9911796707
TMI Blog2023 (11) TMI 323X X X X Extracts X X X X X X X X Extracts X X X X ..... above side is not disputed by the Assessing Officer or by the ld.CIT(A). In fact, the ld.CIT(A) had reproduced the summary of ITRs from A.Ys. 2013-14 to 2017-18 - The grand total of all the net income for the 5 years roughly comes to Rs. 34 lakhs, which is more than the amount deposited by the assessee on 21/11/2016 i.e., 25 lacs. In our opinion, it is not expected for a person who is earning the income from rents to save and preserve the whole amount. In fact, some of the amounts must have been spent by the assessee either for herself or for the welfare of the family or on the education of the grandchildren etc. A balance is required to be drawn between the interests of the assessee as well as the interests of the revenue. Further during ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. CIT (Appeals) erred in sustaining the addition of Rs. 25,00,000/- made by the AO as unexplained money under section 69A of the Income tax Act, 1961. The Ld. CIT (Appeals) failed to appreciate that the Appellant had sufficient source by way of rental income for the previous year under consideration as well as for the past two decades, for the deposits made in her bank account. 3. The IA. CIT (Appeals) erred in sustaining the addition of Rs. 25,00,000/- for the reason that the same has been transferred to another person just alter three days of cash deposit and no reasons have been given. The IA. CIT (Appeals) failed to appreciate that the amount was transferred by the appellant to her daughter and not to a third person and at any rat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated the facts of case and he has drew my attention to page 4 of the paper book wherein it was mentioned as under : Source of cash Deposits: Date Amount (Rs.) 19/11/2016 45,000 25/11/2016 25,00,000 10/03/2017 20,000 Total 25,65,000 I derived rental income from property at 15-7-646/4, A, 6, 8, 9, A/1, Begum Bazar and 15-6-459, 458,455,463,459/A/I, Begum Bazar, Hyderabad. These properties are my ancestral properties and I have been declaring rental income in my returns for more than 2 decades. I am an old lady, and I am not comfortable and not conversant with banking procedures, hence, I always retain my savings in cash. A perusal of the bank statement submitted to you indicates the above explanation" The rental income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee was able to substantiate and explain the source of deposit with the help of income tax returns and the submissions therein, the entire addition made by the Assessing Officer and confirmed by the ld.CIT(A) are required to be deleted. 8. On the other hand, the ld. DR rebutted the arguments made by the assessee. The ld. DR submitted that it is not expected from a lady to deposit such a huge amount in one go and further contended that the bank account in which the amounts were deposited was opened in the earlier years. Ld. DR further submitted that the entire amount deposited by the assessee cannot be considered as accumulated savings, and therefore, the assessee is not entitled to the relief. 9. I have heard the rival submissions a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not find the explanation of the assessee convincing, hence, he had confirmed the order passed by the Assessing Officer at Page 7 of his order, which is to the following effect : "…..I have considered the submissions of the appellant carefully. The crux of the appellant's argument is that she is a senior citizen, not conversant with the banking procedures, accumulated cash from rental income and this accumulated cash was deposited in the bank during the demonetization period. It is also stated that appellant is filing her return of income regularly in which rental income has been offered to tax. On the other hand, AO has held that appellant has not given any purpose for keeping such a huge cash and also noticed that the cash dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer or by the ld.CIT(A). In fact, the ld.CIT(A) had reproduced the summary of ITRs from A.Ys. 2013-14 to 2017-18 on page 6 of his order. The grand total of all the net income for the 5 years roughly comes to Rs. 34 lakhs, which is more than the amount deposited by the assessee on 21/11/2016 i.e., 25 lacs. In my opinion, it is not expected for a person who is earning the income from rents to save and preserve the whole amount. In fact, some of the amounts must have been spent by the assessee either for herself or for the welfare of the family or on the education of the grandchildren etc. 11. In my opinion, a balance is required to be drawn between the interests of the assessee as well as the interests of the revenue. Furt ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
