9911796707
TMI Blog2024 (8) TMI 1240X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case and in Law, the Ld. AO erred in Going beyond Reasons for which assessment got reopened and made addition. 1.1) Assessee individual was engaged in the profession as Doctor, case was reopened to verify cash deposit in saving Bank account No. 1504 maintained in Youth Development co operative bank Ltd Kolhapur. In the course of assessment the subject matter of cash deposition got clarified . There is no addition on the subject matter for which case got reopened. During the course of assessment AO travelled beyond the subject for which assessment was reopened and asked about explanation of gift received by cheque by assessee from his father. Prayer The Assessee prays that learned AO made an addition on the issue which was not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed submission in response to the notices. In the assessment order, AO has not made any addition with reference to the cash deposits of Rs. 12,75,300/-. However, during the assessment proceedings, AO observed that assessee has received Rs. 2,16,000/- from his father. AO asked Assessee to explain the deposit of Rs. 2,16,000/-. The assessee explained that his father has given him gift of Rs. 2,16,000/-. Assessee explained that said gift of Rs. 2,16,000/- was through banking channel. Assessee further explained that his father has given Rs. 2,16,000/- from his bank account on maturity of the fixed deposits. Assessee filed copy of the Bank Statement of his father. However, AO noted that on 10.04.2012, assessee's father Bhimrao had deposited Rs. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gpur. Therefore, Assessee's withdrew cash and deposited in YOUTH DEVELOPMENT CO-OP. BANK LTD., KOLHAPUR, Jaysingpur Branch in his individual Savings Account No.------1648. Thus, the source of deposit was properly explained by Assessee. 4. Ld.AR filed copy of affidavit of assessee requesting for condonation of delay of 23 days. Submission of ld.DR : 5. The ld.DR for the Revenue relied on the order of AO and ld.CIT(A). Findings &Analysis : 6. We have heard both the parties and perused the records. It is observed that AO had reopened Assessee's case on account of cash deposits of Rs. 12,75,300/- in Bank Account No.1504 maintained with YOUTH DEVELOPMENT CO-OP. BANK LTD., KOLHAPUR. It is also observed that no addition has been made on accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... copies of his father's bank account. We have perused the assessee's father bank account in S.S.L.SHRIPAL ALASE(KAKA) KURUNDWAD URBAN COOP BANK LTD., wherein following Fixed Deposits have been credited on 09.04.2012. 6.4 Then, assessee's father had withdrawn Rs. 1,97,000/- in cash from the said account which is clearly seen from the Bank Statement. Similarly, it is observed that on 10.04.2012 itself, assessee's father deposited cash in the Saving Bank Account maintained with YOUTH DEVELOPMENT CO-OP. BANK LTD., Kolhapur. The scanned copy of Assessee's father bank account maintained with YOUTH DEVELOPMENT CO-OP. BANK LTD., Kolhapur is as under : Date TC Particulars Chq No Ref Date Debit Credit Balance 01/04/2012 Opening Balance &nb ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
