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TMI Blog2024 (8) TMI 1011X X X X Extracts X X X X X X X X Extracts X X X X ..... money cannot be added in the hands of the assessee. As regards the saving by the wife of the assessee wherein the assessee submitted that she is earning leady filing the return of income the money so deposited in the bank account belong to her the wife cannot be added in the hands of the assessee. Since, the information that the cash deposited is related to his wife, these explanations of the assessee who is also self employed and having saving of Rs. 3,59,000/- cannot be denied in the wife of the assessee. Therefore, there is no basis to make the addition in the hands of the assessee. As regards the sale of household items there is no finding in the order of the ld. CIT(A) as to why the said amount being small in nature cannot be considered as not taxable in the hands of the assessee. In the light of these facts and considering the explanation of the assessee is Rs. 21,000/- cannot be denied the benefit also the assessee. In the light of the facts and circumstances of the case, the discussion herein above the appeal of the assessee is allowed. - DR. S. SEETHALAKSHMI, JUDICIAL MEMBER SHRI RATHOD KAMLESH JAYANTBHAI, ACCOUNTANT MEMBER For the Appellant : None (W.S.) For the Respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were duly served upon the assesses through Registered Speed Post. On 29.08.2016, the ld. AR of the assessee attended and submitted power of attorney and requested for adjournment. Accordingly, case adjourned. Thereafter, Notice u/s 142(1) of the I.T. Act, 1961 along with detailed questionnaire was issued on 25.04.2017 fixing the hearing on 17.05.2017 and the same were duly served upon the assessee through Registered Speed Post. In compliance, Ld. AR of the assessee attended on 24.08.2017 28.11.2017 and furnished necessary details called for. The case was discussed with him, and the details furnished were examined on test check basis and the same were placed on record. Subject to the above discussion and decision, total income of the assessee is computed as under:- In view of the above, the A/R of the assessee has been failed to submit any satisfactory explanation, documentary evidences etc. in support of their claim regarding source of cash deposits of Rs. 9,50,000/- made in the saving bank account of the assessee. Thus, amount of cash deposits of Rs. 9,50,000/- made by the assessee in his saving bank account is hereby held as unexplained cash credit and accordingly. amount of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Sanjay Joshie and Mrs. Rashmi Joshi, in SBI, Bhilwara. 4) As it is apparent from the record that the Saving Bank account Number 00000010385632164 of State Bank of India, Bhilwara is jointly held by Mr. Sanjay Joshie and Mrs. Rashmi Joshi, the account is operated by both Assessee and his spouse, as it is evident from the bank statements that the sale consideration of Property of Mrs. Rashmi Joshie is also deposited in the same joint account. 5) It is humbly requested that the Learned AO has not mentioned any where in the Assessment order regarding to the Bank account number and the joint holders of the above said bank account. 6) The Assessee had submitted the reply and facts along with the nature and source of the cash deposit, during the assessment proceedings and even before the Honourable Commissioner appeals, but the facts apparent from record are not considered by Learned AO as well as Honourable Commissioner Appeals. It is further requested humbly that before making any decision by the authorities, no opportunity was granted to the assessee. 7) Mr. Sanjay Joshi and Mrs. Rashmi Joshi both are assessed under Income tax and both are earning persons. The abovementioned Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nature and the sources of deposits are also explained during the course of assessment proceedings 13) It is humbly requested that the following facts in respect of the Bank account number 00000010385632164 of SBI, Bhilwara, under consideration may kindly be considered: a) Abovesaid Bank statements is in the joint name of Mr. Sanjay Joshie and Mrs. Rashmi Joshi b) The Account is operated by Both Mr. Sanjay Joshie and Mrs. Rashmi Joshi. c) The Sales consideration of the property of Mrs Rashmi Joshie i.e. Cash as well as the Cheque was deposited in the Joint Bank account. d) Rashmi Joshi has deposited her old accumulated savings in the above said Joint account, because Both the assessee and his spouse were shifting from Bhilwara to Mumbai and they had to buy the flat at Mumbai in their joint name. e) The cash deposits in the above bank account are as follows: (i) Part cash payment of property sold By Mrs. Rashmi Joshi Rs. 4,00,000 (ii) Old accumulated savings of Mrs. Rashmi Joshi Rs. 3,59,000 (iii) Old household items sold by Mr. Sanjay Joshi Rs. 21,000 It is humbly requested that the Learned AO has made addition of the above said amount u/s 68 of the Income tax Act 1961, as unexplain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e kindly consider the request and facts and circumstances and kindly delete the additions made by the Learned AO and allow relief to the assessee. We would be grateful to your honour for your kindness. 7. Per contra the ld. DR representing the revenue submitted that the order of the ld. CIT(A) is reasoned order out of the addition of Rs. 9,50,000 Rs. 1,70,000/- relief granted by the ld. CIT(A) based on the contentions so raised. The assessee trying to explain the cash deposited in April 2014 for a sale made in May 2014 sold. DR supported the orders of the lower authority and reiterated the similar contentions as recorded in their in. 8. We have heard the ld. DR and perused the material available on record. The bench noted that the assessee is a salaried Employee and files the ITR regularly for the year under consideration the wife of the assessee Mrs. Rashmi Joshie had sold a Property situated at Bhilwara. From the sale of the Property the spouse of the assessee Mrs. Rashmi joshie had received a consideration of Rs. 40 Lacs. Out of the total consideration of the property amounting RS. 40 Lacs. Mrs. Rashmi Joshi had received Rs. 4 Lacs in cash in beginning of April 2014 and Rs. 36 L ..... X X X X Extracts X X X X X X X X Extracts X X X X
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