.14,00,000/- towards cash deposited in bank account under section 69A of the act without appreciating the fact that the appellant had duly discharged the onus by proving the source of cash deposit in the bank accounts by filing Bank statement, IT and confirmation letters of gifts from the parties, along with affidavit which is not disputed and hence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned with Corporation Bank. The first deposit of Rs. 9 lakh was made on 17.02.2018 and second deposit of Rs. 5 lakh was made on 01.03.2018 these facts are clearly discernable from the copy of the passbook of assessee bank account with Corporation Bank. Further from the copy of the bank passbook pertaining to Smt. Jyoti Rathi, I also note that the sister of assessee has withdrawn Rs. 12,30,000/- on 17.02.2011 and thus I am agree with the contention of the Ld. AR that the amount of Rs. 9 lakh despotised by the assessee to his bank account was from the amount withdrawn by the sister of assessee from her bank account on the very same date i.e. 17.02.2011, therefore the source of first deposit is properly explained and copy of PAN and affidavit a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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